Advisor FAQS

Yes! One of the driving philosophies at Breakaway is the ability to “work for yourself, not by yourself.” As a Breakaway Advisor you will have access to the best of class back office services but it is your business. With our help, coaching and guidance, you will decide the types of clients you represent, how many clients you want to work with, and, to a large extent, how much you want to charge for the work you do. We will work hand-in-hand with you to help determine your own “go to market strategy” and personal brand. We give you the tools you need to make it happen. You will be part of a community who are as engaged and excited about your success as they are about their own.  

At its core, being a Breakaway Advisor allows you to focus on serving your clients, not on managing your back office operations. Our suite of services are designed with one goal in mind: to keep you in front of your clients by removing barriers. Like the successful clients you serve, Breakaway Advisors understand that growth, scale, and quality of life come when we are engaged and adding value to our clients.

This support to grow comes from Breakaway but, equally important, it comes from your fellow community of Breakaway Advisors. Our advisors measure their success by the accomplishments of the team as well as their own practice. We are more than just a shared services organization. We are a true community working together for the greater good. It is a community you can turn to for support to ease the pressure of being on your own, while also harnessing unbiased counsel from diverse people you trust to have your best interests as their best interests – and vice versa. 

Our clients (at least the kinds of clients we want to represent) want more than a transactional relationship. They want actionable advice, intelligence related to market and economics trends, and meaningful financial analysis that allows them to focus on their businesses, not their finances. We enable our Breakaway Advisors to be the kind of advisor their clients are looking for by: 

1) Providing a best of class offshore team of trained bookkeepers, CFOs, and financial analysts who can perform core accounting services such as transaction accounting, accounts receivable, accounts payable, budgeting, strategic planning, and more (see our Bookkeeping Services for a comprehensive list), effectively and economically;

2) Providing a true community of fellow Breakaway Advisors who contribute diverse perspectives, fresh ideas, unique skills, and deep knowledge that propels us forward to thrive; 

3) Providing access and training to the technology you need to automate routine tasks; 

4) Providing a regionally (and, ultimately, nationally) recognized brand which will aid in business development and client retention; 

5) Providing a guaranteed purchase of the repeatable portion of your business; 

6) Assisting in the management of the risks inherent in any financial advisory role. 

Your Breakaway community of Advisors are more than just peers. They are a collection of brave client service-minded entrepreneurs who understand the joy of working for themselves as well as the joy of being part of something bigger. We foster this sense of community with a robust online platform that provides networking and educational opportunities, regular calls, and idea sharing forums. Unsure about how to price an engagement? Confused about the latest software development? Need someone to bounce a creative opportunity off? Your community is there for you. As much as you learn from them, they will learn from you.  

We are looking for advisors who: 

• Choose joy

• Have passion

• Are entrepreneurs at heart 

• Are naturally curious

• Challenge the status quo

• Embrace diversity

• Share

• Believe in the power of connection and helping others succeed

• Love to serve 

Because we want to ensure that every Breakaway Advisor is successful, the process is highly selective. The process begins with an application where you share your work and personal history, as well as a statement of interest. If you meet our criteria we will follow up with an interview with at least one of our Breakaway founders. If you are selected as an advisor you will be welcomed to your ‘cohort’ of advisors.

One of the foundational pillars of Breakaway Advisors is the value of a community. We believe in the power of connection – trusting and leaning into a team of peers to hold yourself accountable, learn from, and share. During your career at Breakaway you will be part of many teams – geographical, industry, and functional. Your very first team will be your starting cohort. Because you will all share the same starting date, you will have the opportunity to share perspectives and experiences as you each build your business. As you all grow in your careers, you will join many other teams – but the team you started with will likely be among your most cherished teams because of the common bond of starting the adventure together. 

Breakaway is a shared services model in which you and your fellow advisors share the costs of providing the ‘back office’ functions necessary to provide an outstanding client experience and quality of life while also managing the risks of operating your business. The contribution from each Breakaway Advisor is 25% of billed and collected annual revenue. 

Generally speaking, we pay for all expenses which are most economically shared among all of our advisors. This includes general legal, access to online education, individualized coaching, annual meeting (not including travel expenses), access to the offshore team, Advisor intranet, training, liability insurance, technology (including security), discounts and partner benefits for our preferred client-facing apps (currently including Xero, Gusto, Fathom, QBO, HubDoc, A2X, Bill.com, and more), licenses for our internal tech stack (Asana, Slack, Practice Ignition), engagement management (including billing), branding, website, and corporate marketing. These shared expenses are paid for through each advisor’s Desk Fee.

Our Advisors are responsible for expenses that are directly related to their businesses – and they have sole control over the nature of those expenses. These include office rent, employees, local marketing, the offshore team (see below for further information), travel, and other expenses. Additionally, we do not pay for any client accounts for any applications, or advisor applications that are not in our premiere tech stack. For example, this includes your video conferencing app (we recommend Zoom), your scheduling (we recommend Calendly) or your CRM (we like Copper or HubSpot). Please note we are regularly updating and expanding our premiere tech stack. Additionally, the cost of the client accounts for our premiere tech stack will be passed on to the client. Because each advisor owns their own business, these expenses are deductible (subject to IRS rules).

We currently do not have a minimum expectation for billing. You’ll have the support and coaching of the Breakaway team every step of this way to help you reach your goals. 

One of the core constructs of Breakaway is the ability to access a highly-trained, dedicated offshore team of bookkeepers, accountants, and CFOs. Breakaway is a part owner of a staffing co-operative which is located in Coimbatore, India. As we grow we will add additional geographies around the globe (to provide diversification, as well as concentration of skills). We will likely maintain at least partial ownership of these entities, as well.

Unlike other offshore providers, this team is fully trained. Because we use standardized processes, the team is ready to serve your clients from the first day. If you choose to use the Breakaway offshore team, you will complete a standard ‘intake form’ which will allow the team to scope the services provided. The team will then provide you with a monthly quote for the level of services you require. Absent special projects or other out of scope engagements, this fee will be consistent for at least 6 months, which will provide you with the pricing consistency your clients value. You will be directly charged for the offshore team’s work – and any net ‘markup’ after your desk fee will be yours to keep.

We visit our offshore team at least annually and are in constant contact with the offshore managers to ensure rigorous quality control, data security, and consistency. In addition, consistent with our values, we ensure that the working conditions and ‘joy’ of our offshore team are at a minimum the same as we have in the U.S. While there are many outstanding offshore providers, our direct affiliation with the offshore teams allows us to ensure these conditions are maintained to our high standards.  

It is important to note that the ability to access this amazing offshore team is one of the benefits of being a Breakaway Advisor. We do not mark up those services - other than to pay for the direct costs of providing access.

We absolutely understand that each advisor may have a process that they prefer - and, it could very well be that they are better in some regard. We carefully research every software solution, process, and protocol before deciding to offer them as a standardized platform. In addition, because this is your business, we will never mandate how you serve your client. That is what makes each of our advisors unique (and allows them the joy of owning their own business). Our advisors have made the decision to accept some standardization - which makes it easy for them to sell a client (or their entire practice) and receive coverage in the event of extended absence.

Generally speaking, our advisors are organized as single member limited liability companies. You will want to consult with legal counsel for your specific situation.

Yes! For legal purposes, Breakaway does operate as a franchise. However, there is currently no franchise fee to join.

We recommend that you work with your own lawyer to review both your advisor agreement and your organizational documents.

One of the contradictions of being a Breakaway advisor is the fact that we only accept those advisors who have the fortitude and drive to thrive on their own. Our advisors are business owners, not employees. They think like entrepreneurs (which is what makes them so valuable to the clients they serve). But owning your own business can be stressful and lonely, with limited outlets and opportunities for business owners to be their true selves. We know because we’ve been there. Accordingly, our Breakaway Advisors understand the power of an engaged group of like-minded humans who embrace diversity, fresh ideas, solutions, and ways to navigate our shared world. They know that in doing so they will succeed at what they love and do best, and scale their business faster and more sustainably.

Yes! From day one, we have been a remote business. Some of our advisors choose to work from home, while others use co-working spaces or share a small commercial office with another advisor. One of the core benefits of being a Breakaway Advisor is the ability to work for yourself, not by yourself. In addition, the types of clients we attract have already accustomed themselves to a model where their advisor is not “on premises.” As such, you can serve clients from literally anywhere in the world.

Your Breakaway founding partners are fully committed to providing an amazing experience for our advisors. That said, corporate stewardship is very important to us and we recognize that having “outsiders” who embrace the Breakaway model, but are not involved in the day to day management of the business, are an important element to ensuring that we always bring a diverse set of opinions to every major decision we make. This protects the integrity of our model and, ultimately, you as an advisor. You are always welcome to reach out to any of our board for their perspectives and opinions and to share yours as well.

Although many of our advisors are CPAs, we do not provide tax services as one of our core offerings. Our advisors are welcome to cultivate relationships with CPAs (which can help create a very rewarding referral network) and we have a network of “preferred providers” who understand the Breakaway model and are committed to providing a high quality product at a reasonable cost.

Similarly, we have decided not to provide wealth management as one of our core offerings. Our advisors are welcome to cultivate relationships with wealth managers (which can help create a very rewarding referral network) and we have a network of “preferred providers” who understand the Breakaway model and are committed to providing a high quality product at a reasonable cost.

Yes! If you introduce us to someone who becomes a Breakaway Advisor we will pay you a total of $2,500, once the new advisor reaches a minimum billing of $5,000 per month. This referral bonus is split over two months.

Access to effective results-oriented marketing and branding are a very important benefit of being a Breakaway Advisor. We have a library of templates for proposals, presentations, brochures and language you can access to make your marketing efforts the most effective. We will help you with basics such as your LinkedIn profile, announcements, and collateral materials. As a Breakaway Advisor you will be featured prominently on our website and we will support you with search engine optimization for your geography, skillset, and industry expertise. In addition, as part of the coaching process described below, we will help you determine your own personal brand and go-to-market strategy that will be the most effective for you and your goals.

You may receive client referrals from Breakaway, but we do not and cannot guarantee them. Those referrals will be based on advisor skills, specialization, and client expectations. In addition, depending on your particular skill set, you can expect to receive referrals from your fellow advisors as well. However, those referrals should augment your own marketing and business activity and not be seen as a replacement for them.

We believe in the power of coaching. Most successful entrepreneurs utilize the services of a coach, not to mention the world’s best athletes, musicians, and performers. Breakaway Advisors will receive regular group coaching specifically designed to assist advisors with the clarity, commitment and accountability on their journey to build and maintain a profitable business. Peer to peer mentoring is also an important part of the Breakaway experience.  

Because our advisors are interested in significance as well as financial success, at your request and for an additional fee, we will match you with one of our coaches who will work with you on achieving the life goals that are important to you. The benefit of this coaching is twofold. Not only will you have a far better chance of your own success, you will receive the same tools and techniques you can use to assist your clients in achieving their goals. 

Your happiness and success as a Breakaway Advisor is of paramount concern to us. If, for whatever reason, you decide you do not like being an advisor, you are welcome to leave. If you wish to continue to practice as an advisor, you are free to solicit any of your clients who want to come with you. If you wish to do something different, we may purchase your clients from you.

Because our Breakaway Advisors use consistent processes and protocols, a key advantage of being an advisor is the ability to provide a ‘frictionless’ marketplace for your business. We have a steady supply of highly qualified candidates who are ready and excited to become a Breakaway Advisor but do not have enough cash flow to start a practice on their own.  

This allows for a seamless retirement or lets you build a practice, sell it and travel for three years, and then come back and do it again.

Again, because of our consistent processes and protocols, if you need to spend time away from your business, we can work with you to help you find either short term or long term coverage (at your cost.)

While we don’t currently have the support in place to provide for a sabbatical, we are happy to work with you to provide coverage for your clients at a negotiated rate to ensure that they will be there for you when you return.

Currently, our franchise opportunities are only available for US citizens. US citizens who live abroad are welcome to apply to become Breakaway advisors, and we have advisors located everywhere from Rio to London! We hope to expand our franchises to other countries in the future.