It’s One Thing to Say “We Understand You.” It's Another Thing to Show It.

Clients trust you to safeguard their financial future. Whether through a broker-dealer or an independent platform, they need to know you’ve got their back. Therefore, the hardest part about going independent isn’t whether you can do it; it’s finding the place that will offer the greatest benefit to you and your clients.

Every platform says they understand what you need. They tout the industry’s best service, technology and investment options, but until you get your hands on their solutions and give their service a run for their money, how do you really know? There are a few ways that financial professionals can vet an independent platform to make sure they are truly a best-in-class experience.

THEY SHOULD OFFER FLEXIBILITY.

You’ve chosen the path to independence because you care about your clients, and you’re ready to do what’s right for them. Along with freedom comes flexibility. Can you choose the investments, the services, the model that will actually work well for your clients? Check to see if the firm is providing accurate and future-oriented information. This may include blogs, articles, business resources, or practice management topics that are aimed at improving the value and quality of your business.

Does the firm make it easy to research and build out services in a way that works with your vision? Comfort in addressing these items during the vetting phase is essential. If you have unresolved questions around the level of freedom and support in taking your firm in a unique direction, pay attention to those signals. Talking with other professionals within the firm can also make it easier to understand the overall culture.

THEY SHOULD HAVE SLICK TECHNOLOGY.

Just because you’re going independent doesn’t mean you’re going to build a tech stack from scratch. The past decade has opened up the landscape for financial technology, and today’s consumers are eager to see their financials in real time, wherever they go. Financial professionals should take technology for a spin before buying into a platform. Even though moving clients from one platform to another can be tedious, it shouldn’t be overly frustrating.

Here's what to watch out for: technology that’s constantly broken, peers whining about their technology issues on social media, dated front-end experiences, and any upcoming technology “updates” that have yet to be slated. Firms that are doing this well may provide regular trainings, added features and benefits, and goals around scheduled technology updates. Another question to consider: who will clients call when their interface is broken, or they can’t log into the platform? (It shouldn’t be YOU.)

THEY SHOULD ANSWER YOUR CALLS IMMEDIATELY.

The other area related to this issue is service. Check whether the platform offers a chat feature or other direct method of contact when something goes down. Will you be speaking with an individual or a robot? Among the many reasons financial professionals leave their broker-dealer, terrible service is at the top of the list. Going independent should absolutely improve this experience – not make it worse.

With the right partner, moving platforms still takes patience, but most importantly, it should be exciting. The end goal is what drives you, and when you come out the other side it should be with pride and starry eyes. You are about to build your business your way. And even more so, with the right partner, you are never alone. Not as your shadow, but as a peer ready to extend their hand and guide you to the next stage.

At Silver Oak, our goals are aligned, and we know that your success is our success. Our growth comes from building a firm grounded in the people-first ideals of the past, while remaining future-focused and innovation-oriented to empower you with the resources you need to grow your business. When you’re ready to experience true partnership, we’re here for it.

Ready to chart the course for your future? We can help. Download our eBook, Your Next 10 Years: The Ultimate Guide to Managing Your Firm’s Growth.