“There is no simple or perfect solution. And the best place for one of you will not necessarily be the best place for all of you.”
I'm sitting with three solid advisers. They care passionately about their practices, their clients, their futures. They are friends but are currently working with three distinctly different firms. They had worked together as trainees when they started out fifteen years ago. One of the reasons that they wanted to meet with me was to explore the idea of recapturing the joy and glory of their rookie years by working together again at one firm. But during the conversation, it became clear that there is no one solution that would satisfy all of them.
“Regional Firm Broker, you don't like or trust your branch manager. “
“I don't. But I don't want to find a guy I like, but won't ever see, like Wirehouse Advisor.”
“Agreed. But not all big firms are set up that way. I can find you a good guy. “
“How long will he be there?”
“Odds are, not as long as you will be. In general, regional firm managers have a franchise, so to speak, in a given community. Therefore their tenure is generally longer than the wirehouse branch manager who moves more often to keep his career progressing.”
“That's why I've only had two managers in my career. And you're saying that I'm probably stuck with the bad one for now.”
Wirehouse Adviser: “Two managers?? I've had five, plus four different company names on my card during that time!”
[More laughter]
Regional Firm Broker: “What about opening up my own shop? Will I be on my own island or can I get coaching and help?”
“Many of the independent shops have sophisticated practice management departments which can give you coaching and advice. There are also quite a few coaches with their own firms who you can pay to be that mentor. It will take some time to find the one that is a fit, but it's doable. And you are not inheriting a ‘boss' or a ‘coach'; you're picking the one that's best for you.”
“I know the deals are huge at other places but I want to figure out whether independence is for me right now. I think I want more control of my own destiny than what these clowns have been through over the last few years. I don't know what it entails and what my additional responsibilities would be. I want to be able to make business decisions that I know make sense for me without having to worry about someone else's agenda.”
Next week: My Dinner with Three Unhappy Advisers, Part 3.
