Launching your own advisory business is more than a career move—it’s a declaration of independence.
You control the vision. You make the decisions. You build something that’s truly yours.
But independence comes with responsibility. The process is complex, the workload is intense, and the weight of every decision falls on you. Without the right plan—and the right support—it can feel overwhelming.
So how do you successfully transition from dreaming about independence to building an independent advisory business that thrives?
At RFG Advisory, we’ve guided over 100 Advisors through this process. We know what works, what doesn’t, and what every Advisor should consider before making the leap—let’s dive in!
Why More Advisors Are Choosing the Independent Model
For many Advisors, the decision to break away starts with a simple question:
Do I actually control my business?
Mergers, acquisitions, and leadership changes are constant. Compliance is a moving target. Custodians roll out technology upgrades that often create more problems than they solve. The uncertainty never stops, and it’s frustrating to feel like your future is dictated by decisions made behind closed doors.
But what if you could redirect that energy? Instead of wondering what’s next, you’d be designing what’s next. Instead of being stuck with outdated technology, you’d be building a modern, integrated platform that works for you and your clients.
It’s why so many Advisors are making the move. In fact, one recent study projects that “the independent and hybrid RIA channels will control nearly one-third of intermediary asset market share by 2027.” But before you jump in, it’s critical to understand exactly what it takes to launch and run your own advisory business.
The Challenges of Starting an Advisory Business From Scratch
Starting an advisory business isn’t just about gaining independence—it’s about taking on every responsibility that comes with running a business. Many Advisors dream of breaking away, but few fully grasp the complexity of what it takes to launch, sustain, and scale a business from the ground up.
The process of establishing your own advisory business involves legal registrations, finding a suitable office, and setting up your tech stack. If you’re bringing over existing clients, you’ll need to migrate their data, transition their accounts, and be communicated with extensively throughout the process. If you are starting from scratch with no clients and zero AUM, you’ll need to invest heavily in marketing to start building a client list.
But just because it’s difficult, doesn’t mean it isn’t worth it.
For the right Advisor, the rewards far outweigh the challenges. By anticipating these obstacles and building the right foundation, you can create a firm that isn’t just independent—but one that’s built to thrive.
7 Factors to Consider Before Starting Your Own Advisory Business
1. Your Client Experience Sets the Tone for Your Business
Clients don’t choose a firm. They choose you.
Your relationship with your clients is the foundation of your business. Before making a move, double down on those relationships. Be intentional about demonstrating your value—because when the time comes, they need to see their loyalty as tied to you, not your current firm.
How you transition them sets the tone for your new business. The best Advisors don’t just move clients over. They create an experience that leaves clients thinking: “This is exactly why I trust them.”
2. Culture Isn’t an Afterthought—It’s a Business Decision
Independence doesn’t mean isolation. Who you surround yourself with matters.
Every business has a culture—whether it’s intentional or not. Ask yourself:
- What kind of people do I want to work with every day?
- Do I want to build a firm culture from scratch, or align with an existing one?
- How will my work environment impact my ability to grow?
Success isn’t just about business structure. It’s about creating a culture where you and your team can thrive.
3. Legal and Compliance Requirements: Know the Rules Before You Make a Move
Before you start planning your next chapter, understand the fine print of your current one.
Your employment agreements may contain non-compete clauses, non-solicits, or limitations on client communication. Work with an attorney to review your obligations—because the last thing you want is to make a misstep that could cost you your business before it even launches.
Related: The Comprehensive RIA Compliance Checklist
4. The Right Tech Stack Is Your Growth Engine
Building your own technology infrastructure sounds empowering—until you realize how many fintech solutions exist.
You don’t just need software. You need a fully integrated tech stack that scales with your business. Your CRM, financial planning tools, client portal, and performance reporting must seamlessly work together—or you’ll spend more time fixing problems than growing your business.
When evaluating platforms, ask:
- Will this technology grow with my business?
- Is it flexible enough to serve my clients in the way I want?
- How does this integrate with my investment management process?
The technology you choose isn’t just a cost—it’s an opportunity to gain a competitive advantage.
5. Operations: You Don’t Have to Do It All Yourself
If you’re used to having a team handle paperwork, account transfers, and daily operations, the transition to running your own advisory business can feel overwhelming.
But here’s the good news: you don’t have to do it alone.
At RFG Advisory, we built RFG Assist—an award-winning operational support platform—so Advisors can focus on growth, not admin work. From handling custodial paperwork to troubleshooting tech issues, our team removes friction so you can stay in front of clients.
If you’re launching an independent advisory business, make sure you have a plan for managing day-to-day operations—because the more time you spend on admin, the less time you have to scale your business.
6. Investment Management: Will You Build or Outsource?
Managing portfolios is just one part of running an independent business. If you plan to take it on yourself, do you have the bandwidth to deliver an institutional-level experience while running the business?
Many Advisors choose to outsource investment management so they can focus on growth and client relationships. If that’s the right path for you, selecting the right partner is critical. Your investment platform should:
- Align with your clients’ needs
- Integrate seamlessly with your technology
- Enhance your overall client experience
Whether you take an in-house or outsourced approach, this decision impacts your time, your service model, and your long-term scalability.
7. Independence Looks Different for Everyone—Find the Right Model
Going independent doesn’t mean you have to do it all yourself.
There are multiple ways to structure your independence, from starting your own advisory business to affiliating with an independent broker-dealer. Each option has its own pros and cons—including differences in support systems, back-office resources, compliance, and technology.
Related: Six Things Every Independent Advisor Should Demand from Their Home Office
The right answer isn’t the same for every Advisor. But if you’re looking for true ownership, flexibility, and full control over your business, the independent model delivers it.
Build Your Business With Confidence—And the Right Support
Launching your own advisory business is more than a business decision—it’s the opportunity to create something that’s truly yours. But even the most successful Advisors don’t build alone.
At RFG Advisory, we give Advisors the tools, technology, and support they need to scale faster, grow stronger, and build a business that’s bigger than themselves. Ready to get started?
Let’s Talk: Book a Consultation.