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PERSPECTIVE
4 questions to ask yourself about going independent
Thinking about becoming an independent advisor? Finding the best-fit model for independence starts with understanding how you want to spend your time, support your clients, and grow your business.
Not that long ago, advisors had just a few options for going independent: They could join an existing RIA or independent broker-dealer—or launch their own firm from scratch.
Today, advisors can choose from a wider range of models—including supported independence platforms and hybrid structures—thanks to the continued evolution of the wealth management landscape. With this expansion comes more opportunity for you to find a model that aligns with the level of control, support, and infrastructure you want for your business.
Based on our 30+ years of supporting advisors and their teams through this journey, we know that choosing your next move is deeply personal. More than a decision about business structure, finding the right fit involves clarifying your values, goals, and the kind of future you want to build for yourself, your clients, and your team.
Find out what independence means to you
Understanding what energizes you and where you want to add the most value will allow you to find options that sync up with your goals. If you’re considering going independent as part of a team, work together to identify any compromises or adjustments needed to get on the same page.
Use the questions below to dive deeper into what matters most to you, and then explore the independent models that could help you shape your business exactly how you envision it.
1. The 2023 Fidelity Advisor Movement Research Study.
Ask the expert (that’s you)
The more you understand your motivations, the easier it will be to evaluate your options. These four questions can get you on your way.
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What are my business goals and vision for my practice?
Think about how you want to run your business, whether that’s actively managing it and growing it for years or positioning it for a future transition or sale.
The shift to independence means you’ll be able to choose how you spend your time. As you think through your ideal long-term strategy, consider where additional autonomy and/or support could help you build a better, more competitive business. Identify any gaps that have prompted you to explore independence, and the foundational needs that you’re looking to meet in a potential move.
- How do I want to structure and operate my business?
Some independent advisors want full autonomy and control over all aspects of their business, which might range from areas like operations and strategy to the financial oversight of expenses and compensation structures, to name a few. Others prefer to focus on areas like client experience and business growth while working with a platform provider to manage the operational details.
All play a role in determining the type of business model that could align well with your priorities. Decide which areas, if any, you could outsource or get support for, so you can focus on spending your time where and how you want.
80% of advisors who've gone independent have seen their AUM grow as a result.1
- How do I want to align my career to my values and personal priorities?
Think about the value you place on workplace culture. This is especially relevant in the wealth management industry, since our research shows that just 18% of advisors qualify as “thrivers” in their roles, while 82% are “survivors”—those who are more likely to experience feelings of burnout and emotional exhaustion and are more likely to leave.2
You can set yourself up to be a “thriver” by making time for activities that recharge you. And if you’ll be leading a team, consider focusing on time management and making health, clarity, and team capacity part of your retention efforts and business growth strategy. Also, weigh what work/life balance means for you. Decide if you’re looking for flexibility in when, how, and where you work. - What financial goals do I want to achieve?
Explore the financial motivations behind your intended move—and the time frames you have in mind for achieving your financial goals. For example, as you think about moving to a different business model, consider whether receiving upfront financial support is more of a priority for you now than any potential proceeds that may come later.
Thinking long term, reflect on how a move could affect your financial success down the road. Beyond the impacts to ongoing cash flow, consider how the changes you make now could enhance your prospects to sell or otherwise monetize your business once you're ready to retire.
No matter the time frame, your preferences and needs in this arena will guide you to the options for independence that can be the right fit for you.
Now that you've clarified some key goals and priorities about going independent, it's time to look at your business model options.
57% of advisors say they'd prefer to start their own practice, vs. 43% who want to join an existing firm.3 But in reality, nearly 4x as many advisors join RIAs or platforms as start new firms.4,5
Understand your options for becoming an independent advisor
The growth of hybrid firms and the rise of platforms have expanded independent options exponentially, and new models continue to emerge as the ecosystem expands. As a result, you have a wide range of options that can suit different goals, preferences, and career stages.
Think about the options below through the only lens that matters—yours. Whether you’re seeking full control or strategic support, there’s a path for you that can help turn your vision for your business into a reality.
Key features of some of the most common independent models
Join an existing RIA as an employee or partner
- Built-in brand and infrastructure: Benefit from an established firm’s reputation, systems, and client experience.
- Shared ownership or employment structure: Salary, equity, or partnership options may be included, but this model typically offers less autonomy than owning your own firm.
Affiliate with an existing RIA
- Greater autonomy without full ownership: Maintain more control over your practice while leveraging the RIA’s infrastructure.
- Compliance and operational support: The RIA firm often provides back-office support, freeing up time for client engagement.
Join a hybrid advisory firm
- Dual registration: Operate in both fee-based and commission-based structures, offering personalized financial advice plus access to a broad range of investment products.
- Flexibility with a dual approach: This model allows you to support diverse client needs and preferences.
Partner with a private equity firm
- Capital for growth or launch: Equity partners can provide funding for expansion, acquisitions, or infrastructure.
- Shared decision-making: Potentially give up some control in exchange for financial backing and strategic support.
Start your own RIA with outsourced support
- Ownership and operational relief: Run your own firm but outsource functions like compliance, tech, and portfolio management.
- Scale and efficiency: You can focus on clients while forgoing back-end responsibilities.
Launch and fully own your RIA
- Maximum control and independence: You make all decisions and own the client relationships, brand, and business.
- Full responsibility: You'll need to build infrastructure, manage compliance, and oversee all operations.
Hear from advisors who’ve gone independent
“We decided to affiliate because we didn’t feel the need to reinvent the wheel and develop our own relationships with the vendor companies, our own tech stack. They had the infrastructure in place to support our decision.”
Hear from advisors who've gone independent
“We ultimately decided to start AIRE thinking from clients out. It became very clear to us that the only way we could serve clients the way we felt they should be served was by starting our own firm.”
Hear from advisors who've gone independent
“You ask yourself, are my clients going to come with me? And what was a positive surprise that led to a bit of a challenge was that our clients said yes so quickly, and were so enthusiastically on board.”
Take the next step—with our help
Going independent is a big decision for any advisor. But whether you’re ready to make a move or just want to understand your options, Fidelity can help.
We take an unbiased, consultative approach in working with you to explore all of your possibilities. And that work doesn’t end once you make a decision. Our team is with you for the long term, helping you take care of the details of your transition and guiding you as you grow and evolve your business.
For more on the benefits of going independent and how Fidelity can help you every step of the way, explore our Independence Hub.
INDEPENDENCE HUB
Making a move to independence
Want the freedom to build your business your way—on your terms, for your clients? With more ways to become an independent advisor today than ever, our unbiased expert guidance can help you make a move that's right for you.
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The experience of these customers may not be representative of the experiences of all customers and is not indicative of future success.
1. The 2023 Fidelity Advisor Movement Research Study.2. The 2025 Fidelity Advisor Insights Study.
3. The Cerulli Report, U.S. RIA Marketplace 2023, Cerulli Associates.
4. The Cerulli Report, U.S. Broker/Dealer Marketplace 2023, Cerulli Associates.
5. Investment Adviser Industry Snapshot 2024, Investment Adviser Association.
The 2023 Fidelity Advisor Movement Research Study was conducted from April 10 through April 26, 2023. It surveyed a total of 1,530 financial advisors, including 196 from wirehouses, 430 from registered investment advisors (RIAs), and 904 advisors employed by banks, insurance firms, and other financial institutions. The study was conducted via an online survey, with the sample provided by Cerulli, a third-party firm not affiliated with Fidelity. All respondents are screened for working with individual and/or small business investors and are licensed and credentialed. The results of the study are weighted to reflect the target populations based on channel and AUM, according to Cerulli data. Reported base sizes are unweighted, unless otherwise indicated.
The 2025 Fidelity Advisor Insights Study was an online blind survey (Fidelity not identified) and was fielded during the period February 18 through February 26, 2025. Participants included 479 advisors who manage or advise upon client assets either individually or as a team, and work primarily with individual investors. Advisor firm types included a mix of banks, independent broker-dealers, insurance companies, regional broker-dealers, RIAs, and national brokerage firms (commonly referred to as wirehouses), with findings weighted to reflect industry composition. The study was conducted by an independent firm not affiliated with Fidelity Investments.
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