Summary: Solo advisers make up over half the industry — and are likely here to stay. Still, their ranks are shrinking while those at ensemble firms grow. Why? For one, it's difficult to start out as a solo adviser in today's industry. Next-Gen advisers, especially, see value in joining a firm that offers professional development, established procedures and protocols, and a known brand among clients and prospects.
 In the end, it's about your clients and what they want and need. Although one client may be comfortable and feel special with a solo practitioner, another might prefer the security of an established firm.”Joni Youngwirth, managing principal of practice management, Commonwealth Financial Network. |
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