Yup, starting out you get to be maitre d', chef, bottle washer; not always fun, but as you note, you inevitably gain from the experience.
Most importantly, always appreciate those early clients; if you take really good care of them, at least a few will transform into an amazing salesforce--and who are not on your payroll!
Important insights. Those who aspire to go independent should take heed and plan appropriately for the transition. Planning cash cash flows, selecting the proper custodian that will provide the platform for future growth, making sure your compliance is in place and reporting is scheduled on a timely basis-are important but are only a few of the parts that have to be coordinated properly to give you the stability that will propel your future growth.
Appreciate your perspective as always! Have you found it hard to manage individual accounts will also keeping a coherent portfolio thesis for your Substack/client letters? I'm in this pickle in a non-professional capacity.
Keeping all the SMAs similarly allocated can be challenging, for sure, especially in taxable accounts. New accounts that come in at different cost bases can also add to rebalancing needs. Thesis-wise, everyone is aligned, and there isn't anything I'm saying here that I wouldn't say for KNA, or vice versa.
Yup, starting out you get to be maitre d', chef, bottle washer; not always fun, but as you note, you inevitably gain from the experience.
Most importantly, always appreciate those early clients; if you take really good care of them, at least a few will transform into an amazing salesforce--and who are not on your payroll!
Important insights. Those who aspire to go independent should take heed and plan appropriately for the transition. Planning cash cash flows, selecting the proper custodian that will provide the platform for future growth, making sure your compliance is in place and reporting is scheduled on a timely basis-are important but are only a few of the parts that have to be coordinated properly to give you the stability that will propel your future growth.
Appreciate your perspective as always! Have you found it hard to manage individual accounts will also keeping a coherent portfolio thesis for your Substack/client letters? I'm in this pickle in a non-professional capacity.
Keeping all the SMAs similarly allocated can be challenging, for sure, especially in taxable accounts. New accounts that come in at different cost bases can also add to rebalancing needs. Thesis-wise, everyone is aligned, and there isn't anything I'm saying here that I wouldn't say for KNA, or vice versa.
Very informative, thank you for sharing Todd
Pretty cool.