FROM THE BLOG
Thinking of going independent?
Posted by Tarah Carlow on March 12, 2014
Failure to Launch is a real thing. I often wonder how many advisors are out there that know in their gut that they want to go independent but are “not ready”. I talk every day to advisors that are just starting their looking around, or want to wait for this to end or that to begin or until after school starts or before so-and-so happens. While some of these reasons are valid, I suggest most are our own way of saying “I’m not ready yet” and procrastination in disguise. You will never feel 100% ready to take a leap- nobody does that has any sense. Think of it like working out- getting started is hard but a body in motion stays in motion. So, get out of your own way if there’s something you want to do and make it happen- whether it’s going independent or something else- just do it with these 4 easy steps:
1- Gain clarity. The more clear and concise your goals are, the easier they will be to attain. Instead of, “I’ll start investigating going independent”, try “I will talk to 5 independent firms by July”.
2- Do some research. Getting started before you are ready doesn’t mean jumping in uneducated or ignorant. Locate experts, websites and/or other resources that will help you move ahead. A word of caution on this- ever heard of analysis paralysis? Research can become an abyss of procrastination- figure out clearly what you need to find out and do it. Don’t keep going over and over it. It’s also invaluable to find someone you can trust who has been there, done that. You aren’t the first to go independent and you wont be the last.
3- Make your peace with imperfection. When it’s time to stop thinking and start moving don’t become paralyzed with perfection. Whatever it is that you are attempting or starting, flawlessness isn’t realistic. There will always be bumps in the road but getting started is a necessary step.
4- Do the “inchworm”. Slowly but surely, take actionable inchworm steps forward. Since we’re on the Going Independent scenario, the fastest way to get your self inching forward is to set up introductory phone calls either by reaching out directly to the firm, a trusted recruiter or via the firm’s website. Most firms should have a good way for you to investigate them in large part (see #2) without ever having to talk to a person, but this step involves actually talking to someone. Set a few appointments based on the research you’ve done in #2 and get talking. After that, narrow it down some more and talk to a selected few in-person. Do all of this, all the while keeping the clear goals you set in #1 in mind. Once you get started taking action, your momentum will keep you going.
In my 20 years in “the biz”, I have never heard of an advisor regretting giving independence a good, honest look. However as many of you already know or will find out, it is NOT the right fit for everyone and I believe with some investigation, you will know in your gut if it’s a good fit for your personality and goals or not. If you have been toying with the idea but are unsure how to get started, set a clear goal and timeline and download our pocket guide- Why trot when you can gallop? and begin with #2 above.
Happy hunting,
