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The Efficient Advisor: Tactical Business Advice for Financial Planners
165: What’s the Right Business Structure for my Advisory Firm w/ Guest Stephen Taylor, JD, CFP
Jan 30, 2024
Stephen Taylor, JD, CFP, attorney turned Certified Financial Planner, shares insights and experiences on business structure transition in the financial planning industry. Topics include compliance, technology, portfolio management, and commission trails. The conversation emphasizes thinking about a transition without being overwhelmed by the operational side.
43:51
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Quick takeaways
- Understanding your financials is crucial when considering a transition to a different business structure.
- When building a tech stack, start by evaluating the systems and platforms you currently have and focus on efficiency.
Deep dives
Considerations for Transitioning Business Structures
When considering a transition to a different business structure, there are several key factors to consider. Firstly, understanding your financials is crucial. Take the time to know your numbers, including all expenses, not just the obvious ones like fees. Secondly, compliance is an important aspect. Consider your value-add and focus on whether you prefer advice-centric or product-centric practices. For advisors who value offering a wide range of investment options, staying with a broker-dealer might be the better choice due to the compliance complexities of being an independent RIA. Thirdly, think about the advantages offered by remaining with a broker-dealer, such as the sense of community, readily available resources, and succession planning opportunities. Finally, decide if you truly want to run your own business or if staying with a broker-dealer aligns better with your goals. Remember, focus on what you do best and what brings the most value to your clients.
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