What Is The Most Exciting Part About Starting An RIA?
When a new client comes to you for help managing their financial life, there are many steps involved. Some are more exciting for the client than others.
Opening accounts.
Pulling old statements.
Filling out financial profiles.
Those are some of the important, though less glamorous steps.
Talking through life goals.
Travel plans in retirement.
Ways to help family and important causes.
Those are the exciting steps!
But the latter can’t be achieved, without the former.
It is the same when transitioning your practice to the RIA model. There are necessary, those less glamorous steps involved.
However, there are exiting parts as well.
In this episode of the Transition To RIA question & answer series I explain what the exciting parts of a transition are.
I'm Brad Wales with Transition To RIA (TransitionToRIA.com). This is episode #109 of my question and answer series where I answer RIA related questions I get from advisors just like you.
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
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🔹 Website: https://TransitionToRIA.com/
🔹 Show notes: https://TransitionToRIA.com/what-is-t...
🔹 Contact me: https://transitiontoria.com/contact/
🔹 List of all questions I've answered: https://transitiontoria.com/videos/
🔹 Podcast: https://transitiontoria.com/podcast/
🔹 Whitepaper ("11 Ways The Economics Of The RIA Model Are Superior To Other Advisor Affiliation Options"): https://transitiontoria.com/whitepapers/
🔹 Transcription of video:
What is the most exciting part about starting an RIA? That is today's question on the Transition To RIA question and answer series. It is episode #109.
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 practice to the RIA model.
If you're not already there, head to TransitionToRIA.com where you’ll find all the resources I make available from this entire series in video format, podcast format. I have articles, I have whitepapers. All kinds of things to help you better understand the model.
Again, TransitiontoRIA.com.
On today's episode we're going to talk about what is the most exciting, fun part of starting an RIA? This applies to whether you're starting your own RIA or joining an RIA that's of the 1099 variety, and you'll see what I mean by that. But we'll just refer to this as starting an RIA.
The reason I wanted to make an episode on this topic is because moving into the RIA model, making a transition, is a lot of work. I never underplay that. There's a lot of work on the front end. Which is a lot of what I help advisors with is the education piece. How does the RIA model work? Does it make sense for your practice? What would it look like for your practice if you were to move into it?
There's a lot of work that goes into the education piece, let alone if you decide it’s a good fit, putting all the pieces into place and all the planning that goes into it. It's a lot of work. We're talking many, many, many months of hard work. I never downplay that.
However, as I've talked about on many episodes, the benefits of having gone down that path far outweigh the temporary hard work that you will have to go through to get to the other side. To get to where you want to be with your practice.
Which by the way, if you don't have my one-page checklist that identifies the main variables involved in transitioning your practice into the RIA model, go to TransitionToRIA.com, on the contact page. Reach out to me, I'd be happy to send it to you.
There are a lot of items that must be addressed through the process. A lot of them are what I call blocking and tackling steps. They are the not sexy parts of what needs to be done. They are those foundational pieces.
Picking an E&O provider for your firm, there's nothing exciting about that. There's nothing sexy about that. But it’s a necessary part of the steps involved. Again, I help advisors identify the steps, and how to solve for them. But there's a lot of things like that.
It’s like buying a new home. When you walk into your new home, you want to automatically start thinking about how to decorate it, where you’ll hang out, this is where we'll put the TV.
But there are a lot of blocking and tackling things you might need to do. There might be light switches or lights that are broken that you need to fix. Those are the necessary blocking and tackling steps, but they're not necessarily fun. Con't....
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