There’s More Than One Career Option as a Financial Advisor

Do you have what it takes to be an entrepreneurial financial advisor?

At some point, it’s a question that most advisors ask themselves as they think about their career and where they want to end up. And increasingly, the answer is being found in the Registered Independent Advisor business model.

According to InvestmentNews research, RIA firms saw an increase of 931 advisors throughout the first three quarters of 2020 as mergers happened or advisors left old firms and joined new ones.

By comparison, wirehouse firms lost over 1,000 advisors during the same span of time and insurance broker-dealers lost over 700.

Here at WealthPlan, we’ve always known the future of wealth management is with RIAs—the rest of the industry is just finally catching up.

If you’re thinking of pursuing a career on the RIA side, you don’t have to start your own company and be an owner. You can instead be one of those 931 advisors who left the wirehouse behind and became part of a team.

In today’s article, we’re looking at how your entrepreneurial spirit can help you achieve more on the independent side, whether or not you want to own your business or be an employee.

Financial Advisor Career Options

As you look over your career, there are three primary employment options for financial advisors. Each has benefits and drawbacks—ultimately the choice is about


Some firms (usually broker-dealers) hire advisors as 1099 contractors, where you set up your own business but get additional resources from the larger financial institution.

W-2 Employee

The employee model makes sense when you want to join an RIA but don’t want to manage everything. You get a steady paycheck and can focus solely on giving financial advice.

Business Owner

For true entrepreneurs, owning a business is the only way to go. But when you do this, you’re responsible for it all: compliance, payroll, staff management, and advisory duties.

What It Takes to Be an Entrepreneur

Not everyone can make it work as an advisor Business Owner. For the ones who are true entrepreneurs, there are three traits that can lead to success,

  1. You’re passionate about your work
    The first is easy—you love advisory work and giving clients advice that leads to financial security is what you’re most passionate about. Passion doesn’t always lead to success, but without it, the entrepreneurial life gets hard quickly.
  2. You have a unique process you want to follow
    One reason you may be tempted to start a new company is so you can develop and refine a process that’s unique to you. When you’re in a team environment, you may have to follow the established planning or investment procedures of the company, without flexibility. Starting your own business lets you call the shots.
  3. You’re not afraid of business risk
    Let’s face it: Starting a new business is a risk. But if you feel like it’s your calling to create a company on your own terms, the confidence you have in yourself overpowers the risk of failure.

Get the Best of Both Worlds

Not every advisor is meant to be a business owner. But even if you don’t want to own an advisory firm on your own, you may still have the entrepreneurial spirit and want to take more control over your career.

If that’s you, then WealthPlan Group has the solution for how to spend your career.

You get flexibility over how you work with clients, a voice in our Investment Committee, and the ability to create an advisory career on your own terms. The WealthPlan team supports you with technology, compliance, and additional services so you don’t have to go it alone.

Ready to take the next step to becoming an entrepreneur advisor? Schedule a call with our consultation team now.



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