5 Rewards to Think About when Considering Independence
At Sanctuary Wealth, we’re transparent about the opportunity to dramatically increase your net worth by becoming a business owner – vs. remaining a corporate employee.
Beyond the financial rewards, there are five other benefits we’d encourage you to think about when you’re considering independence.
1. Freedom & Flexibility
As an independent advisor, you have the opportunity to thrive in an environment free from a sales-driven corporate bureaucracy. You are not required to pursue any agenda other than the one you set for your firm, your team and yourself.
Working in a true open architecture, you are free to identify client solutions from an unrestricted array of resource partners. You have the freedom to make the decisions that are in the best interests of your clients.
You will also have the freedom to tell your own story, build your own brand, market to prospects and communicate with your clients as you prefer.
It’s your practice, your company. Your clients represent the book of business that you own. You have the flexibility to serve them as you see fit. You can build and operate your firm as you envision. You are empowered by the flexibility to focus on the outcomes you desire.
Working with the right platform, such as Sanctuary Wealth, you also have flexibility in choosing custodians and other resource partners, to provide services and support, tailored specifically to your business.
You have complete control and ownership of your client relationships. As you pursue the business practices you identify, you have the control to serve your clients to their complete satisfaction.
Obviously, as the business owner, you control your own compensation, as well as that of your employees.
Controlling your business also means not being locked into long-term contracts with your platform partner or any outsourced vendors. You set the terms that work best for how you want to run your firm.
Independence covers the freedom from the restraints of multi-year contracts that carry expensive exit penalties or no ability to escape at all. Keep that in mind when investigating potential partners.
As an independent business owner, you get to influence the culture that’s best for your team and your clients. Equipped with the freedoms and flexibility discussed above, you’ll be able to thrive in a culture of choice and collaboration.
At Sanctuary Wealth, we support the culture of each of our partner firms by fostering a tight-knit community of elite advisors who excel in their independence and thrive through the fellowship of our network. The result is a collegial culture that emphasizes service, trust and transparency. While our advisors all own their own businesses, they are part of something bigger, something special.
Even before you make the move to independence, you should be considering the ultimate rewards of your legacy. Remaining a wirehouse employee may result in a decent payout and a friendly retirement party. But what else? Where’s your legacy? As an independent business owner, your legacy endures in the firm that you’ve built. Perhaps you’ll look to a family member or a trusted team member to succeed you and carry on your fine work and the lasting relationships with your beloved clients. Even if you look to exit the business through a sale, your legacy is found in the assets that will give you a substantial return compared to the employee’s fate.
Power of Partnership
Deciding to become an independent advisor can be emotional – it takes the grit, fire, and vision you associate with an entrepreneurial spirit. Your clients will hold you in a different light and applaud the boldness of your decision. They will root for you to be successful. You’ll find the rewards to be equally emotional – and satisfying in a way you can’t experience as an employee.
We’d be happy to discuss these rewards with you – along with the financial rewards of going independent. Reach out to us at Sanctuary Wealth, and you’ll have an honest conversation with a senior team member who has had years of experience in the wirehouse environment before pursuing independence.