The continuing trend of financial advisors breaking away from wirehouses to go independent isn’t just driven by the desire for more advanced technology or flexible compliance. It is about fundamentally rethinking the advisor experience and proactively spotlighting how it differs from the wirehouse experience, according to Joe Mooney, Managing Director of Advisor Engagement and Enterprise Development at multi-custodial, hybrid RIA Concurrent Investment Advisors says.
Breakaway advisor platforms could attract more advisors into independence by approaching support much like a tech startup: prioritizing agility, rapid updates and advisor-driven customization, says Mooney.
He notes that the key to building a platform that advisors love is empowering them to share feedback that shapes their ideal platform, ensuring they have the tools and flexibility needed to grow and engage with clients.
We caught up with Mooney to learn more.
Our questions and his responses follow.
WSR: What role do agility and rapid updates in technology play in attracting and retaining advisors, particularly those who are considering making the break to independence?
Mooney: Technology has become the great equalizer in the independent RIA space, leveling the playing field with traditional broker-dealer models. Agility and innovation are critical for attracting and retaining advisors making the leap to independence.
Advisors want platforms that can keep up with evolving client expectations and industry changes, which is why offering cutting-edge tools that improve the advisor and client experience must be a high priority.
Seamless integrations and user-friendly interfaces enable advisors to focus on growing their businesses and delivering exceptional service, with the confidence their tech solutions are built to scale with them.
WSR: With so many breakaway platforms available, how do you envision the future of advisor engagement evolving in the next five to 10 years?
Mooney: Over the next five to 10 years, I see advisor engagement becoming more personalized and tailored, with platforms using data and analytics to anticipate advisor and client needs. Breakaway platforms must move beyond just providing infrastructure. They’ll have to offer practice management support, growth programs and flexible partnership options.
Community will play a bigger role, as advisors look to collaborate, share ideas and learn from peers.
Community will also play a bigger role, as advisors look to collaborate, share ideas and learn from peers. Platforms that foster this connection while providing the right technology and resources will become indispensable partners in helping advisors thrive.
WSR: What are some of the most common misconceptions about independence, and how can platforms better address those concerns for potential advisors?
Mooney: One of the biggest misconceptions about going independent is the fear of having to do it all alone—from compliance to running operations.
The reality is independence doesn’t mean isolation. Platforms should highlight how they provide the infrastructure, transition support, operational expertise, investment management capabilities and business consulting to make independence not just manageable, but empowering.
Advisors need to see how tools like branding support, tech solutions and back-office services free them up to genuinely connect with their clients and build their practices. It is about transforming obstacles into opportunities that support sustainable growth for them.
WSR: How do you see the relationship between technology and compliance evolving for independent advisors? What tools do they need to feel fully supported?
Mooney: For independent advisors, technology and compliance are becoming more interconnected, which is a good thing.
Advanced tools can take the complexity out of compliance by automating workflows, providing real-time monitoring and ensuring data security.
A strong chief compliance officer is essential to pull it all together.
But it’s important not to overlook the human element. A strong chief compliance officer is essential to pull it all together, ensuring that technology solutions align with the unique needs of the firm and constantly shifting regulatory demands. The right mix of technology and human expertise allows advisors to feel fully supported, making compliance less of a burden and more of a seamless part of their operations.
Platforms that integrate user-friendly compliance tracking, automated reporting tools and experienced compliance professionals create an environment where advisors can confidently focus on serving their clients and growing their businesses while staying ahead of regulatory demands.
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jberman@wealthsolutionsreport.com.
