Why does Fleetwood Mac's “Go Your Own Way” resonate with so many advisors considering independence? It's not the attitude. It’s the honesty. Sometimes the best path forward is building something of your own.
The best advisors already know what they believe in, how they want to serve clients, and what kind of practice they want to build. Independence is the path that can make that possible.
The fiduciary standard: a requirement grounded in belief
Most advisors who are drawn to independence already operate with a fiduciary mindset — acting in clients' best interests, disclosing conflicts, recommending what's right rather than what's available. It's why many got into this business in the first place.
The RIA model puts a clear structure around that belief and reflects how many advisors already operate in practice. For their clients, it provides confidence that their advisor is legally and professionally obligated to put their interests first.
The opportunity is real, and it's growing
The RIA channel isn't an emerging trend. It's a proven path that's gaining momentum. From 2019 to 2023, the independent channel grew at a 12.05% compound annual rate, and RIAs now manage 27% of all industry assets, up from 20% just a decade ago, according to Cerulli's U.S. Intermediary Distribution Report1. With that kind of increase, it’s no wonder nearly 18,000 advisors joined the RIA channel in that same period3.
The RIA model offers opportunity and autonomy. You build the team. You decide which clients to serve and how to serve them. And with open architecture, you choose the infrastructure and tools you prefer, so you can deliver advice you fully stand behind.
The relationships speak for themselves
When clients feel genuinely looked after, the relationship deepens in ways that are hard to replicate anywhere else. The data reflects that.
Median client retention at independent RIAs has held at 97% for the past decade2, and 86% of clients follow their advisor when they transition4, according to Schwab research, including the 2025 RIA Benchmarking Study* and a 2024 study on advisors going independent. The trust advisors build over years doesn't belong to a firm — it belongs to them.
That same principle shows up in why advisors make the move. In a Schwab survey, 98% of independent advisors said the freedom to do what is best for their clients is the most important reason to go independent3. These findings reinforce the importance of serving clients on their own terms.
You're building something that's genuinely yours
One of the most meaningful shifts that comes with independence is this: the work you put in builds something you own. Your firm has real enterprise value. Value that can grow as your business grows, and that you control when the time comes to transition, bring in a partner, or plan for succession. The economics reflect that ownership mindset too. As an RIA, you control 100% of your revenue. Revenue minus your costs, with full visibility into every dollar. If you want to see what that could look like for your practice, Schwab's RIA Economic Discovery Tool offers a clearer view of your potential bottom line.
Ready to go your own way?
The RIA model offers more of what many advisors got into this business for: the freedom to give advice you believe in, clients who trust you, and the chance to build something that's genuinely yours.
Being truly independent means the decisions around hiring, budgeting, compliance, and infrastructure are ultimately yours. You choose where to stay hands-on and where to plug into the broader ecosystem of providers that support RIA firms. For advisors who are ready for that and energized by it, the opportunity is substantial.
The advisors who've made the move will tell you: the path is clearer than it looks from the outside. And as Fleetwood Mac once put it, you can go your own way. But with resources from Schwab and the broader RIA ecosystem to guide you, you don’t have to walk that path alone.
Sources
- The Cerulli Report, U.S. Intermediary Distribution 2024. Cerulli Associates.
- Insights from the 2025 RIA Benchmarking Study. Schwab Advisor Services.
- Exploring Independence: An Overview of the Registered Investment Advisor Model. Schwab Advisor Services.
- Supported Independence Study. Schwab Advisor Services / Logica Research, May 2024.
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* About the 2025 RIA Benchmarking Study from Charles Schwab
Schwab designed the RIA Benchmarking Study to capture insights in the RIA industry based on survey responses from individual firms. The 2025 study provides information on topics such as asset and revenue growth, sources of new clients, products and pricing, staffing, compensation, marketing, technology, and financial performance. Fielded from January to March 2025, the study contains self-reported data from 16,000 firms that custody their assets with Schwab and represents $5 trillion in assets under management, making this the leading study in the RIA industry.
Schwab did not independently verify or validate the self-reported information. Participant firms represent various sizes and business models. The study is part of Schwab Business Consulting and Education, a practice management offering for RIAs. Grounded in the best practices of leading independent advisory firms, Business Consulting and Education provides insight, guidance, tools, and resources to help RIAs strategically manage and grow their firms.
Schwab Advisor Services provides custody, trading, and the support services of Charles Schwab & Co., Inc. ("Schwab"), member SIPC, to independent investment advisors and Charles Schwab Investment Management, Inc. ("CSIM"). Independent investment advisors are not owned by, affiliated with, or supervised by Schwab.
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