Weigh Business Model Options Carefully Before Going Out On Your Own Hot

Advisors leaving the environs of big Wall Street firms have more choices than ever before about the business model they will adopt. Time was when going independent was going independent. You signed up for a product and services platform. Technology companies sprang to specialize in providing access to services and asset managers, vetting them and providing lists of approved managers to offer to clients.

 

These days, options for entrepreneurial advisors are much more plentiful. This is a recent development which has followed the rapid development of technology over the past several years. Like a family office, independent advisors now must choose what to include in house and what services to outsource through an external provider. Balancing costs with quality of service is a key consideration.

 

Best use of time is also a vital component to efficient service delivery as well as a level of service which will attract and retain the desired clientele. The options available are almost limitless. Access to operational and support services is more prolific than ever. This makes it essential to do critical and comprehensive business planning before venturing out on your own. Such planning will determine future success.