"It was riskier to stand still": Why advisors are moving to models without sales quotas or corporate product ties
This article was produced in partnership with PEAK Financial Group
In wealth management, independence has long been marketed as a value, but far less often delivered as a reality. While many advisors strive to put their clients first, the systems they operate within can quietly nudge them in other directions. Sales targets and proprietary offerings can sometimes introduce subtle influences on decision-making. While objectivity is widely valued across the industry, the structures in place don’t always make it easy to maintain.
This is the tension Robert Frances set out to resolve. As the founder and CEO of PEAK Financial Group, Frances built the firm on the premise that independence should not be aspirational. It should be embedded both in how advisors think and in how their firms are structured. He believes those two pieces must work together, or not at all.
“Philosophical independence means the advisor genuinely wants to act in the client’s best interest,” he says. “But structural independence means the firm itself doesn’t create incentives or distractions that get in the way of that.”
That may sound obvious, but in practice, it is rare. Frances notes that certain widespread industry practices—like in-house product shelves or incentive-based compensation—can unintentionally influence how advice is shaped. Even if unintentional, these dynamics can erode trust and cloud the clarity of the advisor-client relationship.
To avoid those pitfalls, PEAK’s business model eliminates them altogether. The firm does not manufacture financial products. It does not hold equity ties with banks or insurers. It sets no sales targets linked to specific offerings. As a result, advisors are free to recommend whatever they believe is most appropriate for their clients, without checking it against the firm’s agenda.
The shift toward advisor-led models: Why the momentum is growing
This approach, while principled, also speaks to a larger shift in the industry. As investors become more informed and regulatory pressure mounts, questions about embedded compensation and conflicts of interest are becoming harder to sidestep. Frances sees this as a long overdue correction.
“There’s growing awareness around misalignment,” he says. “We’ve had advisors tell us they didn’t feel conflicted until their clients started asking the hard questions.”
For those advisors, making a move to an independent platform can feel daunting, but also necessary. Frances acknowledges that change takes effort. But those who make the switch, he says, rarely look back.
“They usually tell us that staying put felt more limiting over time, particularly as centralization trends continued and advisor autonomy is slowly narrowing.”
Technology has played an important role in making this shift possible. According to Frances, the broader adoption of digital tools has improved both the client experience and the advisor’s day-to-day workflow—something he sees across not just financial services, but many industries. In every case, it’s made the industry better as advisors are able to do more with less, serving more clients and serving them better.
The impact of innovation is particularly relevant in a compliance-heavy environment. Regulatory frameworks like CIRO’s integrated model are making the industry more robust, but also more demanding. Frances believes the right tools can turn that pressure into an advantage.
“There’s more work now, yes, but if we have the right technology, it reduces that burden,” he says. “That gives us a stronger, more transparent industry overall, without necessarily increasing workload.”
While some assume independent advisors lack access to sophisticated tools, Frances says the opposite can be true, especially when the technology is built specifically for them.
Because PEAK does not distribute products or operate as part of a larger conglomerate, its technology is focused solely on advisor workflows and client needs. The firm has developed its own proprietary platform called MyPEAK Konnect, which centralizes daily operations and was built based on direct advisor feedback.
“Our tech stack isn’t shared with other divisions. We’re not adapting a tool built for fund wholesalers or branch staff,” Frances says. “Everything is built for our advisors. That’s who we’re here to serve.”
A community of advisors with shared values
While PEAK provides infrastructure, tools, and oversight, it also offers something less tangible but equally important: a professional network that shares the same values. Frances notes that independence doesn’t mean working in isolation. Advisors at PEAK collaborate with one another, share best practices, and benefit from a community that sees autonomy not as a risk, but as a strength.
After more than 30 years in the business, Frances remains closely involved with the firm and with industry advocacy more broadly.
“This is an industry where what you do genuinely changes people’s lives,” he says. “When you can help someone plan well, invest wisely, and stay on course, the impact is real. That’s hard to walk away from.”
Frances doesn’t claim to have solved every challenge. But he does believe PEAK has built something enduring: a model where advisors are trusted to do what is right, and where the structure around them helps rather than hinders that goal.
