Chapter 20
Teaming Up to Build Synergies
IN THIS CHAPTER
Considering the pros and cons of going solo
Drawing other professionals into your business circle
Expanding your opportunities with alliances and partnerships
One of the draws of having a career as a financial advisor is that you can operate as an independent contractor. You don’t have to report to a supervisor. You’re the master of your own destiny. Depending on your desired lifestyle and geography, you may be able to make a great living as a sole proprietor.
However, if you’re more ambitious and more of a social creature, you may want to follow the latest buzz about advisor teaming. After decades of being dominated by one-person financial advisory practices, the industry is rapidly evolving into team sport. More and more financial advisors are building teams of specialists and delegating their busywork to scale their businesses and reap the benefits of greater efficiency.
In this chapter, you explore the pros and cons of flying solo and take a look at your options. You also get direction on how to leverage the power of a team to grow your business through synergy — where 1 + 1 = 3.