Humans have longed for independence way before Francis Scott Key wrote a poem about the defense of Baltimore or a letter was delivered to the King of England declaring freedom for the American colonies.

Independence is sewn into the fabric of our souls. It’s a core human desire to be self-directed.

In our industry, it’s often touted as a primary goal with a binary mentality. You’re either free—established under your own brand—or tethered to an entity that keeps you from making the choices that you want. There’s been plenty of negativity around the confines of investment banks and wirehouses.

But what about the rest of us? Firms, organizations, and technologies offer a whole spectrum of independence. The flexibility of independence is often hard to determine until the late stages of a deal closing. Only when agreements are finally on paper can people finalize which aspects of autonomy are most important to them.

Each firm, advisor, and team member will likely have their own idea about what freedom really means—marketing language, investment selection, compliance workflows—but likely with similar desired outcomes—serving clients as well as possible and creating an efficient and enjoyable working environment.

When I founded Milemarker, I set out to sit at the crossroads of independence, knowing that there is not just one path to take. The various models with various levels of independence, often based on their broker-dealer affiliations or operating models, can meet the varying needs for everyone across the spectrum of freedom.

Given the different stages of careers and desire to build, buy or partner with providers, there will always be transitions toward and away from all of the potential business models. When new circumstances or legislation arrives, it’s easy to shift toward or away from autonomy. There is not a one size fits all model of independence.

Here are some ways we can better understand and communicate about independence:

1. Think in Metaphors:

There’s so much to be gained when you compare a known thing to an unknown idea. Metaphors help us understand nuances without getting bogged down in details. One of my favorite metaphors is to think about where your firm would fit in the college football landscape. Are you part of a conference? Are you more similar to a Notre Dame model? Thinking through affiliation through the NCAA filter might give you both a handle to understand yourself and the broader community.

2. Embrace the Spectrum:

Determine where independence is available in your current model and seek to understand the nuance. For instance, know who owns your clients and data. Understand where the lines of risk are drawn and whether you want them to be different. While not everything is negotiable, when you decide to stay or leave one model for another it’s because you want something different. Knowing exactly what is negotiable and what isn’t will be incredibly helpful in your decision-making process.

3. Be Extra Transparent:

During a decision-making process, it’s best to be precise. You likely already apply that thinking to your client relationships, but it should also apply to your vendor and partner networks. No one wants to get to the other side of a signature and feel tricked. While it’s true that highlighting specific details can feel like, if fully understood, would blow up a deal, it is better not to have an agreement than to be embroiled in distrust for the longevity of that relationship. Building trust is central to great partnerships that should be long-lasting and beneficial beyond monetary gains.

As you go through the rest of this holiday weekend, I hope your thoughts about independence bring encouragement. Running your firm, though often filled with challenges, offers us an array of choices as we create the work and personal lives we want. I hope your independence feels like freedom.

Have a wonderful Independence Day weekend, enjoy your time with friends and loved ones, and have a great second half of the year as you grow your independence and help others do the same.