Dynasty Financial Partners recently took the pulse of breakaway advisors in its network of independent registered investment advisors to get an idea of how they had adjusted to life on the other side.

And judging from the responses, there is no turning back. All 23 independent advisors who participated in the inaugural 2021 Dynasty Breakaway Survey said transitioning to independence is worth it and they would do it all over again. The advisors have clients throughout the U.S. managing roughly $27 billion in assets.

Ninety-one percent of the advisors indicated that they have seen an increase in their net worth and 96% agreed that they have better relationships with their clients since transitioning to independence, the company said.

“We verified what we had long been hearing through the grapevine. That is, our breakaway advisors value their independence for reasons they have no trouble articulating,” Shirl Penney, CEO of Dynasty Financial Partners, said in a statement.

Penney explained that given Dynasty’s more than 10 years of experience working with advisors to transition their practices, they felt it necessary to begin sharing insights on breakaway advisor sentiment. He noted that the firm plans to track this sentiment over time as an industry resource.

Most advisors (91%) also cited having more freedom to focus on the unique needs of their clients and they all agreed that they have a greater opportunity to build equity value in their business. Further, 91% said their resource partners provide more value than what was available prior to being independent.

The advisors, however, pointed out that the road to independence was not without obstacles. They cited a steep learning curve and the challenges of building a business nearly from scratch.

But the initial drawbacks of independence do not come close to competing with its benefits, said  John Sullivan, Dynasty’s head of network development. “These breakaway RIAs are helmed by entrepreneurs who know that every transition comes with friction, and that engaging transition experts and keeping the big picture—more customized solutions, better client service, greater equity value—in view is imperative for success,” he said.

Penney founded St. Petersburg, Fla.-based Dynasty Financial Partners in 2010. The firm provides wealth management and technology platform services to select independent financial advisory firms.