So how does someone determine if he is “too old” to make independence work? It really comes down to a few key characteristics shared by those advisors who took the leap:
- They really wanted it.
- They believed in their ability to migrate clients and grow.
- They had at least a five- to seven-year time horizon left to work so that they could make up for the money left on the table (by not taking a transition deal from another traditional firm or leveraging their own firm’s sunset program).
- They had strong next gen talent.
- They were “long-term greedy.”
Consider Your Future
A few years ago I had the opportunity to work with a $3 million father-daughter wirehouse team that was looking to breakaway. He was in his early 70s; she was in her mid-30s. They decided that they had reached a point where they could better, and more creatively, serve their clients and grow the business by going independent.
After three years, the duo reports a newfound sense of commitment to the business, much happier clients and a surge in assets.