Independence sounds powerful.

Autonomy. Freedom. Control.

For decades, the financial services industry has marketed independence as the ultimate destination for advisors. Break away. Own your brand. Control your destiny.

But the myth of independence in financial advice deserves closer examination.

In Episode 103 of Next Mile, Brad Shepherd, President and CEO of Founders Financial, reframes the narrative. Advisors, he argues, are not truly independent. They are interdependent. And that interdependence is not a liability. It is leverage.

The Industry Narrative: Independence as Identity

The rise of the independent RIA movement reshaped wealth management. Advisors left wirehouses and broker-dealers seeking autonomy over client relationships, investment philosophy, and compensation structures.

Independence became synonymous with credibility. It signaled objectivity. It suggested freedom from corporate pressure.

But operationally, no advisory firm functions in isolation.

Even independent RIAs rely on custodians, compliance consultants, CRM platforms, portfolio management systems, and capital partners. These relationships are not optional. They are foundational.

The language of independence may inspire confidence, but the structure of financial advice is built on collaboration.

Reality: Financial Advice Runs on Partnership

Most advisors depend on a network of strategic relationships that enable scale and consistency. Custodians safeguard assets. Compliance platforms ensure regulatory alignment. Technology vendors streamline reporting and client communication. Operational partners manage back-office complexity. Capital providers fuel expansion.

This ecosystem is not a contradiction to independence. It is infrastructure.

The real strategic question is not whether an advisor is independent. It is whether their partnerships are aligned with their values and long-term vision.

Firms such as Commonwealth Financial Network and LPL Financial demonstrate that scale and partnership can coexist. Advisors operating within strong ecosystems often gain operational depth without sacrificing client intimacy.

Interdependence as a Competitive Advantage

When values align between advisors and their partner firms, interdependence becomes a growth engine.

Aligned partnerships provide operational leverage. They reduce friction. They allow advisors to focus on high-value client work rather than administrative burden.

Interdependence also enhances resilience. During regulatory shifts, market volatility, or rapid growth, firms with strong strategic partners adapt faster than those attempting to manage everything internally.

The myth of independence in financial advice obscures this reality. True strength lies in intentional alignment.

Rethinking Independence in Modern Wealth Management

The future of advisory growth belongs to firms that understand the difference between branding and structure. Independence may describe ownership, but interdependence defines sustainability.

Advisors who embrace strategic partnerships while maintaining mission clarity position themselves for long-term success.

Growth is rarely achieved alone. It is achieved through disciplined collaboration.

Inspired by Brad Shepherd, President and CEO at Founders Financial, on the Next Mile podcast. Listen to the full episode and explore related articles in this series.