The independent advisor movement often touts the "intangibles" of becoming your own boss, but 64% of the advisors who break away are earning more money within six months of the move.
Some have derided the breakaway broker phenomenon as near-mythical, but Fidelity found 173 of them willing to talk.
Far from starving for their ideals, 76% said they were better off financially after the move.
No wonder. Roughly 86% said "all or most" of their clients moved with them.
Keeping their AUM and getting a better payout from going independent would logically give their revenue a boost -- and that's not even counting any new opportunities to produce on those assets.
Surprisingly, the advisors said they were surprised that so many clients were willing to go with them.
That's an important point to consider when looking at the industry and all the captive brokers it still supports. Most of these people think the clients belong to the firm and will remain loyal to it.
As every advisor who's made the leap to independence knows, the opposite scenario is actually true. Clients build relationships with people, not with institutions. If the people leave -- and explain the transition -- the clients and their assets will follow.