Leaving a National Brokerage to Go Independent

The Profitable Advisor Podcast

Making the decision to leave a brokerage and start working on your own comes with a lot of risk but provides an opportunity to work for yourself. It’s something many people think about but need the encouragement to take that leap.

On this episode, we’ll continue our conversations with other financial advisors as we try to learn more about aspirations, frustrations, and strategies with their business.

Phil Telpner of Breakout Private Wealth is our guest today and he’s someone Dan’s been working with for six months now. We wanted to bring him on to talk about what it was like to work for one of the larger, national brokerages and why he wanted to break out on his own. If you’re an advisor that aspires to have your own practice, we think you’ll get a lot of encouragement from this interview.

So as you go through the episode today, keep an ear out for some of these topics that we cover:

• Why the philosophies of large brokerage didn’t align with his own.
• Being a sales person vs an advisor.
• How difficult it was starting his own firm in the middle of the pandemic.
• Bringing clients over from the old firm and why he was selective in working who he works with at the new business.
• The type of target marketing he does and how that’s different than his previous business.
• Ways to manage your time and how to schedule clients.
• What are you doing to keep from being invisible?

For more on this topic and other strategies to growing your business, join us over at RenegadeAdvisor.net.

What we discuss on this episode:

1:36 – Start of the interview

2:00 – Large brokerages

5:17 – Feeling like a sales person

7:55 – Starting his own firm

9:41 – Being selective with clients

12:36 – Making more money by leaving

16:44 – Target marketing

19:47 – Tactics Dan uses

26:55 – Lack of planning at large brokerage

28:52 – How target marketing sets you apart

32:50 – Time management

43:43 – The importance of standing out