Many advisors dream of independence, but is it truly freedom or simply a new set of challenges?
In this episode, Carmine Corino and Daren Blonski reveal what happens behind the scenes when advisors leave large firms. From retention rates to hidden costs, they share candid stories and practical insights.
Their honest conversation exposes the myths and realities of independence, helping advisors make informed choices for themselves and their clients.
Carmine and Daren discuss:
How high retention rates can be achieved when transitioning clients
The hidden costs behind “big checks” offered by firms, and how firms recoup those incentives
The importance of clients “rehiring” their advisor during a transition and how loyalty often rests with the individual, not the firm
How attorneys, CPAs, and clients perceive independence, and why personal relationships outweigh firm affiliations
The idea of going independent might sound appealing, but what’s the real cost behind the curtain?
In this episode, Daren Blonski and Carmine Corino speak with Jennifer Goldman, founder of My Virtual COO, who brings decades of operational wisdom from both sides of the advisory table.
Jennifer shares candid truths about the trade-offs, team focus, and operational challenges that can make or break a financial advisory practice. From shedding clients to embracing AI, this conversation pulls no punches on what it truly takes to run and sustain an independent business.
Jennifer discusses:
Why caring more about clients than your team might be a red flag for going independent
How one advisor offboarded 70% of their clients and ended up growing stronger than ever
The importance of evaluating staffing, financials, and personal capacity before deciding to start your own firm
How AI is slowly integrating into advisory operations, from real-time coaching to proprietary data training
The hidden costs of independence, including the reality that running a business can consume far more than just 30% of your time
Jen brings 30 years of experience transforming over 1,000+ service businesses to thrive. Her mission is to increase the health of businesses so they can provide knowledge and choices to more employees and consumers.
Jen accelerates the rise of leaders to C-Suite roles, cohesive and effective operations among teams, and more frictionless customer experience through self-created methods: IDEOS™, Aspirations, and Business Plan Visualization, Design Thinking, and Productive Collaboration. She utilizes these methods, acceleration tools, network, intuition, and empathy to boost People, Productivity, Profitability, and Growth to businesses seeking improvements.
Jen has taught her methods at national conferences and been published in Inc Magazine, Tech Tools for Today’s High-Margin Practice, Liberated CEO, and trade publications.
Jen’s transformation work started in her teens at a John Deere Servicing Company, M&T Bank’s Quality Control Division, and SUNY Geneseo’s Campus Auxiliary Services. She expanded her skills in business finance through Boston College MBA classes, Boston University CFP Program, and Northeastern University’s Enrolled Agent Program. She topped off her W2 work scaling up US’s largest multi-family office in the 90’s, a 45 person Tax Firm, and 125 Insurance Firm before starting MyVirtualCOO™ in 2007.
Jen’s humanitarian path includes Good Citizen and Humanitarian Awards in pre-college years, Brighton YMCA Development Advisory Committee Member, Five-Year Brighton Soup Pantry Volunteer, North Andover Town Finance Committee Member, MA League of Women Voters Board Member, Community Garden Volunteer, Founder of 2,000+ member group advocating for funding Public School Improvements, and active giver to Feed America and Under the Bridge Homeless.
Jen’s personal path is her two teenagers, a very understanding husband and pup Sparky, reading HBR Stoics Sinek Brown Grant Osloff, watching psychological thriller movies, vegetable gardening, and a light workout to maintain mind and body resilience.
Advisors often believe they can’t afford to leave their firm. But what if the real cost is staying?
In this episode of The Broken Dealer Podcast, Carmine Corino and Daren Blonski sit down with Coach Joe Lukacs, Founder of Magellan Network & MasterMind.
Joe challenges the limiting beliefs and hidden consequences that keep financial advisors stuck. Through deep stories and sharp analysis, he helps advisors face hard truths—and shows what’s truly at stake when you choose comfort over possibility.
Joe discusses:
The story of launching his coaching business with just belief and a blank invoice
How firm loyalty can cost advisors up to eight figures in missed value
The emotional triggers behind an advisor’s decision to finally leave a constrained environment
The psychological tactics firms use—like payout grids and recognition clubs—to shape advisor behavior
Why entrepreneurial advisors must embrace uncertainty and understand their break-even point before making a leap
Since 1994, Joe Lukacs has coached only financial advisors, working with over 2,500 financial advisors and teams.
He believes in sharing what he knows. That’s why he is offering his best strategies, tools, templates, and masterclasses as a coaching collaboration with firms and organizations.
Coach Joe Lukacs created the Magellan Network:
Proven 30-Year Track Record: He has painstakingly developed his coaching strategies and systems over 52,000 individual coaching sessions over 30 years. During that time, he has coached over 2,500 practices, resulting in over $50 billion of new assets and over $500 million of additional revenue.
The Best Financial Advisor Coaching Channel on YouTube: Coach Joe started his YouTube channel in 2009. It has almost 2,000 coaching videos, and thousands of financial advisors watch its content each month.
Named Top FA Coach (Twice): Registered Rep Magazine in 2000 and Wealth Management in 2009.
Author: Wrote the book “Practice Power: 12 Steps To Take Your Business To The Next Level”.
Becoming independent as a financial advisor is a major career shift that comes with significant challenges, but also opportunities for growth and autonomy.
What are the fears holding you back from independence? How can you prepare for the hurdles ahead and create a future on your terms?
In this episode, Carmine Corino and Daren Blonski discuss the most common fears advisors face when leaving big firms, how to overcome them, and the strategies to make the transition smoother and more rewarding. They offer practical advice on legal preparation, client retention, and building resilience during this transformative process.
Carmine and Daren discuss:
The common fears of income loss and client retention during the transition to independence
The importance of having qualified legal support to handle the departure process effectively
Strategies for streamlining client transitions to minimize disruptions and retain relationships
The potential psychological and financial toll of legal conflicts and how to avoid them
Building a strong foundation of preparation, humility, and professional support to thrive as an independent advisor
Going independent doesn’t mean going it alone, and it’s not as complicated as it sounds.
Is the fear of being on an island holding you back? Are you letting misconceptions shape your decisions?
This week, Carmine Corino and Daren Blonski unpack the top three myths advisors face when considering independence. They share practical insight into what support, compliance, and operations look like outside the traditional firm model.
Carmine and Daren discuss:
The misconception that going independent means having no support, and how mid-sized firms can offer a collaborative culture
How advisors can offload administrative and compliance tasks while still maintaining control and efficiency
The real tradeoffs between convenience and autonomy, especially when it comes to back-office services and tech infrastructure
The mindset shift from cost-cutting to investing in growth, including hiring help and segmenting clients
How simplifying, eliminating tasks, and finding the right partners can lead to more revenue and better use of time
What happens when nine advisors decide they’ve had enough of corporate constraints and leave together?
In this episode, Carmine Corino and Daren Blonski speak with Dylan Ripley, CEO and Managing Partner of Cedarwood Financial Partners, about his transition from Edward Jones to independence. Dylan shares the cultural challenges that led to his departure, the legal hurdles his team faced, and how collaboration and conviction drove their unified exit.
Dylan discusses:
His start in the industry and journey through Edward Jones
The critical decision-making process behind the big move
Navigating legal challenges and maintaining integrity
After serving his clients at Edward Jones for almost ten years, Dylan Ripley co-founded Cedarwood Financial Partners in 2022 following a tabletop discussion on how he and his partner could better serve their clients, scratching out their vision on a napkin. From that initial napkin chat, he began diligently working to make this vision a reality through extensive research and sweat equity.
Dylan holds a Bachelor of Business Management from the Carlos Alvarez School of Business at The University of Texas–San Antonio. After joining Edward Jones, he earned the Accredited Asset Management Specialist certification through the College of Financial Planning.
He has a passion for serving others and does so through his service to clients and his community involvement. He is a current member of the Rotary Club of Temple, serving on the board for two years. He’s also a small group leader at his church and active in local Chamber of Commerce events. Most recently, he was asked to serve on the advisory board for the Salvation Army of Bell County.
Dylan and his wife, Cayleigh, have three children. When he’s not serving his clients or community, he can be found experiencing the world with his family, chasing kiddos around a ball field, golfing, or attending any live concert he can.
What drives a financial advisor to step into an independent realm? Is it the passion for client impact, a dissatisfaction with industry constraints, or something else entirely?
Join Carmine Corino and Daren Blonski in this episode of The Broken Dealer as they explore the fundamental question of an advisor’s “why.”
Through candid stories and insights, they delve deep into the motivations that fuel financial advisors to break free from bureaucratic shackles and embrace independence.
Carmine and Daren discuss:
Understanding the difference between the suitability standard and fiduciary duty
The power of defining and knowing your “why”
How independent advisors can serve with no hidden agenda
The influence of culture and organizational impact
What makes a successful financial advisor stand out?
It’s more than just crunching numbers and knowing the market—it’s about embracing three distinct identities: advisor, business owner, and entrepreneur.
This week on The Broken Dealer Podcast, join hosts Carmine Corino and Daren Blonski as they discuss the three roles that define and differentiate top-notch advisors.
Carmine and Daren share insights on balancing these identities and how advisors can harness their unique strengths. They welcome perspectives and compelling stories, revealing the secret sauce to thriving in an independent advisory world.
Having a clear vision is the key to breaking free from restrictive environments and building a thriving, independent financial practice.
Join Carmine Corino and Daren Blonski to discuss their transitions from constrained brokerage firms to independent advisory roles. They share personal experiences, the turning points that led them to leave, and the importance of having a clear vision when making the move.
Key highlights include:
Vision’s role in becoming an independent advisor
Challenges faced in constrained brokerage environments
The impact of transitioning to independence
The benefits of fee transparency and agnostic client advisement
Engaging clients and employees with a shared vision
Financial advisors often feel constrained by bureaucratic systems and conflicting interests within larger firms. But how can they identify when it’s time to make a bold change?
In this episode, Carmine Corino shares his personal and professional insights on transitioning from traditional firm settings to becoming an independent financial advisor. He recounts the challenges, ethical dilemmas, and opportunities involved in creating a business aligned with both client needs and personal values.
Carmine discusses:
The ethical challenges of prioritizing client interests over firm-imposed sales goals
The signs that indicate misalignment between an advisor’s vision and their firm’s restrictions
The importance of understanding how compensation structures impact client trust and transparency
Strategies and tools for evaluating and planning a transition to independence
The long-term benefits of aligning business models with personal and client-centric goals
