How Independence Became Real for Four Financial Advisors — Barrons.com

By Shirl Penney

Independence is never just about business — it's deeply personal. For advisors who make the leap to independence, it represents the chance to finally align their daily work with their values: To serve clients without the constraints of corporate quotas, product mandates, or bureaucratic red tape, and to build a firm whose culture reflects who they truly are.

As America commemorates its 250th anniversary this year, the entrepreneurial spirit — the willingness to bet on yourself, to take responsibility for your own future, and to build something lasting — is alive and well in wealth management.

I recently checked in with four advisors who took that leap and asked them to reflect on what independence meant to them. I asked them about the doubts that caught them off guard, the team members and clients who believed in them before they believed in themselves, and the quiet moments — a furnished office, a late night alone after everyone else had gone home — when the idea of independence finally became real.

Below are excerpts from these discussions. Their stories are different, but they share a common thread: Independence isn't just about ownership of a business. It's about the freedom to fully serve clients on your own terms.

Phil Fiore, Jr., founding partner, Procyon. We went independent in 2017 because we believed there was a better way to serve our clients. There were five co-founders.

The moment it became real for me was a few days before launch when I took my family into our new office in Shelton, Conn. The office was fully furnished, the signs were up, and everything was ready to go. Standing there with my family, knowing what we were about to embark on, was both a proud and anxious moment. It was the first time I truly stopped and realized that this was no longer just an idea. It was real.

One moment that stands out was attending a trustee meeting for one of our large institutional clients shortly after launch. Before the meeting even began, the CFO stopped us and asked, "How's the company doing? Tell us how things are going." That meant a great deal to us because it showed that our clients were invested in our success, just as we were invested in theirs. Nearly a decade later, that remains a constant theme, and it is something I never take for granted. It fills my heart every time.

Jason Stephens, founder at Evertern Wealth. We went independent to deliver truly unbiased, client-centric wealth management without the corporate pressures, product quotas, and bureaucratic constraints I experienced at large Wall Street firms.

The moment it became real was the first time I sat across from a client and crafted a recommendation free from any firm-mandated products or approvals. Knowing a client who had trusted me for decades chose to continue the journey based on our relationship rather than a brand reinforced that the move was the right one and strengthened my commitment to earning that trust every day.

The initial uncertainty around operational details and the weight of responsibility for my team caught me off guard at times. However, those doubts were quickly outweighed by the excitement of building something authentic. My team's support and shared entrepreneurial spirit turned what could have been a stressful process into a collaborative adventure, reinforcing the sense of building a firm culture rooted in shared values.

Stephen Davis, senior private wealth advisor at Fairvoy Private Wealth. I spent 25 years (to the exact day) with my former and only firm and it was a place that I ultimately thought I would retire. However, I have always wanted the opportunity to manage my own firm, but it took a lot of change at my former firm to finally get me to consider a move. Even after deciding, it took another two years before we left. The option to join another wirehouse was a nonstarter, so that essentially left us with some form of independence.

There are a few moments that stand out. Following our initial SEC audit, I certainly felt independent because there was no longer any question that this was our firm and our responsibility. But the moment that really sticks with me happened about 15 months in. I remember leaving the office after everyone had gone home and thinking, "This firm is ours." That was probably the first moment it truly felt real.

Early in the transition you have a lot of stress from new things you are having to learn and do all at once, in addition to, for that moment, not having any income. In fact, the stress of moving is the number one reason I personally took so long to leave my former firm. After that first or second week, as assets are starting to move, though still very stressful, you start to feel a little better each day. Once you do it, you ask "Why didn't I do this sooner?"

Helen Andreoli, managing partner at Great Diamond Partners. Our team chose the independent path because we knew there was a better way for us to truly serve our clients. The first time a longtime client chose to follow us to the new firm felt, in one word, amazing.

My first call was to one of my very favorite clients and I was nervous she wouldn't come with us. I invited her into the office to see what we were building so she could feel more confident in her decision. She agreed to come in but said that she would have followed us even if we started our business in my garage. Hearing that from a client gave me so much confidence and an understanding that our clients are with us because of the relationships we've built.

The team was both excited and nervous. If they are going to take the risk for us and this company, we needed to do everything to make sure it was in their best interest. We developed a very thoughtful compensation and benefits program to make sure they were and continue to be well cared for. The move to independence has meant the world to me. It's incredibly satisfying just to see the name on the door and know that our team did this. We created a unique and amazing company that lives its values. I love every minute I'm in this office with this team.

Shirl Penney is the founder of Dynasty Financial Partners , a platform for independent wealth management firms. Prior to Dynasty, he worked at Citi Smith Barney in various leadership roles including director of private wealth management and head of executive financial services.

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