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Financial Advisors Want To Go Independent But Don’t Know How

Turn-Key Back Office Services Are The Key


Rather than being able to focus on the needs of their clients, advisors are pressured to ‘fill buckets’ of product sales.

Survey after survey confirms that early to mid-career financial advisors at brokerage firms are increasingly dissatisfied with the sales expectations placed upon them.  

“These advisors come from a generation having a different ethos - an ethos that is more aligned with being a fiduciary as opposed to being a salesperson,” says former investment advisor Todd Ganos, principal at IWC Advisor Services.  He continues: “Rather than being able to focus on the needs of their clients, advisors are pressured to ‘fill buckets’ of product sales.”

Adding to the pressure, individual advisors are often “stack ranked” against other advisors at their firms.  If an advisor is below a certain percentile in sales, the advisor receives “career counseling” from a branch manager and ultimately might face termination.

While many advisors want to go independent, most are either unfamiliar with or overwhelmed by the process.  There are many consultants who will help an advisor with the registration and compliance process. But, there are few who will help an advisor set up the entire business.  

After establishing a firm and registering it as an investment advisor, the primary hurdle is setting up and maintaining portfolio accounting and client account services. Of course, advisors recognize that the highest and best use of their own time is directly assisting their clients and developing new business. So, they understand they need help in not only performing the daily portfolio accounting tasks but client account services as well.

However, in delegating those low-dollar tasks, the advisor has just become an employer…and everything that goes with being an employer…and they often turn to outsourcing.  But, it seems that many outsourcing providers come up short. According to Mr. Ganos: “Most outsourced back offices only perform the accounting work. The missing piece of the puzzle is the warm familiar voice that picks up the phone and processes the daily money transfers, IRA distribution requests, and the like.  And, that’s where we come in.”

After spinning off a 40-year-old investment advisory practice, Mr. Ganos launched IWC Advisor Services, where he and his seasoned team not only helps independent advisors establish their businesses but also provides the essential turnkey back office and client account services advisors need to seamlessly serve their clients. Advisors seeking to go independent can reach Mr. Ganos at (866) 898-1860 or


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