To all of our US-based readers, I hope your Independence Day Holiday was a good one.

I’m in the Northwoods of Wisconsin, getting some relief from the heat of Charleston while my kids hit summer camp.

As we think about independence, my mind goes to many conversations I have with firms that offer varying degrees of independence to their advisors and clients.

I’ll break down my observations on this in this week’s issue.

Here’s this week’s Connected Advisor:

1. Getting Real on Independence

2. Connected Advisor Podcast

3. Next Level: Milemarker Workshops are On the Way

4. An Advisor’s Path from Novice to Sage w/ Tim Maurer

5. Milemarker On the Road ✈️

Let’s light this fuse. 🧨

Getting Real on Independence

Humans have longed for independence way before Francis Scott Key wrote a poem about the defense of Baltimore or a letter was delivered to the King of England declaring freedom for the American colonies.

Independence is sewn into the fabric of our souls. It’s a core human desire to be self-directed.

In our industry, it’s often touted as a primary goal with a binary mentality. You’re either free—established under your own brand—or tethered to an entity that keeps you from making the choices that you want. There’s been plenty of negativity around the confines of investment banks and wirehouses.

But what about the rest of us? Firms, organizations, and technologies offer a whole spectrum of independence. The flexibility of independence is often hard to determine until the late stages of a deal closing. Only when agreements are finally on paper can people finalize which aspects of autonomy are most important to them.

Each firm, advisor, and team member will likely have their own idea about what freedom really means—marketing language, investment selection, compliance workflows—but likely with similar desired outcomes—serving clients as well as possible and creating an efficient and enjoyable working environment.

When I founded Milemarker, I set out to sit at the crossroads of independence, knowing that there is not just one path to take. The various models with various levels of independence, often based on their broker-dealer affiliations or operating models, can meet the varying needs for everyone across the spectrum of freedom.

Given the different stages of careers and desire to build, buy or partner with providers, there will always be transitions toward and away from all of the potential business models. When new circumstances or legislation arrives, it’s easy to shift toward or away from autonomy. There is not a one size fits all model of independence.

Here are some ways we can better understand and communicate about independence:

1. Think in Metaphors:

There’s so much to be gained when you compare a known thing to an unknown idea. Metaphors help us understand nuances without getting bogged down in details. One of my favorite metaphors is to think about where your firm would fit in the college football landscape. Are you part of a conference? Are you more similar to a Notre Dame model? Thinking through affiliation through the NCAA filter might give you both a handle to understand yourself and the broader community.

2. Embrace the Spectrum:

Determine where independence is available in your current model and seek to understand the nuance. For instance, know who owns your clients and data. Understand where the lines of risk are drawn and whether you want them to be different. While not everything is negotiable, when you decide to stay or leave one model for another it’s because you want something different. Knowing exactly what is negotiable and what isn’t will be incredibly helpful in your decision-making process.

3. Be Extra Transparent:

During a decision-making process, it’s best to be precise. You likely already apply that thinking to your client relationships, but it should also apply to your vendor and partner networks. No one wants to get to the other side of a signature and feel tricked. While it’s true that highlighting specific details can feel like, if fully understood, would blow up a deal, it is better not to have an agreement than to be embroiled in distrust for the longevity of that relationship. Building trust is central to great partnerships that should be long-lasting and beneficial beyond monetary gains.

As you go through the rest of this holiday weekend, I hope your thoughts about independence bring encouragement. Running your firm, though often filled with challenges, offers us an array of choices as we create the work and personal lives we want. I hope your independence feels like freedom.

Have a wonderful Independence Day weekend, enjoy your time with friends and loved ones, and have a great second half of the year as you grow your independence and help others do the same.

On the Pod - How Compliance Fuels Sustainable Growth with April Turch

Episode 050: In this episode of The Connected Advisor, Kyle Van Pelt talks with April Turch, Chief Compliance Officer at Wolf Group Capital Advisors, about compliance and growth in wealth management. They discuss why compliance should not hinder growth, how advisors can leverage compliance to build a world-class company, the role of technology in reshaping the industry, and the regulatory challenges that AI and cryptocurrency present.

April has over 20 years of experience specializing in financial planning and wealth management operations. She manages and oversees firm-level projects that impact the firm's success, team performance, and overall client experience. April is also responsible for helping the firm scale its operations through technology, processes, systems, and people. 

In this episode:

• [01:58] - April's money moment.

• [07:19] - What makes a great operator. 

• [08:39] - What it takes to build a great team.

• [10:14] - Attracting the best people.

• [12:38] - Helping clients plan their wealth.

• [14:15] - Creating valuable content.

• [17:21] - Why compliance should not slow growth.

• [19:32] - April's thoughts about the future of the industry.

• [20:41] - Compliance challenges with AI.

• [25:03] - April's Milemarker Minute.

Key Takeaways

• Compliance should be seen as a critical part of the organization's operations, not a barrier to growth.

• An organization with a great culture, vision, and purpose naturally attracts the best people.

• Compliance and innovation are crucial for firms navigating regulatory changes like cryptocurrency and AI.

• Technology, particularly AI, is a driving force in reshaping the wealth management industry.

Quotes

[08:58] - "When your firm has a great culture, a great vision, and a great purpose, you naturally attract the people you want to hire. I think it's a combination of seeking and being found." ~ April Turch

[12:56] - "We really take a lot of time getting to know the client and understanding what makes them tick, their thought processes, their values, their challenges, and what they are trying to achieve. Taking that time allows us to customize the things they need to get on their journey." ~ April Turch

[17:46] - "We want to do what's in the client's best interest, whatever that may be. And so I help people have a compliance mindset when making those decisions on the front end so that it's not so scary on the back end." ~ April Turch

The episode is available now on your favorite podcast platform:

• Apple Podcasts

• Spotify

• YouTube
  
  While there, please don’t forget to Download, Like, and Subscribe.

Taking Your Technology to the Next Level

We’re excited to announce a series of online workshops over the next few weeks, held on Wednesdays at 1 p.m. ET, to help your firm maximize the technologies you already use.

We are working with many of the technology platforms that you use in your firm today to help you clearly understand how to take your work with their software to the next level.

Stay tuned for links to reserve your spot!

‍An Advisor’s Path from Novice to Guide w/ Tim Maurer

My friend Tim Maurer put together this piece on the development of advisors throughout their careers. Even for those of us who have been at this for a while, this article serves as a great nudge toward how we can be most transformative for our clients.

Milemarker on the Road

Catch our team on the road at the following events or cities:

1. July 15-18 - Denver, CO

2. July 24-26 - Atlanta, GA

3. August 5-6 - New York, NY

If you’re in any of those cities and want to arrange a meeting time, reply to this email, and we’ll get something on the calendar.

Jud Mackrill