I’m currently a wire house FA who received assets from a retiree. I likely have 4 years before I’d be able to move my book of business, but I definitely want to move to an Indy channel. When should I start these discussions with other firms/business owners and are there benefits to merging with an existing practice at that time?

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If you want to continue growing your book it’ll definitely be easier at a wirehouse, but otherwise if you go the indy route just go full RIA. Either join an RIA firm or form your own and hook up with an accounting firm. Make a revenue split agreement with them and they’ll give you an office and tons of referrals.

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Additional Posts in Succession Planning: Buy/Sell Practice

Think about this for a minute... why would you sell a book? Because you didn't want it anymore or it was beyond its useful life, kinda like an old car... it's old, rusty and needs more maintainence than it provides useful transportation, it's in the repair shop more often... everytime it goes in you find something else wrong with it? Plus, the prices the buyers are willing to pay are outrageous, by the time you get it paid off it's in the junk yard. No easy solution to building a sustainable business except hard, persistent work. Control Your Future, Go Indie RIA!

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Any bank reps have experience buying their book from the bank?

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Chicago & suburbs: seeking advisor min $20m AUM to change firms and team with me at my RIA to service clients better as co-advisors and build practice. Great tech, transition, and admin support!

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