An Overlooked Benefit of Going Independent: Quality of Life | ThinkAdvisor by Jonathan Henschen, CFS


In a recent article in Financial Advisor IQ, two reps that left Morgan Stanley, Brian Luts and David Greenleigh, discussed the benefits of moving from the wirehouse to Wells Fargo’s independent arm (FINET). “Our operating margins are still significantly better than when we worked as employees,” according to Luts, who also commented that he’s now netting about 70%. 

David Greenleigh noted that the higher margins allow his practice to work with fewer clients. “At Morgan Stanley, we would’ve had to more than double the number of people we served to reach our goals.”  

Luts’ and Greenleigh’s remarks point to a benefit of going independent that is rarely touted by the channel: making more with less and freeing up your time for a better quality of life.


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