The holidays are here, and the end of 2022 is coming up fast. The end of the year is a fantastic opportunity for financial advisors to take a step back and reflect — on the year that has passed, on goals for the future, and on the ever-changing world in which advisors find themselves. It’s a great time to dust off your five-year plan, consider the goals and benchmarks within it, and take stock of whether the goals in your business plan are still relevant to you, as well as whether you’re taking the steps necessary to achieve those goals. 

As 2023 approaches, many advisors will find themselves wondering whether this is the year to make the move away from the Wirehouse and to an Independent Broker Dealer or RIA. While every advisor’s situation is different, we’ve compiled four great reasons 2023 is the year for financial advisors to make the leap to independence.

1. Your Advice Has Never Been More Valuable To Your Clients

If there is one word that can fully describe the situation most clients are likely to face in 2023, it is “uncertain.” Virtually every market has been affected as the world has emerged from the COVID-19 pandemic into a world marked by international conflict, inflationary pressures, and volatile investments. 

While this may seem like a reason for advisors to take a conservative approach — both in clients’ wealth management and when it comes to their own careers — an uncertain market can present a unique opportunity for advisors considering an independent path.

After all, in a relatively predictable market, an advisor’s expertise and experience can be less than critical to an investor’s success — a rising tide tends to lift all boats. But in a volatile or uncertain market, a solid, well-considered, diversified investment strategy can make the difference between a portfolio that grows steadily and sustainably and one that is buffeted about by wild swings in market conditions. 

When your clients are most in need of your advice, they’re most likely to follow you from the wirehouse to your new RIA or broker-dealer. As the year draws to a close, take advantage of your opportunities to help your clients evaluate their positions and prepare for the year ahead — as you do the same. Demonstrate your expertise in helping them to hedge against inflation and negotiate volatile markets. Investing in your client relationships can pay dividends as you consider a move forward.

2. 2023 Will Bring Even More Opportunities To Build A Future-Proof Advisory Practice

Advisors have never had more options when it comes to building a technology-forward advisory practice. Technological advances have made it possible for even the smallest independent RIA or independent brokerage firm to operate at a level that meets or exceeds the level of service available at a large wirehouse.

Investing in technology is a critical part of establishing a new independent RIA, broker-dealer, or hybrid firm. The right technology solutions can help you to increase your productivity in every area of your business, from client acquisition to CRM to portfolio management, leaving you with more time to do what you do best — help your clients find the right strategies to grow their wealth.

3. Fiduciaries Are In Fashion

As investors grow more sophisticated, more and more are seeking out fiduciary advisors who have an obligation to put client interests first and disclose conflicts. Independent advisors who operate in an RIA or hybrid model, and who carry Series 65 and/or CFP designations have therefore found their services in increasing demand, particularly in an increasingly complicated world of investing. Demand for advisors looking to pursue independence from the commission product world of the wirehouse has therefore never been higher, and newly independent advisors are likely to find themselves with even more opportunities for growth than they might expect.

4. The Right Branding And Marketing Can Help You Stand Out From The Crowd

It’s no secret that we live in a digital age. For advisors considering independence, taking advantage of the marketing opportunities presented by social media and digital advertising can help even the smallest firm compete with the most established wirehouse. Creating a brand that highlights your expertise and reaches your target audience presents tremendous opportunities for newly independent advisors. As you work toward building your new business, consider your growth strategy and plan your marketing efforts accordingly. In an interconnected world, building your brand identity can make sure you don’t get lost in the shuffle when it comes to both your long-established clientele and your potential new clients.

Want to Keep the Conversation Going Into 2023?

Terrana Group’s experienced and knowledgeable professionals welcome the opportunity to consult with you to determine the right platform for you going forward — one that satisfies your long term objectives and is also best for your clients!

Over the course of nearly 30 years, we have helped facilitate several thousands of professional placements for Advisors. We have completed placements in most every major city throughout the United States, while building deep relationships with the advisory world’s most sophisticated and notable firms — including major Wall Street brokerages, most Regionals, Boutiques, Banks, Independent Broker Dealers, RIAs and Custodians. We have a broad knowledge of the deals that are currently being offered and will ensure that you are being presented with the offer which will be best for you.

Confidentiality, professionalism, and respect are essential to our practices and beliefs; we handle each and every step of the placement process with complete communication, keeping you informed while making the process smoother from beginning to end. 

We are proud to always be considered as a great asset by our clients because of our proven expertise, many years of knowledge, and acute attention to detail. Financial Advisor Recruiting Services are not all created equal; we guarantee that the TG experience for clients and candidates is always world class.

We are based in Chicago, with a nationwide reach. Let us know you are interested by contacting us today. To get the conversation started, email info@terranagroup.com or give us a call at 312.655.8380 today.