Do You Want to Be An Owner or An Advisor?
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When advisors explore independence, one of the most important—and often overlooked—questions they need to answer is this:
Are you more passionate about being a business owner or being a financial advisor?
It’s not even just a question of what you want to be. It’s about where your energy and passion truly lie.
Owning vs. Advising: Thinking About Trajectory
There’s no right or wrong answer here. Some advisors love the business side—building something, leading a team, designing a firm that reflects their values. Others just want to serve clients at the highest level without getting bogged down in operations.
If you find yourself more passionate about advising, that’s totally valid. But even in that case, your situation will evolve. I’ve worked with many advisors in the half-billion to billion range, and over time, they get tired of doing five or six reviews a day. They want to migrate upmarket and work more with their favorite families or take on a coaching and leadership role.
Eventually, many of them start to think more like business owners—because their career demands it. But again, that doesn’t mean you have to jump into the deep end from day one.
The Independent Space Has Room for Both
I’ll first acknowledge that in the case of advisors at the bigger wirehouses or banks–Edward Jones, UBS, Merrill, etc–many of the ones motivated enough to make a move tend to be fiercely independent. They usually think and operate much like an entrepreneur who seeks out what could be when it comes to their business.
That said, you don’t have to start as an owner to enjoy the benefits of independence. You can join a firm that gives you the support and flexibility to grow into ownership, if and when you’re ready.
For example, you might start as a W2 employee with control over your client experience, assets, and data—without taking on every operational responsibility. Then, when you’re ready, that same firm might give you the option to transition to a 1099 structure and really build your own enterprise.
Freedom Without the Overwhelm
Historically, if you were W2, it usually meant you didn’t own your data. That’s changing. There are firms today that let you have the best of both worlds—support on the things you don’t want to handle, with the ability to own what matters most.
It’s about building in optionality.
So whether you’re passionate about ownership or just want to focus on advising, you can still find a platform that gives you room to evolve, not a one-size-fits-all model that boxes you in.
Be Honest with Yourself
At the end of the day, this is about self-awareness. Not just “What do I want to be?” but “Where do I come alive in my work?” If you can answer that with honesty, it’ll shape the kind of firm, model, and platform that’s right for you—not just today, but 5–10 years from now.
And if you’re not quite sure? That’s okay. The best decisions come from asking the right questions early—and giving yourself the freedom to grow into the answer.
If you’re considering a move, I’m here to help you get answers faster and identify the best firms that are aligned with what you’re looking for. A transition to the independent space is a big decision, and it’s worth exploring it thoroughly.