Being an independent advisor is often the second, third, or even fourth stop in many advisors' careers. We know the transition can be tricky, and there's no one way to make the jump. Sean Kernan, independent RIA owner and host of the How to Go Independent podcast, joins us today to talk about what the transition from employee advisor to independent business owner looks and feels like.
Sean talks about his time as a broker dealer for Edward Jones at the beginning of his career and how he slowly built a more independent business model over time. He emphasizes the fact that transitioning slowly is no better or worse than going independent overnight, and shares his step-by-step journey.
We also dive into some of the nitty gritty details of broker dealers and debate the best way of dealing with trails and moving your book of business as you become more independent. We also touch on the benefits of building a "hybrid practice" before setting up your RIA.
Listen to the Full Interview:
What You'll Learn from This Episode:
- How the marketing and sales knowledge Sean learned in his first post-Army job with Edward Jones set him up for later success.
- Why building a hybrid practice might be the right step for you as you move toward independent advising.
- The four buckets the Sean separates advisory roles into, and the varying oversight that comes with each.
- Why it's a good idea to keep many of your core clients as you build your own RIA.
- How to deal with trails and moving your book as you become a more independent advisor.
- Sean's tips for evaluating your existing business and the resources he's compiled to help you do so.
Featured on the Show:
- Register for #XYPN17
- XYPN Radio VIP Community
- First Ascent Asset Management
- Edward Jones
- Morgan Stanley
- Merrill Lynch
- Ep #4: Blogging Your Way to the Top with Jeff Rose on XYPN Radio
- CFP Board
- Low Load Insurance Services
- John Ryan Insurance Agency
- How to Go Independent
- HTGI 055: Listener success story: Desmond Henry's recent experience in going independent