As advisory firms continue to break away from big businesses, a consulting firm launched yesterday looks to help these companies transition to independence.

As advisory firms continue to break away from big businesses, a consulting firm launched yesterday looks to help these companies transition to independence.

Based in Portland, OR, tru Independence will help develop business strategies with newly-independent advisors without interfering with the ownership of their firms.

Craig Stuvland, Eric Warlick and Jay Penn founded the company with the goal of providing investment advisors with the tools and support to create successful RIAs.

“More and more advisors are looking to go independent. [They] spend years building a business and establishing strong client relationships. Now, they are seeing the benefits of going independent, including the ability to better serve their clients”, Stuvland, CEO and president of tru Independence, said.

The breakaway trend is expected to continue in the US as advisory firms look for the best ways to serve their clients without compromising control of their businesses. A Cerulli Associates study in April estimated that independent advisor channels in the US will represent 38 per cent of the asset market share by 2016.

Tru Independence will also help firms develop their back office functions and strategy, including: business formation and analysis; compliance and broker protocols; office procurement; technology platform; access to premier service providers (including custodians and research); marketing; branding; and launch support.

After helping firms transition into the IRA sphere, tru Independence will assist firms in the growth of their long-term business goals. It will provide consultancy services in areas such as compliance, succession planning, marketing, PR and operational support.

The first team to sign up with tru Indepence is Encompass Wealth Advisors in its native Portland, which holds $650 million in assets under management.