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Michael Cowan There’s not a scenario I’ve been faced with where there
Managing Principal, Gardens Wealth wasn’t a solution available.
Management

Challenge #2: Losing Clients in the Challenge #3: Operational Hurdles banking needs, a lending scenario for an
Transition ultra-high-net-worth client trying to buy a
Finding the right supporting providers third home in another state—over and over,
we truly come across as well-resourced
Advisors who change firm affiliations is a critical step for advisors moving to
lose 19% of their client assets on average, independence. As more advisors join the in part because of our affiliations,” Cowan
according to research firm Cerulli Associ- independent channel, the support ser- says.
ates. The fact is, client loyalty is difficult vices available have evolved and matured Momentum Toward Independence
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to gauge. Advisors who strike out on their as well. Even so, 77% of advisors who
own may find that the relationships they switched firms cited the operational as- Is Growing
thought were solid don’t stick with them. In pects of transferring client accounts as a For advisors feeling the draw to indepen-
the end, clients who seem loyal may resist leading source of difficulty. dence, the time may never be better. As the
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change or simply prefer staying with a channel continues to evolve, the options
national brand. Daniels’ team worked with a support pro- available through independent broker/
vider that walked them through each step
Though Lumpkins weighed these risks involved in setting up their new practice. dealer affiliates and outsourcing partners
carefully in the years leading up to his Her transition team checked in frequently, can eliminate many of the obstacles that
decision to open his own practice, he giving them suggestions for best practic- once existed while providing pathways to
ended up living his worst fear. When he es along the way. “They told us what to smoother transitions.
transitioned to independence, many of his expect, when to expect it, and what we Cowan believes whatever the stage of an
clients were in Florida for the winter and needed to do when,” she explains. advisor’s career, independence is the best
didn’t want to transfer accounts while they place to be.
were out of town. “Only about 20% of my For DePalma, it was important to find sup-
book came with me, and they weren’t the port that was there when he needed it but “If you attend any conference with both
clients I thought would come,” that enabled him to stay flexible and build independent and wirehouse employees
he says. his vision for his business. “We rarely hear and you look around the room, the people
a ‘no.’ It was all about, ‘How can we help with the biggest smiles are those who
Through hard work and determination, you achieve what you’re trying to accom- are independent. They’re happy because
Lumpkins leveraged the resources of Wells plish?’” DePalma says. the day they went independent, they truly
Fargo Advisors Financial Network and owned their business,” Cowan says.
more than doubled his book of business Cowan made a point of affiliating with an
in about 18 months. “Not only did I get a independent broker/dealer with extensive
chance to build something special for my- resources. “There’s not a scenario I’ve
self and my family, but I’ve also been able been faced with where there wasn’t a solu- Bobbie Turner is a Wall Street veteran and
to provide a more meaningful experience tion available, whether it’s been a complex freelance financial writer. Find her at
for the clients I serve,” he says. trust situation, a client with investment www.BobbieTurner.com.

1 The Cerulli Report—U.S. Broker/Dealer Marketplace 2021. December, 2021.
2 The Cerulli Edge. U.S. Asset and Wealth Management Edition. April, 2021, Issue #284.
3 The Cerulli Edge. U.S. Asset and Wealth Management Edition. April, 2021, Issue #284.
4 The Cerulli Edge. U.S. Asset and Wealth Management Edition. April, 2021, Issue #284.

Financial Professional Use Only
The experiences discussed are specific to those associates listed and may not be representative of the experience of other associates. Keybridge Wealth Management,
Lumpkins Private Wealth Management, Marcus, Inman & Daniels Wealth Advisors, and Capstan Financial Consulting Group are not registered investment advisors or
broker-dealers. Investment products and services are offered through Wells Fargo Advisors Financial Network, LLC (WFAFN), Member SIPC, a registered broker-dealer and
non-bank affiliate of Wells Fargo & Company. WFAFN uses the trade name Wells Fargo Advisors. Any other referenced entity is a separate entity from WFAFN.
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4 Independence: The View from the Other Side

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