Understanding the advantages of Supported Independence is a game-changer. For financial advisors seeking autonomy within a supportive ecosystem, supported independence offers a unique blend of freedom and opportunity.
With this model, financial advisors are free to build their own brand, tailor services to their clients, and maintain autonomy in decision-making—all while receiving robust support in crucial areas of practice management and business ownership, including compliance, lead generation, and technology as well as lease management and administrative assistance.
In this blog, we explore what you need to know about Supported Independence and the many benefits of this model for independent financial advisors.
Defining “Supported Independence” for Financial Advisors
Supported Independence is a strategic departure from the concept of complete independence. Financial advisors benefit from enhanced support extending well beyond compliance and providing a technology platform. Supported Independence is an encompassing model that serves advisors across the full lifecycle of their business.
From the initial onboarding phase through managing, growing, and eventual monetization of a practice, Supported Independence offers a multifaceted support system. True independence is possible with support, and advisors gain autonomy and the ability to focus on what truly matters—nurturing client relationships and driving business growth.
Success as an independent financial advisor extends beyond the technical facets of the profession. It’s about empowering advisors with the tools, resources, and services necessary to run and elevate the value of their businesses.
Financial advisor Supported Independence enables professionals to prioritize efforts that have the most significant impact, increasing the potential for sustained growth and stronger client relationships.
What is the Supported Independence Model?
Supported Independence is a major shift from the conventional understanding of independence in financial services. This approach offers the freedom to transition from a wirehouse to a personalized office setup without sacrificing the essential support structure needed to thrive in your business.
As a financial advisor, you need support across every facet of your practice. Supported Independence acknowledges that – a far cry from the “Wild West” of navigating uncharted territories solo, and figuring out every step on your own.
This innovative model offers a continuum of support that caters to both advisor’s and client needs. In today’s age, financial advising demands more than just the freedom to serve your clients with more choice and autonomy. It requires additional time that allows you to nurture your client relationships and differentiate yourself in your markets.
Supported Independence meets this demand head-on by providing comprehensive, quality support and wealth management resources to entrepreneurs. As the demand for financial advice grows and the independent space grows more competitive, advisors can successfully balance business ownership with time to focus on client relationships. Financial advisor-supported Independence changes what’s possible for independent advisors.
Types of Services in Supported Independence Models
Real Estate
Real Estate Supported Independence services revolutionize how independent financial advisors establish their professional presence. Supportive partners will understand that your office space is an extension of your brand. A turnkey office solution offers a seamless experience tailored to your vision, ensuring your space reflects the atmosphere you want for your clients.
This service starts with an initial discovery phase where you’ll be assisted in identifying and selecting the perfect space. Then your support partner will navigate lease negotiations, design the office layout, and manage the build-out process. From furniture installation to the intricate setup of voice, data, security, and audio-visual technology, every aspect is expertly handled so you can focus on your business.
Branding and Marketing Resources
With Brand Development and Marketing support, you’ll have help creating a brand identity that resonates with your values and speaks to your clientele’s experience. A supportive partner will be dedicated to translating your vision into a tangible brand that reflects your principles and sets the tone for sustained growth.
From collaborative brand development that echoes your business ethos to the creation of custom-designed stationery that leaves a lasting impression, every aspect of your branding will be taken care of.
You’ll also have assistance developing your digital footprint, building a modern, mobile-friendly website to engage your audience, establishing an ongoing communication plan so you can stay connected with your clients, and social media messaging that helps you grow awareness and value for your brand and client services.
Compliance Support
A compliance role in the Supported Independence model serves as one of the most critical aspects of your financial advisory business. You’ll receive deep and extensive support to help you efficiently operate a compliant practice, while mitigating risk and offering consultation on compliance topics across the board. You’ll also have an advocate while navigating the complexities of independence and the regulatory landscape.
A compliance team plays a vital role in easing your transition and enabling the launch of your new business. You’ll have help navigating the nuances of non-compete agreements with expert guidance to protect your interests, skillfully manage client contact for non-protocol advisors, streamline the entity creation process, and more. Additionally, you’ll have access to training and office prep to help you prepare for compliance reviews and audits.
Administrative Support During Transition
The benefits of Administrative Support during transition lead to an efficient and successful transition as you prioritize client relationships over administrative tasks.
Financial advisors launching with a Supported Independence model receive administrative support at every step of the transition and onboarding process. This level of support ensures financial advisors can maintain a client-first approach, while the operational intricacies to facilitate a successful transition are managed by someone else.
From crafting and sending announcement letters to your clients to expediting the account opening process for your clients, all of your administrative needs will be handled.
This service can be leveraged beyond the onboarding experience. Financial advisors can tap into an outsourced administrative assistant, whether on a temporary or permanent basis, allowing you to focus on client activities while we handle your administrative workload.
Your practice benefits from an experienced professional familiar with operating systems and processes to elevate your client experience and support your day-to-day operations.
HR Support
HR Support allows financial advisors to streamline operations, mitigate risks, and fuel business growth. Designed to create efficiencies, this service provides you with more time to focus on core business activities.
You’ll benefit from a vast range of HR essentials, from talent acquisition and employee handbook creation to internship programs and performance management. The goal is to help you foster an environment conducive to sustained growth and success.
Investment Management
Supported Independence also features Investment Management services as a flexible and cost-effective solution that independent financial advisors can utilize to build and manage portfolios that meet clients’ needs. The focus won’t just be on executing trades; you’ll have diversified strategies crafted to align with your business objectives.
All trading aspects, including systematic trading, dollar-cost averaging, and cash maintenance will be covered. Portfolios will stay aligned with objectives through frequent rebalancing and timely model updates. Through weekly and quarterly market commentaries, you’ll have enhanced transparency and communication between clients.
The Added Value of Supported Independence
Opting against Support Independence means missing out on advantages that are critical for long-term growth and success. Without this framework, many advisors get caught up in non-revenue-generating tasks that take time and resources away from the work that truly drives your business and strengthens your client relationships.
For independent advisors everywhere, Supported Independence serves as a strategic partnership that redefines the growth trajectory of your practice.
The Good Life Approach to Supported Independence
The Good Life philosophy centers on empowering advisors to build their ideal practice, and in doing so, you create the ability to focus your time where you can bring the most value to your clients and their businesses. Supported independence empowers advisors by providing support for non-revenue-generating activities within their business.
While these activities are vital to the health of their practices, they may not be the highest and best use of an advisor’s time. Good Life offers a unique turnkey solution that makes it possible for advisors to walk into their office on day one, with their own brand and a fully equipped practice, allowing them to immediately focus on client service and growth.
The rapid evolution of the financial advice industry demands flexibility and adaptability, and Good Life is adept at understanding advisors’ needs to keep pace with the rate of change. Instead of the outdated one-size-fits-all approach, we provide a comprehensive array of services and support that can be tapped into as needed, aligning with the ever-evolving needs of your business.
By offering a comprehensive approach to supporting your practice, we eliminate the hassle of managing multiple vendors. This streamlined approach simplifies your operations and optimizes cost management, so you can reinvest your time and resources where they matter most—servicing your clients and growing your business.
You retain the freedom to focus on meaningful aspects of your practice, including cultivating client relationships and driving business growth, without being weighed down by administrative burdens or inefficiencies from the use of fragmented services. Our financial advisor-supported Independence is a holistic strategy designed to maximize growth potential and enhance the value of your business.
Making the Transition to Supported Independence
If you’re looking to elevate your practice with the transformative power of Supported Independence, our team is here to help. Embrace a more efficient, client-centric practice with the freedom to focus on what truly matters while we handle the rest.
Reach out today to find out how Good Life can redefine your journey as a financial advisor.
Frequently Asked Questions
Supported independence for financial advisors is the balance between autonomy and comprehensive assistance. This model frees advisors from administrative burdens, allowing them to focus on client relationships and business growth while receiving invaluable support in crucial operational areas.
Supported independence empowers advisors’ practices with resources and support across key aspects of managing an independent practice. This includes areas such as compliance, technology, and investment management, retirement planning, and comprehensive wealth management solutions, as well as services that enable business ownership, such as lease management, administrative support, branding, and digital marketing.
Choosing Supported Independence over joining a wirehouse as a financial advisor offers a vast array of defining benefits. Beyond access to quality services and resources, Supported Independence empowers you with control over your business and client relationships. Without the constraints of traditional structures, the value you cultivate belongs solely to you.