Starting your own firm is exciting for many financial professionals, including insurance agents and breakaway advisors. While this transition can be challenging, there are also immense opportunities to not only increase your income and grow your net worth, but to also embrace the freedom to create a business that focuses on fostering deeper relationships with your clients.  You also have the independence to manage your firm based on your values, vs. what “corporate” dictates. 

This career-changing decision can be smooth when you partner with an OSJ (Office of Supervisory Jurisdiction). By leveraging the strengths of an OSJ, breakaway financial advisors can strike the perfect balance. The OSJ provides the services you need to manage your business while you focus on activities that produce new clients and serve current clients. 

In our ever-changing economy, the support of an OSJ can be the difference between breaking even and building a thriving business.

Let’s dive deeper into how OSJs can equip new or breakaway financial professionals with the tools for seamless transitions and long-term success.

Why More Independent Financial Professionals Are Partnering With OSJs

OSJs: The Swiss Army Knife for Breakaway Advisors

Suppose you’re considering transitioning your practice from a wirehouse or broker/dealer; instead of having to exclusively sell proprietary products, giving your clients choices not only demonstrates your transparency, it also allows you to create more robust investment solutions for your clients.  You will also have the potential for greater control of your destiny and a business to fund a comfortable retirement.

However, the transition can often be daunting – it takes vision and a well-thought-out game plan.  A good place to start is the creation of a back-office infrastructure that ensures operational compliance, includes a sophisticated marketing strategy, and uses advanced technologies to serve your prospects and clients.  

Enter our OSJ. We can provide the essential operational, compliance, and technological backbone to help you build a sustainable and successful practice. Meanwhile, you focus on what you do best—acquiring new clients and managing current relationships.

An OSJ ensures that administrative tasks, from client onboarding to regular reporting, are executed seamlessly. This is especially important for advisors who are moving into the independent sector and establishing their own new firms. You and your current clients benefit from this type of transition.  

Evolution FA Insight: There may be better solutions than going it alone. It takes a team to build a successful business in the financial service industry.

What About Compliance? 

Another key component for building a successful business is compliance. Keeping up with industry regulations can be daunting for any financial professional, let alone those breaking away to open their own branches.   

The right OSJ can be your partner for all compliance-related services that meet all current industry regulations. The best OSJs also provide extensive education on compliance-related issues, ensuring you are always up-to-date on new regulations that impact your business and activities.  

Evolution FA Insight: An OSJ’s deep expertise and up-to-date knowledge means you can remain compliant and stay focused on building your business. 

What About State-of-the-Art Technology?

Technology has greatly impacted the financial services industry over the past few years, and it continues to be more important with the advent of AI-generated platform solutions.  As you build your firm, selecting the right tech stacks and negotiating the right deals can majorly impact your future success. 

When you partner with an OSJ, you can access best-in-class tools, platforms, and software to launch your firm without experiencing expensive minimums and other startup costs. 

OSJs also understand that time is one of your most valuable assets, so they provide training and guidance to reduce the time it takes to transition to new platform technologies. The ideal OSJ partner will help you transition to new technologies so you can stay focused on the growth of your business. 

Evolution FA Insight: The integrated technologies an OSJ provides can help you work smart by doing a lot of the work for you. 

What About Belonging to a Network?

Every financial professional knows networking can be the lifeblood of their business. This is where the benefits of partnering with an OSJ shine. By aligning yourself with an OSJ, you are simultaneously plugged into a large network of experienced advisors, industry experts, and back-office specialists.

This can include advisor networking events, webinars, and workshops curated by the OSJ.  These allow you to learn from the best, share insights, and forge meaningful relationships with other financial advisors. 

As you navigate the complexities of transitioning to your firm, this network becomes increasingly valuable, providing guidance, support, and even the potential for client referrals.

How to Get Started With Evolution Financial Advisors?

If you are breaking away from a wirehouse or another broker/dealer, the key is to work with an OSJ to ensure a smooth process that transitions as many clients as possible. Going forward, you want an OSJ that is an active participant in the growth and success of your business.   

At Evolution Financial Advisors, our five-step transition service ensures your clients experience a seamless transition. This is your first impression when you own a new business.  

Step 1: Before affiliation: 60-90 days before the start of the transition process, we will provide you with a plan outlining the steps that produce high retention rates during the transition process. 

Step 2: Transition Planning: We finalize the transition plan 30-60 days after we agree to partner to ensure that all I’s are dotted, and T’s are crossed so you are ready to start the process.

Step 3: Affiliation Day: We are fully prepared to support you the day you break away and begin the transition process for any current clients coming with you.

Step 4: Transition Time: Up to 90 days after the initial affiliation, we will provide you and your team with the necessary tools, compliance support, technology, networking opportunities, and coaching to hit the ground running.  

Step 5: Transition Complete: After the initial 90 days, we settle into providing you and your team with operational support, compliance reviews, coaching, business continuity planning, and networking.  

Ready to learn more about Evolution’s breakaway advisor services?  Connect with us today.

Large Enterprise/OSJ
Chris Virgil

More about the author: Chris Virgil

Chris is the assistant vice president at Evolution Financial Advisors. He works to help advisors grow their businesses and gain a sense of freedom. Chris is a business and behavioral coach working with existing EFA financial professionals to create a more fulfilling practice, streamline operations, and enhance client experience.