Wealthcasts

The Choreography of a Move to Independence

Schwab Advisor Services’ Tim Oden gives Mindy Diamond an inside view of the growth of the independent space—and what advisors need to do to make their own move successful.

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As more and more advisors consider a move to the independent space, they often express concern about the heavy-lifting such a move might require.

In this episode Mindy is joined by Tim Oden, Senior Managing Director for Business Development at Schwab Advisor Services. With his 30 years of industry experience, he offers a great perspective on the ever-increasing movement towards the independent space. Together they explore what’s really behind the momentum, as well as:

  • Why even ultra-high-net-worth advisors are moving to the independent space.
  • How the registered investment advisor space has changed over the past decade.
  • The evolving role of custodians in the space (it’s no longer only about the safe custody of assets).
  • How the technology available to RIAs contributes to advisors’ efficiency and growth.
  • The benefits of independence to clients.
  • How changes in the industry (transition deals, the breakdown of Broker Protocol, the possibility of a bear market) will impact the decisions of advisors considering independence.

Tim shares some really sage thoughts about independence, but one valuable nugget stood out for those considering the space: Clients value trust above all else. Having that trust is what’s key to both the success of a move and ongoing growth of your business.

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Mindy Diamond is President & CEO of Diamond Consultants in Morristown, N.J., a nationally recognized boutique search and consulting firm in the financial services industry.

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