Break Away From The Pack

How do you know it’s time to start your own firm?

On Behalf of | Nov 15, 2023 | Firm News |

Working for a big advisory company offers numerous advantages, such as allowing you to gain knowledge through hands-on experience. However, many advisors reach a point where they feel unsatisfied and contemplate breaking away from the restrictions of working for someone else.

Starting a new financial advisory firm can be a rewarding endeavor. At the same time, it requires much preparation, planning and hard work. To judge your readiness, here are some signs that may indicate it is time to break away and start a firm of your own.

Clear vision

Do you understand your strengths and what sets you apart from your competitors? Do you know whom you want to serve and how best to serve them? If so, it could mean you have already formed a vision of how you want to operate an advisory firm.

Client base

Are your clients willing to follow you to your own firm? Can you legally bring them with you when you leave? If you have already asked yourself these questions and sought answers, you may be ready to take the next step and speak with your employer.

Good support

Do you have a sturdy network of colleagues (advisors, mentors, etc.) eager to support you? Are your family members willing to stand with you throughout your endeavor? Those with a strong support system in place have already done much of the legwork in starting a new firm.

When you feel the time has come to start planning your breakaway, consider seeking legal guidance. It can reduce your exposure to legal risk and help ensure compliance with applicable regulatory laws.