While the independent wealth management industry continues to evolve, its allure remains unchanged: flexibility, freedom and possibilities. It’s an ecosystem where ambitious, entrepreneurial financial advisors have free rein to create success on their own terms, work with clients they choose and align themselves with partners that will support them in building the businesses they have today and the ones they envision for the future.
Consolidation trends, demographics and a proliferation of diverse business models are driving change within the RIA industry. Firms of all sizes are demanding specialized – and often nuanced – support that aligns with their needs at every stage of the entity’s lifecycle. Regardless of their size or business structure, affiliates all rely on their partners to fulfill the promises made during onboarding. It’s a fine balance that many broker-dealers and hybrid/dual registrant firms struggle to deliver or maintain consistently.
With so much at stake, when advisors believe they are not being served well, they make a move. Earlier this summer, hybrid RIA AmeriFlex – and its 129 advisors – joined Cambridge Investment Research, citing the need for a partner with “the resources we need to support the growth and other business objectives of our financial advisors.”
We spoke to Tammy Robbins, Cambridge’s Chief Business Development Officer, to learn more about the expectations today’s entrepreneurial, independent advisors have of their home office and the role a consistent culture and customized support play in a rapidly evolving industry.
WSR: How can firms adapt their offering to address the industry’s changing face?
Robbins: Our industry moves fast, and home offices must stay ahead of the curve. Today’s 10-advisor practice could be tomorrow’s 100-plus enterprise – and that kind of evolution requires more than lip service during due diligence. It means showing up with the technology, guidance and resources that help the advisor scale without sacrificing independence.
Independence isn’t one-size-fits-all. Whether an advisor is solo, part of a multi-advisor team, running an OSJ or leading a large enterprise, a home office must allow them the freedom to grow on their terms.
WSR: Why is supporting a wide range of models so important?
Robbins: Because advisors’ goals change, their partner’s ability to support them should as well. Right now, we’re seeing more interest than ever in multi-advisor teams and enterprise models. In fact, nearly 80% of our new recruits join existing branches instead of reporting directly to the home office.
Some firms operate like independent wirehouses, and advisors quickly discover that it’s not the freedom they signed up for. In our experience, a different approach works: Independence is about the freedom to evolve, to grow, and yes – even to change your mind.
Independence is about the freedom to evolve, to grow, and yes – even to change your mind.
We’ve always tried to keep our eyes ahead of the trends. When we saw OSJ and enterprise demand growing, we built the industry’s only fully independent framework for these leaders – giving them the space to innovate, grow and run their business their way.
WSR: How does support for large enterprises differ from smaller teams or solo practices?
Robbins: Large enterprises are like businesses within a business. With hundreds of advisors, multiple leadership layers and complex structures, they need robust systems, smart technology and experienced partners to keep things running smoothly. Smaller teams have a different rhythm – more collaborative and partnership-driven. And solo advisors? They thrive with community, productivity tools and consultative support that helps them stay connected and efficient.
WSR: Where does culture come in?
Robbins: Culture isn’t just a “nice to have” – it’s the foundation. Conversations should happen on multiple levels: advisor to advisor, enterprise leader to enterprise leader and business owner to business owner. We encourage that by bringing our enterprise leaders together to share wins, challenges and big ideas. Those relationships build trust, spark innovation and keep our community strong.
Culture isn’t just a “nice to have” – it’s the foundation.
Other successful culture-building actions from our experience include sharing what we’ve learned from protecting our ownership structure – from stock programs to profit-sharing – and listening closely when our advisors bring forward ideas that could benefit others.
James Miller, Contributing Editor and Research Analyst at Wealth Solutions Report, can be reached at ContributingEd@wealthsolutionsreport.com.
