So, you’re considering breaking away to be your own boss and do things your way.
You’re probably asking yourself: is becoming an RIA right for me?
Becoming an independent financial advisor could be the biggest career move you make in your life. While some are enticed by the promise of a higher salary, there are many other benefits to taking the plunge and becoming an RIA.
Here are just five:
1. Personal relationships
Independent financial advisors are able to foster more personal relationships with clients. While working at a large brokerage firm you may have managed hundreds of clients, allowing for little time to develop relationships. As an RIA, you can maintain a smaller number of clients, while bringing in the same amount of revenue. This means you’re free to manage your client relationships the best way you see fit.
2. Work-life balance
Not a fan of the typical 9-to-5 work day? As an independent RIA, your schedule is in your hands. You are empowered to work when and how you find most effective.
3. Financial technology
As an independent RIA, you’ll be able to select your preferred technology solutions from any number of platform providers. Say goodbye to the days of dealing with tech that is clunky, costly, outdated, or inefficient. Imagine having the most innovative, intuitive technology at your fingertips.
4. Product offerings
Do you ever feel limited by the product offerings sponsored by your employer? As an independent RIA, you won’t be limited to the product offerings of your employer. Instead, you will pick from any number of financial products to create the best plans for your clients.
Adhering to the strict marketing guidelines of your corporation can make building a personal brand and loyal client base more difficult. As an independent RIA you will have total freedom to create your personal brand and market yourself to client groups that you believe you can best serve.
Ultimately, the decision to go independent is a big one. When evaluating this choice it’s important to consider the multitude of benefits, beyond money, that come with going independent.