Starting your own independent financial advisory practice can be one of the most exciting times in your life. The allure of freedom, direct client interactions, and the autonomy to build your brand is very appealing. 

On the flip side comes a unique set of challenges—compliance hurdles, administrative duties, and the ongoing battle between growing your business and managing your existing business. The frequent lament of many financial advisors is wearing too many hats.

How do you handle all this and focus on what you do best: Guiding clients toward their financial goals?

Enter an Office of Supervisory Jurisdiction (OSJ). More than just a regulatory hub, OSJs have transformed into powerhouse networks, providing a lifeline to advisors seeking the support and resources they need to flourish in an independent environment. 

In this article, we’ll look at several strategies you can use to leverage a partnership with an OSJ that can help you grow and nurture your financial advisory practice.  

The Power of the OSJ Network

The power of the Office of Supervisory Jurisdiction (OSJ) network is undeniable in the financial service industry. With an experienced team of financial industry professionals, an OSJ fosters a culture of best practices and innovation and helps independent financial professionals navigate the complex terrain of owning their firms.  Being part of a robust OSJ network can be a formidable advantage as you look to grow your firm. 

Benefits of Partnering with an OSJ

Partnering with an OSJ is more than just a business arrangement; it’s a strategic move to amplify your future income, net worth, business value, and retirement assets. 

The following are a few key benefits that advisors experience when they work alongside an OSJ:

  1. Mentorship and Guidance: There’s no substitute for first-hand experience in the financial world. Through an OSJ, you are able to benefit from the wisdom of advisors who’ve seen market highs and lows, navigated regulatory mazes, and helped clients achieve their financial dreams. Continuous learning is integral, and with regular workshops, seminars, and one-on-one coaching sessions, your growth trajectory is poised to continue to climb.
  1. Operational and Compliance Support: Navigating the complexities of compliance and daily operations can be daunting. With the backing of an OSJ, these often time-consuming aspects of your practice are handled quickly and efficiently. Rather than getting bogged down by paperwork and regulatory red tape, you can focus your time on winning new clients and serving current clients.
  1. Shared Resources and Tools: Why bear the hefty costs of cutting-edge technology and research tools on your own? By pooling resources with an OSJ, you can access state-of-the-art platforms, services, and timely information without draining your finances. Plus, the shared resources mean you get a bigger bang for your buck, benefiting from economies of scale.

Networking Benefits With an OSJ

Partnering with an OSJ can supercharge your networking capabilities, unlocking doors to new opportunities, knowledge, and personal growth.

An OSJ can provide independent financial professionals with unparalleled access to an extensive network of experienced advisors and other industry professionals. This can open doors to valuable introductions, potential collaborations, and strategic alliances, which can assist you in driving future business growth.

Another way you can leverage your OSJ partnership is by collaborating with others on complex client issues, drawing on the varied expertise of fellow professionals. This collaborative spirit can lead to reciprocal referral opportunities, allowing you to give and receive client leads, which can broaden your client base. 

OSJs often organize or have exclusive access to industry seminars, workshops, and conferences. These events facilitate continuous learning and allow you to mingle with peers, discuss trends and challenges, and discover new business opportunities.

The collective wisdom within an OSJ can be a game-changer. Advisors can tap into the vast reservoir of knowledge, learning from others’ experiences, pitfalls, successes, and best practices. This sharing culture can significantly shorten the learning curve for newer advisors and refine current strategies for more experienced professionals.

Associating with a reputable OSJ can enhance your and your firm’s credibility. Being part of a larger, respected network can provide clients with an added layer of trust and confidence in the advisor’s capabilities and succession.

What to look for when choosing an OSJ Partner

There are several pivotal considerations when contemplating a partnership with an Office of Supervisory Jurisdiction (OSJ).  Considering these factors will put you in a solid position to select the right OSJ that will facilitate the growth of your business.

  1. Cultural Fit: Before embarking on any business relationship, you must ensure that you are aligned with the core values, vision, and work ethic of your potential partner. A mismatch in culture can undermine collaboration, causing friction in day-to-day operations. Being on the same page ensures a harmonious and productive partnership, fostering an environment where both parties can thrive.
  1. Flexibility and Autonomy: As a financial professional, your unique approach to providing advice and services is your differentiating characteristic. Your partnership with an OSJ should allow you to maintain your distinctive style and practices. While collaborations may necessitate some compromises, the critical elements of your approach should remain intact. Always seek an OSJ that respects and supports your autonomy, giving you the latitude to serve your clients in a way that best suits them.
  1. Cost-Benefit Analysis: The bottom line matters. Ensure you thoroughly grasp the financial implications of a partnership with an OSJ. Break down the costs and weigh them against the benefits. Does the partnership offer value that more than offsets the associated expenses? Are the shared resources, tools, and support provided by the OSJ adding sufficient value to your practice? A partnership should be mutually beneficial, so always ensure the underlying economics make sense for your business.

Why Consider Partnering with Evolution Financial Advisors as Your OSJ?

At Evolution Financial Advisors, we’re staunch advocates of the power of mutual collaboration. When our financial professionals come together with you and your team, the synergy often produces superior outcomes. 

Year-round, we curate a mix of both professional and social events for the advisors we support.  These gatherings aim to build strong connections while providing a sense of inclusivity, which is important for advisors who work in independent environments. 

Here are a few of our recent networking events:  

  • The Evolution Financial Advisors Advisor Forum
  • EFA Insightful Luncheons
  • EFA Virtual CE Day
  • Family BBQs and Baseball 
  • Holiday Gatherings

As an independent financial professional, you do not have to work in a vacuum.  One of our most important services is acting as an exchange for new ideas that benefit you and your clients. Connect with our team today to discuss how Evolution Financial Advisors can help you expand your business.

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.