If you’ve been reading my blogs, it’s likely that you’ve come to the conclusion that leaving your big firm with it’s outdated ideas about managing money (and people) is a good idea. I hope I’ve convinced you that becoming an independent advisor will give you the flexibility you need to build a business based on integrity, wisdom, and your clients’ best interests. However, I also know that many of you reading this have not yet pulled the trigger.
What’s holding you back from striking out on the journey of a lifetime that will help you create a seven-figure business you can be proud of? Don’t get me wrong, I’m not trying to guilt any of you into making a move you’re not ready for. What I am trying to do is identify your personal roadblocks and discover whether or not they are really valid.
From talking with hundreds of agents through the years, I’ve found that most of them who have not yet made the move are held back by one of the following:
Fear of Failure
I get it. Leaving the comfort of your big firm—especially if you’ve been there for years—is scary. You could fail. I’m not going to sugarcoat it—you really could. However, staying where you are when your heart is telling you to make a move is its own type of failure. Wouldn’t you rather take a chance on success?
‘I just had a baby.’ ‘I’ll get that big bonus at the end of the year and I worked hard for that money.’ ‘Just one more year and I’ll have saved enough to feel confident in making a move.’ The timing excuses are endless. Guess what? It will never be the exact right time to do anything. If you keep waiting for it, you’ll never move forward.
Lack of Support
Lack of support can come in numerous varieties. Maybe your spouse doesn’t support you making a move. Maybe you’re afraid about losing the support of admins or other co-workers at your big firm. I’m here to tell you—the support for independent advisors is out there. My team is just one example of the support systems you can lean on when you strike out on your own.
If money is your concern, it probably means you’re making a pretty good salary right now. You’ve likely been in the industry for a few years and have built up a good book of business. Guess what? You can make a lot more if you go independent. Will it happen immediately? Probably not. But if you put the right structure in place, it will happen.
Did I hit the nail on the head with one of the above reasons? Do some of these concerns resonate with you, and that’s why you’re still putting in 8-10 hour days at a job that doesn’t fulfill you? I know it can be scary to make a big move like going independent. But I also know that you’ll never regret taking the risk. As Albert Einstein once said, "A ship is always safe at the shore. But that is not what it was built for."
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Patrick Tucker, owner of True Measure Wealth Management and founder of True Measure Financial Advisors, has over 20 years experience in the industry and has spent the last 15 years learning the ins and outs of the fee-only advisory business. He's spent over $500,000 finding mentors, studying consulting businesses, taking courses, studying the soft sciences, running trial and error experiments, and learning how to be an entrepreneurial financial advisor. He's simplified this into an easy to use blueprint for anyone who is entrepreneurial-minded and is tired of the sales culture. Patrick has been able to acquire over $140 million under management with little to no money spent on marketing.