Ep 79: What It Really Takes to Go Independent as an Advisor

Financial Advisors Want to Know: What It Really Takes to Go Independent as an Advisor - Ep. 79 Carolyn Armitage

Welcome to the Financial Advisors Want to Know Podcast, I’m Catherine Tindall a CPA with Dominion where our focus is helping financial advisors navigate income tax planning and compliance for their firms.

As a serial builder of wealth management firms with the unique perspective of having been an Advisor, an operator leading large and small firms, and an industry consultant optimizing value, Carolyn excels at building and leading high-performing teams, creating value, integrating groups/companies for relevance and sustainability.

Having started her career as an advisor, she has first-hand knowledge of and deep empathy for the challenges advisors face. As a wealth management expert, she offer RIA consulting to CEOs. Her RIA expertise evolved from leading numerous firms and investment banking. Collectively, her years in this industry put me in a position to learn and share valuable insights with advisors in our industry.

Key Podcast Takeaways:
The Fear of the Unknown is a Major Barrier: Many advisors hesitate to transition to independence due to the fear of the unknown. The decision to move into the independent RIA space requires a willingness to embrace change and step into a more complex environment.

Turnkey Models Can Offer Comfort: For advisors wanting to go independent, turnkey models are a comfortable and low-risk way to transition. These solutions provide structure, support, and guidance, making the shift easier for advisors who prefer a smoother path.

Stock Swap: A Tax-Advantageous Strategy: Advisors looking to merge or acquire firms can leverage stock swaps, which can avoid triggering immediate tax events. This strategy can also increase the valuation of their business and offer future financial benefits when it comes time to exit.

Day-to-Day Operational Challenges Can Be Overwhelming: Advisors who create their own RIA may face unexpected administrative burdens. For those closer to retirement, the operational demands of running an independent firm can detract from the things they enjoy—client relationships and business development.

RIA Circle Offers a Powerful Peer Learning Platform: Carolyn shares the value of RIA Circle, a community for advisors transitioning to independence. It provides a space for advisors to share experiences, gain insights, and get support from their peers, helping them navigate the challenges of independence.

Connect with Carolyn:
https://www.linkedin.com/in/carolynarmitage/
https://wealthmanagementconsulting.com/
https://www.riacircle.com/

Connect with Catherine:
https://www.linkedin.com/in/ctindallcpa/

Sign-up for our newsletter:
https://dominion-enterprise-services.kit.com/9944b047d9

Contact Catherine's Team:
admin@dominiones.com

Looking for a more holistic relationship with your taxes? Book 15 minutes to have a coffee chat with Catherine to see if you could be doing more: https://calendly.com/ctindall/podcast-getting-to-know-you

Sign-up for our newsletter for the only tax update you’ll need to read and future episodes here and how to get in touch with Catherine: https://dominion-enterprise-services.ck.page/9944b047d9

Visit us at DominionEs.com

Connect with Catherine on LinkedIn