Want a Big Paycheck to Switch BDs? Beware the True Price

Finding a good fit where an advisor can grow the business model they want with the requisite amount of support can actually turn out to be much more lucrative in the long term, Henschen said, even if upfront expenses are high and the initial payout is low.

An ideal advisory business, according to panelist Tom Kindle, vice president at Pershing, is one that relies on the strengths of an empowered team, transferable value and loyal clients, and the way in which they come together to maximize potential.

"You can get pretty close to those fronts at a wirehouse but can you get as close as you'd like?" he said.

In an independent structure, those three facets that are integral to business success are that much more accessible, said Kindle. So while taking a seven-to-nine year package with attractive upfront compensation at a wirehouse or a regional firm might seem like too good a deal to turn down, taking it means making an implicit long-term commitment to a larger firm that may not ultimately prove to be the best decision.

In an independent structure, "you can choose your technology, choose your brand, your office space, your custodian" and so much more, Kindle said. "You have choices with respect to compliance, you have access to tons of investment research; you're not losing out. There are plenty of firms that, once you go independent, will help you monetize your business."

Advisors should view a move toward an independent structure as a time of opportunity, Henschen said, a chance for new business possibilities, the uncovering of new assets and an even an opportunity to say goodbye to clients who may have been difficult to manage.

The freedom of choice can yield greater empowerment and the possibility to scale up a really successful and meaningful business, even if the initial days may be a little more painful.