New Dynasty Financial Partners Survey: 100% of Breakaway Advisors Surveyed Happier to Be Independent, Would Do It All Again
This is a key takeaway from the 2021 Dynasty Breakaway Survey, the first yearly poll of breakaway advisors in its network of independent RIAs.
Owners of independent RIAs would gladly face the challenges of breaking away again to secure the benefits they enjoy today.
This is a key takeaway from the 2021 Dynasty Breakaway Survey, the first yearly poll of breakaway advisors in its network of independent RIAs. The 23 independent advisors who took part in the survey have clients throughout the US managing roughly $27 billion in assets.
“We verified what we had long been hearing through the grapevine,” says Shirl Penney, CEO of Dynasty Financial Partners. “That is, our breakaway advisors value their independence for reasons they have no trouble articulating.” Adds Penney: “Bigger picture, given our over 10 years of experience working with many advisors to transition their practices, we felt it was time to start sharing our insights on breakaway-advisor sentiment. We plan to track this sentiment over time as an industry resource.”
Insights from the inaugural Dynasty Breakaway Survey include:
- 91% of advisors agree they have seen an increase in their net worth
- 96% of advisors agree they have better relationships with their clients since transitioning to independence
- 91% of advisors agree they have more freedom to focus on the unique needs of their clients
- 91% of advisors agree their resource partners provide more value than what was available prior to being independent
- 100% of advisors agree they have a greater opportunity to build equity value in their business
- 100% of advisors found independence worth it and would do it all over again
Still, the advisors surveyed were not shy about discussing the obstacles they had to overcome on the road to independence. Among them: a steep learning curve, and the challenges of building a business nearly from scratch.
John Sullivan, Dynasty’s Head of Network Development, says the initial drawbacks of independence do not come close to competing with its benefits. “These breakaway RIAs are helmed by entrepreneurs who know that every transition comes with friction, and that engaging transition experts and keeping the big picture — more customized solutions, better client service, greater equity value — in view is imperative for success.”
About Dynasty Financial Partners
Dynasty Financial Partners is known for assisting advisors of integrity to better service their clients, run their businesses more profitably, grow faster, and enhance the enterprise value of their firms. Dynasty does this by providing wealth management and technology platforms for select independent financial advisory firms. Dynasty creates access to valuable resources and industry-leading capabilities through an open architecture platform, enabling advisors to address their clients’ needs and to protect and grow their wealth. Dynasty supports independent advisors and their teams in being independent, but not alone, by creating exclusive community events and experiences. Dynasty also offers access to flexible capital solutions to help advisors expand, scale, and grow their business. Dynasty’s core principle is “objectivity without compromise,” and the firm is committed to developing solutions that allow investment advisors to act as true fiduciaries to their clients.
For more information, please visit www.dynastyfinancialpartners.com.
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