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.
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
