The desire to be one's own boss is deeply rooted in the free enterprise system--and especially so in the investment advisory profession. As in other professions such as law or accounting, the investment business often depends more on the strength of interpersonal relationships than on institutional brand names. At one time or another, every advisor at a large firm has probably entertained the notion that he or she could serve clients better, get more satisfaction, and make more money as an independent.
The urge for independence appears to be even stronger in the wake of recent market upheavals. Amidst mergers, buyouts, business closures, and changing fee structures, experts estimate that one in four employed advisors is considering going independent. And industry analysts predict that up to 15 percent of US advisors will leave their current jobs in the next 18 months, creating hundreds of new advisory firms.
Independence has its rewards, but it also poses some challenges and big decisions. You need legal and accounting advice. You need to choose a custodian and brokers. And, of course, you need clients. Some of the biggest and most daunting decisions, however, revolve around choices regarding your technology platform.
Read this white paper to get expert advice on going independent and making the right technology choices.
SOA Research Library
