In honor of Independence Day this week, InvestmentNews is reaching out to a number of financial advisors to learn their personal “independence stories.” Of course, wealth managers leaving an investment bank or wirehouse to operate on their own is a different type of risk than the mortal dangers faced by America’s Continental Army when they split off from King George III. Nevertheless, the entrepreneurial spirit is very much part of the essence of America and what makes the country - and its financial system - the envy of the world!
Peter Bjelopetrovich: Our independence started around April 2024 with zero assets. We intentionally hit the ground running after leaving our previous firm and, as it stands today, we have 114 households with about $345 million in AUM. We’re incredibly proud of what we have been able to achieve in a little over a year.
Bjelopetrovich: Fierce focus on our clients and a deep understanding of what they needed, as opposed to the old “spaghetti cannon” approach. This allowed us to be very deliberate about our service offerings and easily turn down other useless bells and whistles.
Our clients, unexpectedly, also became partners in our independence. They began offering advice and wisdom from their own experiences which took the relationship to a whole new level, and ultimately led to organic growth as well. A humbling, positive confirmation that we were operating in the right direction for clients and ourselves.
Bjelopetrovich: Independence allows you to show your true authenticity and values. Positioning yourself this way to existing and potential new clients, you essentially create a filter that brings potential clients with shared values to you but also somewhat deters those who do not share those values.
We’re not trying to be everything to everyone and we never want to force a relationship. We embrace what we do, how we do it, and most importantly why we do it, and our clients appreciate that we share similar values to them while providing a high level of service they need. We focus on building strong and lasting relationships, not throwing services at people.
Bjelopetrovich: The biggest challenge was not knowing where you’re going to land after you jump out on your own, which allows imposter syndrome and self-doubt to creep in. You can do all the planning, due diligence, etc. but you still cannot make a client become a client. Dealing with that initial rejection was an enormous challenge, especially for clients that you have previously worked with for years. We overcame that by keeping our values close and our “why” for going independent front of mind.
Bjelopetrovich: If you are considering independence, I would encourage anyone to trust their instincts and know that ‘independence’ is afforded in more ways today than ever before. And if you know the clients you want to serve, lean hard into that and it can be a tremendous guide. Instead of thinking of the service you want to provide, another useful perspective is thinking of the problem you most enjoy solving.
Be honest with yourself in evaluating where you excel and where you need help, not only an advisor but a business owner as well. Capitalize on your strengths, look for help with your weaknesses.
Three advisors who left wirehouses and broker-dealers say the hardest part wasn't the client conversation — it was everything they didn't expect
CEO Ryan Parker says the program supports EP in the industry's "war for talent."
RIA platform Advisory Services Network is tapping into demand for advisors looking to jump from wirehouses and independent broker dealers
Masterworks was launched in 2017 but its RIA, Masterworks Advisers, is just three years old.
The RIA plans to expand its footprint across the U.S. while using AI to free advisors from back-office tasks
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.
