Since you are reading this, there is a very good chance you are having second thoughts about your current situation. So thanks for taking the time to check us out.
The fact that I was late starting in the business was actually a good thing, as I got to ask all the dumb questions right up front. When looking at my first pay stub I enquired where the other 65% of my earnings had gone. Right then and there I decided that this one-sided arrangement was not for me. It took me 5 years of ‘working for the man’ before I could escape. If you are an Investment Advisor in one or more of the following scenarios we should grab a coffee.
1-As a junior Advisor you are looking for more growth potential. Over the past few years we have seeded young advisors with enough assets to get started. If you already have some assets but are on the MFDA side you will have a two-step transition. Transfer your business first and then convert it to the IIROC platform. Now you will have opened up a whole new world of investment opportunities that will both benefit your clients and have the potential to grow your assets dramatically.
2-There is a possibility you will be getting downsized. First of all nobody here tells you that due to underperformance you are being let go. You decide when to move on. However if this is going to happen to you soon at your institution your career does not have to end. In fact there is a very good chance you would come out on top financially when the dust settles. Since your net income will likely be 2-4 times what it is now, you could afford to lose half of your clients and still be farther ahead.
3-You feel all alone. All true entrepreneurial Advisors want to be able to operate their businesses independently but grow as a team at the same time. This can be very exciting. Imagine a time in the future where our assets and income are viewed and valued as a group at a much higher multiple.
4-If you are a Portfolio Manager, it is possible to actually manage a fund. I have yet to meet another Portfolio Manager anywhere who has been allowed to open their own pooled investment fund. Your bank will not be interested in this concept as they prefer that you sell their products. A fund of this nature offers a number of benefits. It can be structured to have a performance payout component. It may hold both public and private, equity and income. It can be very cost effective from a trading perspective. Ease of operation. One of the best moves I’ve ever made.
5-The politics, controls, and constant demands of the banks are wearing you out. With the combination of access to more investment opportunities, managing your own funds, expense deductions, and more flexible billing options you have the potential to realize both a higher gross and net income. When we go through the math together you will be very pleasantly surprised.
Own your clients. Stories abound about confident Advisors who believed the client relationship was with them, but later discovered a much different scenario. If you are with an institution they own the clients. If you are with an independent firm you do.
Take back control of your day-to-day priorities and decisions. No pressure to cross-sell other products. Pick your own brand, your own office location, and your own business strategies. Finally a chance to market your name instead of an institution’s name. You don’t realize how good it feels to be a business owner instead of an employee.
6-You are considering retirement and want to maximize your send-off. It is hard to enhance the sale value of your book because you are controlled on so many fronts that you won’t find a lot of options. Your years of hard work will be valued by your manager using a standard bank formula. You will accept the only offer you will get, knowing that money has been left on the table. Here you have a chance to get paid twice. It is possible to transfer your business first and then we will buy it from you after that.
Your destiny is decided by choice, not chance.