Financial advisors have never had more options than they do right now when it comes to creating a career path that meets their financial, work-life balance, and professional goals. Advisors looking to leave the one-size-fits-all environment of the wirehouse for a more independent path, then, can find themselves overwhelmed by their sheer wealth of opportunities. Assessing these choices and choosing the right firm for your five-year plan is an essential step in ensuring that your advisory practice continues to grow and your personal and professional goals remain within reach. Learn more about how to select the right firm for your goals and practice.

Understand Your 5-Year Plan

The most important step in the process is understanding where you are and where you want to be. Creating a business plan can be an essential step in understanding what firm will best suit your 5-year plan. In addition to providing a roadmap for your plan to grow your own practice, the simple practice of creating a business plan can be clarifying — as you evaluate your plans to grow and build your practice, you’ll likely answer some questions that will help you understand what kind of firm will be the best fit for your business. 

For example, if you’re a highly independent self-starter with a strong resource base, you may find yourself seeking out a truly independent model with a custodial partner. Seeking your own communications, compliance, technology, and client service solutions can allow you to customize your new RIA practice to optimize your growth and maximize your independence. On the other hand, if you’re simply looking for more autonomy, a firm that offers turnkey RIA practice solutions or even an employee model may be a better fit for you. Thinking long-term can ensure that you minimize the costs associated with changing firms and maximize your profits when it comes time to sell your practice. Creating a business plan can help you to understand the realistic growth potential of your practice and the ideal partners to help you reach your goals.

Think About Culture

Advisors considering an independent path often discount the impact of a firm’s culture on their career satisfaction and professional growth. When we talk about culture, we generally refer to a firm’s investment philosophy and client base, however, intangible elements such as the firm’s commitment to principles like diversity, ethical investment, and transparency are also critical elements of culture that advisors should consider as they select a new partner.

These intangibles can, on a day-to-day basis, be just as important, if not more important, as the pure dollars and cents of a given transaction. A firm that aligns with your investment philosophy and values makes it easier to build your RIA practice, and can lead to the kind of personal and professional satisfaction that makes long-term success more likely.

Bring In The Experts

Going independent is more complicated than ever, and the right partner can make all the difference. As you do your research on potential firms, it can seem like every firm starts to look alike, each one advertising its advisor-friendly culture and support options. It can be tough, as an advisor and new RIA, to know what’s real and what is just clever marketing. To cut through this noise, you need the right partner. Use a recruiting and consulting partner who can explain your options, consult with you on your business strategy and planning, and explain your options based on your AUM, support needs, and career goals is the single most important step you can take in ensuring that your move is successful. 

At Terrana Group, we have three decades of experience in recruiting and consulting for advisors and financial firms. Terrana Group has been involved in over 2200 professional placements for Financial Advisors ,with client assets transferring to the hiring firm exceeding $67 billion dollars. We’re familiar with every option for independent advisors and broker-dealers, and we’ll take the time to understand your goals and explain your options. 

Want to Keep the Conversation Going?

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 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.