Summary: As the number of breakaways continues to rise, I regularly talk to teams who want to start their own independent advisory firms. In one recent meeting, I sat down with a group of advisors who were considering the move. As they were talking, I was checking all of the boxes — they had significant experience, they were geographically diverse, they had a loyal client base—but I quickly realized that none of them were on the same page.
 There are three distinct phases of breaking away — transition, stabilize, accelerate. The transition and stabilize phases can be done as a team. In order to accelerate, however, you need a leader for the firm. That leader should be making the tough, strategic decisions today that can take you to the finish line, whether that’s five, 10, 15, 20 years from now."Bob Oros, executive vice president and head of the registered investment advisor (RIA) segment, Fidelity Clearing & Custody Solutions. |
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