The Broken Dealer's Guide to Independence (And When to Stay Put)

Transitioning to Independence

The podcast delves into the journey of transitioning to independent advising through the lens of Carmine Carino's experiences and his book, 'Broken Dealer.' Carmine highlights how personal integrity and a desire for autonomy led him to leave a long-term position at a brokerage firm, despite facing significant repercussions like a prolonged FINRA action. He emphasizes the importance of understanding the trade-offs in advisory channels, advocating for a culture that prioritizes support over mere performance metrics. This notion is echoed in the critical question posed by his wife: would advisors still make their current decisions if they knew then what they know now, which serves as a call for self-reflection among advisors contemplating similar transitions.