Stories abound about advisors leaving wirehouses and regional firms to go independent, but how about bank-based advisors. Do bank-based advisors go independent? Do they have the correct skill set or client base? If they do move to an independent firm, will they be successful? How big does their book need to be before moving independent? These are the questions many of them find themselves asking.
First, consider the differences between a wirehouse advisor and a bank-based advisor. Advisors moving from wirehouses to independent firms usually have an easy transition because they are accustomed to hunting for business and marketing themselves just like an independent advisor. In these models there are neither referrals from banking partners nor warm leads to call. These advisors have had to learn how to market themselves or starve. They must know how to go out into the big cold world and get in front of individuals with money. Then they have to convince these individuals they have the knowledge and trustworthiness to help secure a sound financial future for clients.
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