Those in wealth management have to decide whether they want to work for themselves or someone else’s firm. While both have their pluses and minuses, starting your own investment management firm provides a unique opportunity to put your experience to good use and be in control of your destiny. The following are just some of the reasons you may want to stop working for someone else and start your own firm.
While each path has its merits and drawbacks, starting your own investment management firm provides a unique opportunity to put your experience to good use and be in control of your destiny. Here are compelling reasons to stop working for someone else and start your own firm.
1. You Are Dissatisfied With Your Current Firm
If you find yourself enamored with the field of investment management but are discontent with your current employer, starting your own firm becomes a compelling option. Maybe you don’t like the business structure of your current firm, or perhaps you feel they prioritize their own investments over those of their client. No matter the reason, launching your own firm can make sense.
Embracing this autonomy means not only addressing current dissatisfactions but also shaping an environment where your professional values and client-centric focus can flourish, providing a transformative and fulfilling trajectory for your career.
2. You Should Have No Problem Finding Potential Clients
Recent figures show that for the next decade, every single day more than 10,000 residents in the United States will reach the age of retirement. Those approaching retirement and those with decades ahead both seek expert advice to maximize their financial plans, providing a vast pool of potential clients for your newly established firm.
In addition to those approaching retirement, you have a vast client pool of those who are looking ahead to the future and have decades to go.
3. Most Financial Advisors Are Very Experienced
Given that the average age of financial advisors surpasses 50, a significant generational shift is underway. As seasoned advisors approach retirement, their clients will be in search of new financial expertise, creating an opportune moment for you to step in and offer your services. Capitalizing on this shift not only positions you as a valuable resource for transitioning clients but also allows you to introduce innovative perspectives and strategies, establishing yourself as a forward-thinking and reliable advisor in the evolving financial landscape.
4. Are You Calling the Shots?
Launching your investment management firm gives you all of the benefits associated with owning your own business. You dictate the types of clients to target, manage your client load, define wealth management strategies, and more. The absence of constraints allows you to steer your business direction without limitations. This unparalleled freedom not only empowers you to align your practice with your personal values but also fosters an environment where creativity and innovation can thrive, ensuring that your wealth management strategies remain adaptive and ahead of the curve.
5. Enjoy Flexibility
Enjoying the perks of being in charge of your wealth management firm translates into unparalleled flexibility. You have the liberty to set your work hours, choose your workspace, and plan vacations according to your preferences. The liberty to shape your work-life balance is a pivotal advantage of entrepreneurship. This flexibility not only enhances your overall well-being but also allows you to adapt to the ever-changing demands of the financial industry, ensuring sustained success in a dynamic professional landscape.
