Business and Financial Advisors Making the Move Towards Independence

Many businesses have morphed and changed thanks to the pandemic. The financial services industry is no different. It’s seeing one of the biggest resignations from advisors of all time. Many advisors made the decision to start out on their own, breaking free from the financial institutions that may have held them back before. Some have left organizations they’ve been with for decades.

The change is remarkable, but it isn’t an easy one. For those advisors making that decision, it’s important to know what to expect on the other side, and in many ways, it helps to have some guidance to support the process.

Why Are Advisors Making the Move?

It’s not an easy decision to leave a firm you’ve been with for decades to take on what could be uncharted waters. Yet, many advisors are ready to move right now. They may be frustrated with the bureaucracy of their existing institution. They may feel as if they can’t expand and grow. Others may be tired of the same old work without appreciation or freedom to make decisions.

Another core reason for the move is the new regulatory controls put in place that have forced firms to take a closer look at their clients. Advisors want to be able to provide their clients with a wide range of investment products. That’s possible to do when advisors set up their own practice that’s brand agnostic and independent.

How Can Advisors Ensure a Smooth Process?

As advisors make the decision to move away from larger institutions to open their own practices, they do need to keep a few things in mind.

  • Focus on lead generation is critical. Advisors need to spend more time on lead generation and less time on operational and administrative tasks to grow a practice.
  • Set up operations and controls with confidence. Independent advisors also need to have their own system of operations in place. That means setting up a process from the start that’s designed to be fitting to the way they plan to operate their business.
  • Gaining support simply makes good financial sense. It’s always a good idea to support your business with the right specialists and experts. These are professionals that can offer general counsel, provide a step-by-step process, and answer questions during this period of transition.

There are numerous steps for advisors to take in order to meet with regulatory oversight even as they venture out. It may keep you up at night if you’re thinking of making the move but unsure where you stand in any of these areas. Having a team by your side to offer guidance and help steer you in the right direction may make all of the difference.

Let Us Help You on the Climb to the Top

If you want to build your practice from the ground up, you need supportive resources to guide you. At Nour Private Wealth (NPW) , we understand the goal of moving on to your own practice. We can offer you the peace of mind you need.

Our team of investment planning advisors service clients across seven Canadian provinces, providing support for many organizations along the way. Let us work with you to create a path for your future, perhaps away from the company you’ve been with for so long. Let’s talk about your options.

Get in touch with NPW today before you make any decisions. Let us help you see what your options are, so you can build the future you desire.

Tags: News
You might also like
Skip to content