Advisors have been sold the same story for decades: To find success, step one is to escape the wirehouse; step two is to start your own independent practice. Going out on your own has typically been considered the only available escape from wirehouse constraints, proprietary asset requirements and someone else’s approach to advice.

However, owning the responsibility for everything in your practice means that you’re in charge of your firm’s tech stack, compliance processes, marketing, investment research, tax coordination, trading platform, estate planning, human resources and more. It’s important to ask yourself, “What impact does managing all of this have on my clients?” And, “Am I fully able to focus on my core responsibilities while also building and managing a back office?”

Based on your answers to these questions, the solo model that at a distance seemed liberating may quickly become an overwhelming burden that takes you away from your core responsibilities and creates a ceiling that significantly limits your practice’s growth potential. After all, you can only invest so much time, energy and resources on infrastructure before your clients start to feel neglected.

Leverage may provide greater freedom

Rather than focus on independence, many advisors are finding success in focusing on leverage. True leverage means an ability to scale without surrendering your approach, your relationships or the processes that have brought you success to this point. It isn’t about becoming an employee again; it’s about becoming the quarterback of a much stronger team.

Consider what impact the following could have on your practice:

• Shared infrastructure that handles compliance, operations, cybersecurity, trading, human resources and technology so you don’t have to build or maintain it alone.
• In-house specialists (tax planning, estate planning, concentrated stock, alternative investments, insurance, family governance, business succession) available to support your clients so you don’t have to become an expert in everything.
• Marketing, lead generation and client experience resources that amplify your personal brand.

That kind of leverage is where the right partner can make a meaningful difference. At Mariner, our approach is designed to help advisors preserve what makes their practice personal while gaining access to the resources, specialists and infrastructure that can make growth more sustainable. The goal is not to replace the advisor’s voice or relationships, but to help them protect both.

The human element of advice

Even in light of recent technological advancements, clients want to work with a trusted advisor who understands their family, their values, their fears and their goals. The most effective leverage models are built around supporting advisors in building and maintaining strong relationships with clients.

As the quarterback, you call the plays, maintain client trust and deliver a holistic wealth strategy. The platform supports your efforts with additional human capital, manages the back-office and provides you with the resources you need to thrive. Most importantly, it gives you the freedom to get back to what you do best – building relationships with clients.

Why the next decade will reward leverage

Given the rapid pace of today’s economic and market landscape, clients’ financial needs are becoming increasingly complex. Competition for talent and assets is intensifying. Some pure ownership models increasingly struggle to stay on top of it all. Meanwhile, practices that combine deep personal relationships with institutional-grade support are generally better positioned to compound faster in terms of assets, client satisfaction and firm value.

The new shape of independence provides the freedom to focus on tasks that add the most value for both clients and the firm. Independence will always matter, but so does the manner in which that independence is built.

We believe advisors positioned to thrive over the next decade are the ones who maintain control over their client relationships and autonomy, while gaining access to expertise and resources more efficiently managed by other professionals.

This article is provided for informational purposes only and reflects general observations about advisor development and firm culture. The observations expressed herein are based on Mariner’s perspective and approach to advisor development. Business outcomes, including practice growth, operational efficiency and firm value, depend on numerous factors and will vary among advisors. No specific results are guaranteed.

Mariner is the marketing name for the financial services businesses of Mariner Wealth Advisors, LLC and its subsidiaries. Investment advisory services are provided through the brands Mariner Wealth, Mariner Independent, Mariner Institutional, Mariner Ultra, and Mariner Workplace, each of which is a business name of the registered investment advisory entities of Mariner. For additional information about each of the registered investment advisory entities of Mariner, including fees and services, please contact Mariner or refer to each entity’s Form ADV Part 2A, which is available on the Investment Adviser Public Disclosure website. Registration of an investment adviser does not imply a certain level of skill or training.