So you’re thinking of striking out on your own and becoming an independent advisor.

That’s great! You have the advisor part down pat. Have you thought about the actual business side of your new practice, though?

No worries. We got you.


Start with these four tips to help you get your ducks in a row BEFORE you write that letter of resignation and say goodbye to the wirehouse way of life.


1. Build a business plan

Everything revolves around your mission statement and your core values as a transitioning advisor. As an independent financial advisor, what do you want to do and what do you believe in? A mid- to long-term vision statement gives you a direction to grow in. Nail down your core purpose, and then make decisions about your practice based on fulfilling that purpose.

2. Create a budget

Budgeting is a two-fold task. You need to plan not only what it will cost to run your new independent practice for the next 12 to 18 months, but your personal expenses, too. Be realistic and a bit conservative. You may have to save money for a couple of years before you reach a cushion you feel comfortable with.

3. Find your niche as an independent advisor

Think about your ideal client. Identify what kind of people you want to work with once you transition, and target that demographic. Granted, building a practice around a smaller client base may mean you grow more slowly than if you were marketing to the masses, but in the long run, a narrower approach will actually help you focus your networking and marketing efforts.

4. Check with the transition experts (hint, hint)

Gladstone can provide resources like financial assistance or performance reporting you can tap into to help you shift to an independent advisor role. We can even help you set up your Form ADV. (We got you, remember?) You’ll also need to consult with an attorney to make sure you’re not violating your current firm’s nondisclosure or non-compete agreements – especially about what you can or can’t say to a current client.

This doesn’t cover every step you’ll need to take to build your own practice as an independent financial advisor, but it’s a solid start.

If you have questions, let’s talk confidentially.

We’ll be happy to walk you through what we can do for you. Let’s get you started on the road to independence.


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