How To Start An RIA

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I'm Brad Wales with Transition To RIA. This is video #42 of the Transition To RIA video series where I answer RIA related questions I get from advisors just like you. On today's video I explain...HOW DO I START MY OWN RIA? • Transitioning your practice to the Registered Investment Advisor (RIA) model DOES NOT HAVE TO BE DAUNTING OR COMPLICATED. You simply need to understand the THREE MAIN APPROACHES to the model. Each having their own pros and cons. Once you determine which of the approaches is the best fit for you, the rest of the steps in the process are much easier to digest. • What I do: At Transition To RIA I help financial advisors understand everything there is to know about WHY and HOW to transition their practice to the Registered Investment Advisor (RIA) model. • RESOURCES LINKS • ___________________________________________ • 🔹 Website: https://TransitionToRIA.com/ • 🔹 Contact me: https://transitiontoria.com/contact/ • 🔹 List of all questions I've answered: https://transitiontoria.com/videos/ • 🔹 Whitepaper ( 11 Ways The Economics Of The RIA Model Are Superior To Other Advisor Affiliation Options ): https://transitiontoria.com/whitepapers/ • 🔹 Transcription of video: • How do I start my own RIA? That is today's question on the Transition To RIA question and answer series. It is question #42. • Hi, I'm Brad Wales with Transition To RIA where I help you understand everything there is to know about why and how to transition your firm to the RIA model. • In today's question, we're going to talk about that capstone question of how do I start my own RIA? And I'll preface it by saying this video is not designed for a new financial advisor or someone just looking to enter the industry. Maybe that's the path you want to enter the industry with is with your own RIA, which is certainly doable, but that is a whole different set of decisions and pathway to consider, and so that's not what this video is addressing. • This video is addressing those advisors that already have established practices, established books of business. That's who I help with my business is those established advisors of how to move into that RIA model with their existing practice. And so just to keep that in mind, because again, it is a different set of explanations and pathways and all those sorts of things. • Now, I would tell you the process of, how do I start my own RIA can seem rather daunting at first glance. I mean, after all, if you add up all of the various service providers you might end up selecting from or working with, from technology vendors, to compliance vendors, to custodians (just to name a few), there's literally hundreds of options to be choosing from. • And so that process can seem very daunting. I don't want to say overwhelming but it is a lot of decisions that might cause you to think, Oh, wow, how am I going to piece this all together? How am I going to know which of these I would need or not need? And where do I even begin with that process? • What I wanted to reassure you on this video is it doesn't have to be an overwhelming process. There is an absolute way which we're going to go through of how you can kind of work through those steps and figure out what's best for you and your particular practice. • But I would tell you, you're not alone if you're saying to yourself, Wow! How do I know what these options are? or, How do I know what these hundreds of different solutions are? As the reality is, there are different approaches to the RIA model, which I'm going to go through. • It can be very confusing as to which might be not only best for you but just how do each of these different approaches work. And so a perfect example, I was talking to an advisor recently, and he named off three different firms that he was considering contacting for his particular practice because he wanted to go into the RIA model. He thought he was comparing apples to apples, like, Okay, this is the kind of approach I want to use. And so these are three firms that seem reasonable. So let me reach out to those folks. • But the reality is, and I had to walk him through this, each of those three firms he named had very different business models. Now, he might very well want to consider each of those different business models but how he would interact, how he would work with each of those three different providers was very different and he was not aware of that at all. • I don't blame him for that because as I frequently say, until and if you've ever, looked over the fence into how a different affiliation model works, like the RIA model, and maybe you've been at, you know, a wirehouse firm your entire career or a particular model your entire career, how would you know how a different model works? Con't.... • View remainder of transcription here: https://transitiontoria.com/how-to-st... • Disclaimer: https://transitiontoria.com/terms/

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