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January 16, 2013 at 05:43 AM
It’s been nearly six years since I took the plunge and opted to shift my business model from working for a wirehouse to becoming an independent registered investment advisor. I’ve been chronicling my journey on this website and in the pages of Investment Advisor for about five and a half years.
[See here the first Investment Advisor article from Mike’s Road to Independence series from 2007; see his first of many blogs on going independent here; view a selection of his "Road to Independence" articles here, and view all of Mike’s articles—covering everything from client communications to Monte Carlo use— here.-Ed.]
Today, I’m happy to report that January 2013 is shaping up to be my best month so far! If you’re an advisor working for a large wirehouse or bank, I would encourage you to consider independence. Sure, there are pros and cons to independence as with any platform, but in the end, if you are self-motivated, independence may be a desirable choice.
Review Update
I am in the midst of review season and have an interesting situation. Even though my number of clients continues to rise, fewer are opting to review their account. When I inquire, I hear comments like, “I trust you are doing what needs to be done.” Trust is the single most important thing a client needs to possess and I am elated to know that my clients seem to have it. Elated, and yet humbled. Human nature being what it is, it’s often true that when we reach a certain goal we often stop doing the things that got us there. In other words, we tend to rest on our laurels. That’s a mistake I hope to avoid.
