For Katie Ives and Michael Chapman, Independence Day is in May. That’s when the founders of Good Life Financial Advisors of NC launched their financial advisory practice with Good Life in the Supported Independence model. While they have decades of industry experience, the last three years, they say, have been transformational.
What Motivated You to Transition from a Wirehouse to a Supported Independence Practice?
Michael: Many things led to us choosing a model of Supported Independence. I have been in this industry for over 35 years and have worked in almost every channel at one point in my career. As I got closer to retirement, I wanted to be some place where I was paid what I was worth. I was tired of giving firms upwards of 75-90% of my commissions for my experience and knowledge.
Katie: We also chose Supported Independence vs. regular independence because we didn’t want to suddenly become real estate agents, technology support, office managers, and marketing gurus, among the other things that total independence requires.
What Are the Benefits of Moving from the Wirehouse to Independence?
Katie: One of the greatest benefits is that we went from being employees to business owners. We oversee our own time.
It’s our business and our clients. We can work remotely if we want to or need to; we are not being monitored as to how many hours we spend in the office. This has opened opportunities to work with clients across the country. We have many clients in several states now.
The services we offer have increased exponentially, especially in and around insurance. We can now help clients with Medicare and other life insurance options.
It also expanded the world of products that we can offer to our clients. It’s like having many arrows in our quiver.
Michael: Another thing that we appreciate is having the ability to advise clients with any amount of assets.
What Challenges Have You Experienced Since Choosing This Model?
Katie: One of the challenges we have experienced is going from being an employee to being a business owner.
Yes, that is the same answer as the greatest benefit. Going from a W-2 employee to a 1099 business owner can be a bit of a steep learning curve.
It’s not negative. It’s just different. You need to be prepared to manage some of the things you previously had another department do for you.
How Do You Successfully Manage Your Business In This Model?
Michael: We are independent, but we still have an entire team to support us in all facets of the business. For example, we have our technology support, asset and market analysts, insurance agency, marketing department, etc. These are professionals who are in-house, at the tips of our fingers, and they know us and our business.
Katie: It goes deeper than that. We leverage their professional resources for our day-to-day business. Our admin sits in the headquarters office. But she is no doubt a member of our team and supports us seamlessly.
Michael: Some would think being independent, you are alone on an island. But with Good Life, if we are on an island, it is at an all-inclusive resort!
How Do You Stay Competitive in the Market as an Independent Financial Advisor, and What Advantages Do You Believe this Structure Provides for Your Clients?
Katie: We feel we have a tremendous opportunity to grow our team and practice by recruiting other advisors to join us. This includes advisors who are starting to plan their retirement.
Together we can help to transition their practice so they can retire knowing that the care and dedication they gave their clients will continue. This also provides opportunities for the next generation of advisors to join us as they might not be ready for independence on their own.
We control our business and its future. We can build it to ensure that clients and their families will have continuous advice from our Good Life team for generations to come.
What is the Most Valuable Supported Independence Service Good Life has Supported You With?
Michael: For me, it is definitely the plug-and-play office set-up and support. We didn’t have to do any real estate negotiations or play general contractor while our offices were being built. We basically told them where we wanted to be and picked out which furniture design we liked and some paint colors. And everything else was taken care of.
Katie: Oh boy, this is a really difficult question because I feel like everything that Good Life has to offer us is extremely valuable.
If I have to narrow it down, I would probably have to say it is the service and support around compliance. We have a compliance team that is here to not only protect our clients but also protect and guide us.
They make sure we are all on the same page, in the same book, in the same library. They deliver their expertise, while knowing us and our practice.
What Questions Have Your Clients Asked Related to Your Move?
Katie: One question we often get, that we can answer differently now: “Can you talk to our children, neighbor, friend, even if they don’t have very much money?”
We tell them we would be so honored to talk to them. If they are important to you, they are important to us!
They also ask why we didn’t leave sooner. We let clients know we had to do our due diligence and make sure when we made this decision, it was the last move we ever make.
They also want to know if we are happy with this firm and our decision to move.
Are You Happy with Good Life’s Supported Independence Model?
With clients, we often tell the story of what Conor Delaney, CEO, said on the firm’s State of the Union call last year. We were so accustomed to calls that delivered negative news.
Conor stated on this call that the firm was implementing some positive ideas, such as health and wellness retreats, opportunities for higher payouts, and they created an Advisor Council. Michael and I joined the Council, and that has been such a meaningful experience.
We no longer feel like we are just a cog in the corporate wheel. We feel we are truly valued and cared about as individuals and advisors. While we are independent, we still have a team that we can use as much as we choose to.
We honestly made the best decision by moving to Good Life!