Key Considerations for Financial Advisors Transitioning to Independence
Do you imagine transforming your fee-based business into a successful RIA? Are you seeking greater independence and control over your practice and the benefit of potential growth?
When breaking away from a broker-dealer, the first thing to consider is what to expect during the transition process.
What can I expect?
While timelines can vary in both directions, the transition typically takes several months. We understand the transition process can be complex and daunting, and a solid plan is essential. For 20+ years, we’ve supported advisors like you with our proven model and powerful support engine to transform their fee-based businesses into thriving RIAs. We are here to help you through the entire process, creating a personalized transition plan that meets your needs.
Whether your goal is to manage $50M or $1B, FocusPoint’s established breakaway solution can help you GROW while allowing you to maintain true independence. Our solution enables you to enjoy all the benefits of a large firm while allowing you to keep your own identity and remain in control of all decisions relating to your business.
Once you decide you’d like to work with us, we want you to be able to focus entirely on meeting with clients and talking with them about these exciting changes you’ve chosen to incorporate into your business.
To begin designing the best timeline for you, we’ll start with gathering information from you based on your answers to some specific, relevant questions about your business.
We will handle all relevant client transfer paperwork and get your client households set up in our non-proprietary systems. We’ll guide you along your plan/timeframe based on how quickly you’d like to meet with your clients, which may include:
- A customized client transition plan
- All relevant client paperwork related to the transition
- Conducting an asset review and approval
- Establishing advisor ﬁrm with custodian
- Assisting with client communications
- Set up for new accounts and transfer cost basis information as applicable
- Trading on new accounts to set them to the portfolios you choose
How do I communicate with clients about the exciting change?
Communicating with clients about a move to independence is a critical aspect of the transition process. Clients will want to know why you are moving, how it will affect them, and what bene
fits they can expect. Clear and transparent communication is critical. You should explain the advantages of the move, such as greater independence and more personalized service. It’s important to reassure your clients that you will continue to provide the same high-quality service and support they have always received.
When you’re excited and passionate about your business transition, your clients will be, too. We will work with you to develop client language and meeting plans that work specifically for you, helping you to transition your ideal clients into your new business model smoothly.
How do I replicate what the broker/dealer has provided me?
One of the challenges of breaking away from a broker-dealer is replicating the services and support provided by the broker-dealer. By leveraging a partnership with FocusPoint, you can enjoy the high level of service and support you and your clients deserve. We specialize in working with independent financial advisors, and when you partner with us, our team becomes yours. You will have access to the scale and resources you need to develop systems and purchase state-of-the-art technology that could otherwise be cost-prohibitive or limited to the choices made by your broker-dealer.
We can lift the heavy burden while you plug into our integrated, advisor-minded, non-proprietary suite of technology and gain access to an IT support team.
We’ve got you covered whatever your needs, from our back-office and compliance support, investment management, practice development, and technology access to marketing experience.
So, if you’re considering breaking away from your current firm, consider working with FocusPoint Solutions as your catalyst for success. We offer the benefits of a large firm, such as consistent support, experienced guidance, and a trusted partnership, while allowing you to maintain your unique identity and complete control over your business decisions. With FocusPoint, you can build a tailor-made business for you rather than one designed for the masses.
Contact us today to start planning and get access to the resources and support you need to transform your practice and thrive as an independent financial advisor.