Start with the end: Planning your firm

Submitted by lina.zuluaga on November 12, 2018

Inside the RIA ecosystem. 


Brian Hamburger, President and CEO, MarketCounsel

Through MarketCouncil we consult with investment advisors and those who are looking to become investment advisors, we talk with them about the movement into independence and how to create an investment advisor. We talk to them about building of businesses and recruiting of new talent to the firms. We talk to them about protecting the firms once they have it built and gaining efficiencies.  And thereafter, we talk to them about where the firm is headed, and help them with strategic issues.

Independence means something better for advisors, their teams, and their clients.

Now the folks who are really intrigued by independence aren't only those that dreamt of entrepreneurship, but they now include those that are willing to be entrepreneurs. They're willing to be entrepreneurs because it means something better for them and for their teams, and, primarily, at the end of the day, it means something better for their clients.

Going independent is about aligning advisor values with client expectations.

But when advisors are coming to us, they're not coming to us as a blank slate. They are coming to us packed with questions and information, and, unfortunately, a good deal of misinformation. And so they’re coming to us and they’re saying, "So here's what I want to do, and here's how I want to do it, and here's when I want to do it.'  And we're saying, 'Time out.  Time out.  Let’s start with the end.  Close your eyes.  What does this look like at the end? What does this look like to your clients?  What does this look like to your team?  How are you making this announcement?' And we'll work backwards. We've done this before.  We can draft off of that experience, and we can get you there, but you're not to direct this movie.  This is one that we have to direct.  You just tell us what you want it to look like.

Independence is the next step in a successful career.

The one thing I wish that advisors looking to become independent really understood is that they sit in a really unique position to take decades that they have spent in a really meaningful career and just leverage that down to the hilt, finally turn that into being an expert in your craft, to being a business owner that’s able to make decisions that impact a team. Being part of a group who are making investment decisions, not based upon what the firm says is available to them, but out of the entire spectrum of investments and securities and non-securities.  And being able to sit in front of a client and say, 'We built this firm, we built this firm so that we can act in your best interest, so that we're not riddled with the conflicts that are just inherent in a large organization involved in multiple business lines.

Almost all of our clients wish they would have gone independent sooner.

It’s a bit of a rollercoaster ride. It is… you know, you are in for some of the most exhilarating and exciting times that you've had. Some of our, you know, many of our clients will come back and report to us that they felt their heart pumping again, that they finally reinvigorated the passion they had for the business. They felt that they were resetting and doing what they loved, but now for all the right reasons.

Information as of November 16, 2017.

Information included during this video is intended to be an overview and is subject to change.

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