Going Independent: A Roadmap For Financial Advisors

Описание: The meaning of “independent” in wealth management has evolved. It’s no longer just about leaving a wirehouse for an independent broker dealer. Today, employee advisors sit across many models, wirehouses, RIAs, captive agencies, and even independent broker dealers. Regardless of where you start, going independent ultimately means owning your book of business, controlling your decisions, and shaping your client experience and business future.
At Cross Search, we’ve been helping advisors make this move since 1989. If you’re considering independence, here’s a clear, step-by-step framework to help you evaluate your path.
Step 1: Know Your Strengths and Gaps
In an employee environment, much is handled for you—from HR and technology to office logistics. Independence gives you choice, but it also requires clarity.
• Identify what you love doing and what you don’t.
• Decide whether you want to manage a physical office (leases, staffing, operations) or prefer a structure where those elements are handled for you.
• Explore models that align with your preferences: there are fully supported independent platforms where you retain independence without taking on every operational burden.
The independent landscape is flexible. Your structure should reflect your strengths and offload the rest.
Step 2: Review Your Contract Early—with a Securities Attorney
No two contracts are the same. Non-solicits, non-competes, client data rules, and transition provisions can materially affect your timeline, options, and risk.
• Engage a securities attorney at the start of your exploration.
• Use that guidance to shape which firms and models you consider and how you sequence your move.
• Plan your transition with your contract realities in mind, not as an afterthought.
This step is foundational and often dictates the rest of the process.
Step 3: Assess Your Book and Client Portability
Be honest about how your relationships were built.
• How many clients did you inherit? How many did you originate?
• How much of your retention is tied to the firm’s brand versus your personal relationship and service model?
• Which households are likely to follow—and which may stay?
This analysis informs your economic projections, transition resources, and how you prioritize outreach once you move.
Step 4: Conduct Diligence on the Right Platform and Partner
Once you understand your needs, constraints, and book dynamics, it’s time to evaluate your options. Diligence typically takes 2–4 months (sometimes longer) and should include:
• Platform and affiliation model (RIA-only, hybrid, independent broker-dealer, tuck-in options)
• Technology stack, custodians, and product access
• Compliance philosophy and supervision model
• Transition support and onboarding resources
• Cost structure and true net economics
• Contract terms and compensation—negotiate what matters
This is where you align the business you want with the infrastructure that lets you deliver it.
Step 5: Execute a Customized Transition Plan
A well-planned transition typically runs 4–6 weeks before your move date, but the timeline depends on your contract and what information you can legally take.
• If you can take client data, you’ll do more prep work up front.
• If you can’t, you’ll compress planning and ramp communication post-licensing.
• Every transition should be tailored to your facts—there’s no one-size-fits-all.
Expect detailed workflows for licensing, ACATs and consent processes, client communications, account mapping, and onboarding.

Going independent is complex—but entirely achievable with the right plan and partners. At Cross Search, we guide advisors through every stage, from early exploration to contract negotiation and hands-on transition support.
If you’re ready to explore your options or simply want a confidential sounding board, we’d love to talk. Give us a confidential call.

www.cross-search.com