You’ve done your homework about transitioning to independence. You’ve researched and saved. You have a name for your new practice and you know your niche. You’re really doing this. You’ve decided to become an independent financial advisor.
Here are four tips to keep in mind as you’re getting into your independent groove.
1. Your practice’s website needs a couple of client-friendly features:
a simple scheduling tool to give clients easy access for appointment setup, and a fees and services page detailing what you deliver and for how much. More and more, investors expect transparency, and Gladstone can help you deliver it. Need help getting your new website up and running? Gladstone can help with that, too.
2. Have a peer review your first few financial plans.
They can give you insights into what you might have missed or ask questions you hadn’t thought of. If you’re trying something new (why not? It’s your show now), a fellow financial advisor is helpful to bounce ideas off of. Plus, a “Nice job!” from a trusted colleague can be a great confidence booster.
3. Know how you’ll measure success once you go independent.
Do you want to track your practice’s assets under management (AUM), the number of discover meetings, proposal delivery meetings and average revenue per client? Don’t forget your conversion rate, average portfolio growth rate or money saved per client. Put numbers around what you’re doing so you can track your progress — or more importantly, see where you need to focus.
4. Once you get your groove going, make sure you work on your independent practice, not just in your independent practice.
Set aside time each week, month, quarter and year to invest in yourself through financial industry conferences (also terrific networking opportunities), a life coach or a business coach (ahem, we’re good at that). Review your practice’s business plan and goals to make sure you’re on track. Go over your finances to see whether some of your expenses make sense to continue.
And for Pete’s sake, don’t forget to celebrate! You’re making it happen. You are becoming a successful independent advisor!
So cheer that 10th client, the 100th proposal delivery meeting or your first million dollars in AUM. As an independent financial advisor, not only are you making your dreams come true, you’re helping others make their dreams come true, too.
