After More than 40 years in the financial services industry—primarily within the independent channel—and now as the founder and CEO of Independent Financial Partners, I have witnessed our profession evolve from multiple vantage points: as an advisor, as a firm leader, and as a participant in an industry increasingly shaped by consolidation and outside capital.
Some of that evolution has strengthened our profession. It has expanded access, improved technology, and elevated client outcomes. But other developments have moved us further from the principles that once made this business so compelling for advisors—and so trustworthy for the clients we serve.
What distinguishes the current era is not merely change, but velocity.
Consolidation is accelerating. Private equity and institutional capital continue to flow into the space. Valuation multiples climb higher with each successive transaction. Firms grow larger through acquisition strategies designed to manufacture scale and justify rising enterprise values.
At the same time, amid record earnings, expanding sweep revenues, and historically strong profitability, many firms have reduced advisor payouts, introduced new administrative and portfolio fees, and aggressively monetized everything from technology platforms to securities markups. Advisors—the very professionals who create the enterprise value being transacted—are often asked to accept less in the name of “efficiency” or “strategic necessity.”
Equally concerning is the erosion of transparency. Compensation changes, pricing adjustments, and policy shifts are frequently communicated with limited context. What appears beneficial on the surface can be offset by less visible changes that disproportionately favor the firm. Advisors are left to question whether decisions are driven by long-term partnership or short-term margin optimization.
Mergers and acquisitions have intensified this dynamic. Advisors commonly learn of major transactions after the fact, with little opportunity for input. Transition packages are structured primarily to retain assets, not necessarily to recognize or reward the professionals who built the value being sold. Decision windows are compressed, limiting meaningful evaluation of alternatives at precisely the moment when choice matters most.
My perspective on this is not theoretical. Early in my career, I experienced being part of a firm that was bought and sold three separate times. In each instance, my economic position deteriorated. Those experiences shaped my conviction that independence should mean more than branding—it should mean economic alignment, transparency, and shared success.
After four decades in this industry, I believe there is a better way.
Advisors should have the freedom to choose the platform that best serves their clients and their practices—without punitive barriers to mobility. Clients, not corporations, should ultimately determine where their assets reside and whom they work with. Advisor economics should be aligned with firm economics so that growth is shared, not extracted.
The hierarchy of priorities should be clear: client first, advisor second, firm third—while ensuring that all three benefit.
Firms should support the diversity of advisor practices through multi-custodial access, flexible technology, and a broad range of services. Transparency should be foundational. When advisors understand how revenues are generated and how decisions are made, trust deepens and partnerships strengthen. Without transparency, there can be no true partnership.
Advisors should also participate meaningfully in the success of the firms they help build—particularly in the event of a liquidity transaction. This is not simply equitable; it is rational. Advisors create the enterprise value. At the same time, advisors have a responsibility to contribute to growth, culture, and long-term stewardship. Shared success requires shared commitment.
These principles are not aspirational statements; they are the foundation on which we built Independent Financial Partners. From the beginning, our objective has been to create a flexible, transparent, and economically aligned partnership model—one that prioritizes advisors rather than extracting from them. We operate with disciplined margins to maximize advisor opportunity, maintain a concierge-level service mindset, and commit to full transparency in how we operate.
Most importantly, we believe outcomes should be shared. Through Project 3.14, we have committed to allocating 40% of the proceeds from any future transaction to the advisors who helped create that value. Our philosophy is straightforward: we are in this together.
The result is not merely financial participation, but long-term legacy—enduring value for advisors, their families, and the clients they serve.
The independent channel remains one of the most powerful models in financial services. But its long-term health depends on alignment, transparency, and a genuine partnership between firms and advisors.
It does not have to be otherwise.
This, in my view, is the way things ought to be.
