Those tasks cover everything from trading transactions to regulatory compliance, customer relationship software, office software and management of your practice’s web site.
You’ve got three choices: become a broker-dealer in addition to being an advisor, or partner with an outside broker-dealer, or take a job at a broker-dealer where you can run your advisory practice.
Which route should you take? On the one hand, partnering or taking a job with an established broker-dealer gives you access to financial management products, front- and back-office technology and other forms of client support. On the other hand, the whole point to establishing your own practice is to enjoy as much freedom and independence as possible.