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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.

Source: Independence Is Not Just for Young Advisors