Breaking Up with Your Broker Dealer: A New Path

Episode Summary:

In this episode of The Confident Advisor Practice Podcast, host Adam Figura sits down with Alanah Phillips, a dynamic advocate for Next Generation Advisors and author of the forthcoming book Breaking Up with Your Broker Dealer: A Clear Path to Independence for Financial Advisors. Alanah shares her career journey, the inspiration for writing the book, and offers powerful insights into the advisor experience—especially those navigating firm transitions. From recognizing red flags to understanding firm culture and defining independence, this conversation delivers valuable takeaways for advisors at all stages of their journey.

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Key Takeaways:

• Alanah Phillips champions the cause of Next Gen Advisors.

• Breaking Up with Your Broker Dealer focuses on advisor independence and identifying firm red flags.

• Culture, compensation structure, and practice fit are critical for long-term advisor success.

• Advisors should evaluate firm alignment with personal values and client needs.

• The due diligence process can be exhausting but necessary.

• Advisors should assess risk tolerance, capacity, and long-term goals before making a move.

• Not all firms are a one-size-fits-all solution—alignment matters.

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Chapters:

• 00:00 – Introduction to Alanah Phillips and Her Mission
• Adam welcomes Alanah and shares her background in financial services, advocacy work, and upcoming book release.
• 01:24 – Inspiration Behind the Book
• Alanah reflects on her journey from being hired into the industry by Adam to working with advisors seeking independence. She shares a powerful story that sparked the book’s theme.
• 04:12 – Recruiting Insights and Advisor Perspectives
• The difference between Alanah’s recruiting mindset and typical industry recruiters, shaped by years of working closely with advisors.
• 06:54 – Signs It's Time to Break Up with a Firm
• Alanah outlines common "breakup signs" like control, lack of recognition, dishonesty, and misalignment with advisor values.
• 08:58 – Current Landscape for Financial Advisors
• She explains the nuanced spectrum of firm models—from captive to fully independent—and how advisors can navigate the complexities.
• 11:40 – Prioritizing the Right Firm for Advisors
• Using a formula of risk tolerance, risk capacity, and goals, Alanah walks advisors through evaluating what firm model fits them best.
• 16:25 – Key Lessons from the Book
• Alanah emphasizes the importance of self-awareness, humility, and resisting shortcuts in due diligence to ensure long-term success.
• 19:14 – Understanding Firm Culture
• Discussion on how to spot true culture fit (beyond the “no jerk policy”) using subtle cues, team stories, and environment vibes.
• 22:05 – Where to Find Alanah Phillips and Her Work
• Alanah shares where listeners can follow her, learn about Catalyst and Advisor Launch Lab, and how to get a copy of her upcoming book.

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Sound Bites:

• “It’s time to break up!”

• “The industry is very nuanced.”

• “Is it a culture fit or vibes?”

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Connect with Alanah:

• LinkedIn: Alanah Phillips

• Website: startwithcatalyst.com

• Book: Breaking Up with Your Broker Dealer – launching September 2025 on Amazon

Alanah Phillips is not affiliated with or registered with Cetera Advisors LLC. Any information provided by Alanah Phillips is in no way related to Cetera Advisors or its registered representatives.

Connect with Adam:

• Email: afigura@horizonfg.com

• Website: horizonadvisornetwork.com

Host: Adam Figura, Registered Administrative Assistant with Cetera Advisors LLC, member FINRA/SIPC. Cetera is under separate ownership from any other named entity. Located at 15015 Jamestown Blvd, Suite 100, Baton Rouge, LA 70810

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