Wirehouses and regional firms have been losing their luster for quite a while now. The thought of nationalized banks and the government trying to dictate how much you can and cannot earn can take a toll on any self-starter or senior advisor. Do you want out? If so, I don't blame you. If you are willing to take the risk, that independent route seems to be much more appealing these days.

I recently caught up with a friend of mine, A. Michael Adams in Seattle, who began that journey a few years back by forming Adams Financial Concept. Being a self-starter, loving small business in general, maintaining an excellent marketing and referral system have been just a few keys to his success.

Mike has been in the securities business for more than 22 years. He came up through the wirehouse and regional firm culture. Always a first quintile producer, Mike didn't like the way he saw the major firms going. As he says: "I managed money on a discretionary basis and they wanted me to follow their guidelines...their modern portfolio theory guidelines. This would have meant worse returns for my clients."

He also says that the firm was gearing its products and philosophies toward younger advisors with two years in the business and noted that being part of a large firm can take away that entrepreneurial spirit and creativity that so often makes your advisory career more fulfilling.

A successful transfer and client perception are essential. After all was said and done, 92% of Mike's accounts moved with him. The clients are thrilled that Mike can offer totally independent advice, he says. And he is no longer part of the much-derided Wall Street.

New clients, as well as long-standing relationships are actually more secure, he says. The business community surrounding him knows that he is empathetic to their concerns and issues of the day. Whether the concern is the rising cost of health care, college education or decreasing portfolio values, Mike successfully put himself in the same boat.

His clients also confide in him that although they always thought he tried to do the right thing by them, he was part of a large company that may not have their best interests at heart. And this sentiment is greater today than ever before.

However, a business just doesn't run itself (and here, I have some first-hand experience). When you go independent as an advisor, you do everything. When asked about what it takes, Mike offers these words of advice: "Being independent means being involved with all aspects of the business. I do everything from buying the teaand soda to signing the checks. It means managing expenses. This last year we began the conversionto apaperless office. I expect the payback to be six to nine months away when we are finally up to speed."

He also says that going independent means making decisions on the fly because sometimes there isn't a lot of time to collect data and ask opinions. You have to make a decision and if it turns out to be wrong, you have to correct it as soon as possible. But, he cautions, that doesn't mean you can be wishy-washy either.

When he was sifting through all his costs last year, deciding what could be cut, the one area he decided to leave alone was marketing.

Was that a good decision? "I will only know in a year or two when I see if I bring in a number of new clients," he says. There have been clients coming in, but the majority of those were already in the pipeline prior to last year, he says.

To be sure, he has expanded the number of qualified prospects in the pipeline during the last six months, he says. And they all have at least as much in investable assets as his top clients.

Being independent also means being a self-starter, he says. There is no manager to cajole you when things look bleak and pat you on the back when you bring in a new account.

Being independent also means being able to bear financial risk. Businesses fail. And you could fail when you go independent. In my opinion the reward is much higher, but so is the risk.

Community involvement has also played a key role in his continued success. If nobody knows your name or who you are, they certainly won't invest their hard-earned money with you!

Mike's passion has been theater for a long time. For six years, he was the chairman of the board of directors of Seattle Theatre Group, including the Paramount theatre. He's currently on the board of directors for the Seattle International Film Festival.