Omega Force National Financial Literacy Movement
Find Your Career in Independent Financial Services
A broad variety of roles are available across the country within independent financial services providing affordable, unbiased financial advice, products and services. No matter your background, whether you’re a recent grad or looking to make a career change, you can realize your vocational dreams and help hard-working Main Street Americans within your community achieve their financial goals.
Providing financial advice to families is rewarding.
Increasingly, Main Street Americans turn to financial advisors to help them achieve their goals and navigate life transitions—whether it’s welcoming a new family member, a job change, the loss of a loved one or countless other significant life events. One of their first choices is whether to work with an advisor associated with a large firm or one who is independent.
Frequently they choose independent financial advisors, because they can offer more tailored advice and don’t have to answer to the needs of a bigger company.
Read on to understand some of the key reasons why—and how those reasons can benefit you and your career.
Choosing Indepedence
Compensation
Independent
This is an entrepreneurial path, where the goal is building a business of your own over time. The firm does not employ advisors; instead advisors “affiliate” with the firm, relying on it as a partner in building their business. The firm provides services like compliance, marketing and technology, and often a “shelf” of products as well. In exchange, the firm receives a portion of the revenue generated.
Typically, independent advisors realize a higher payout from their work and have equity in the businesses they create.
Products & Portfolios
Independent
This path, best suited to entrepreneurial individuals, allows the advisor to offer diverse products.
Sometimes referred to as “non-captive” or “non-proprietary,” in this model the firm creates selling agreements with external product providers. Advisors affiliated with the firm select from those products.
This can provide greater flexibility, higher earning potential and more control over client relationships.
W-2
In this business model, the advisor is a W-2 employee of the firm, receiving compensation and benefits from the employer in most (not all) cases. While they usually don’t have ownership or equity in the business, they also don’t have the expenses an independent advisor would have.
The W-2 path isn’t “lesser,” just different. It’s a good option for those interested in financial services who aren’t suited for entrepreneurship.
“Proprietary” or “Captive”
The advisor works exclusively for one firm, offering primarily its products and services. Benefits include brand recognition, company support and client referrals, but with limited product flexibility. Ideal for those who prefer structure and stability.
The firm creates financial products, such as insurance or annuities. The advisors affiliated with the firm serve as the distribution network for those products, selling them to their clients.