Most Time Consuming Part Of Transitioning To The RIA Model?
How long does a transition to the RIA model take?
The time needed is impacted by variables such as the circumstances of the advisor/team, which pathway into the model is chosen, etc.
It is complicated further due to certain steps in the process being out of the control of the advisor/team as to how fast they can be completed.
In this episode of the Transition To RIA question & answer series I address which steps in the process are the most time consuming.
I'm Brad Wales with Transition To RIA (TransitionToRIA.com). This is episode #111 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...
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🔹 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 time-consuming part of transitioning to the RIA model? That is today's question on the Transition To RIA question and answer series. It is episode #111.
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 if you conclude that transitioning your practice to the RIA model makes sense - and there's all kinds of steps involved, which I talk a lot about in these episodes - but what is the most time-consuming part of that process? That's what we're going to dive into here.
I've addressed on a prior episode how long it takes to transition into the model. I'll touch on that again briefly at a macro level, but specifically of all the steps involved, what are the most time consuming that you'll want to plan accordingly for that could potentially prolong or delay the launch of your RIA?
One of the keys is that some of the steps are out of your control. It doesn't matter how fast you want to move things along, because you're reliant on other services involved, you can only go as fast as they're able or willing to go.
I'm going to be talking about two items that are generally the most time consuming steps involved in the process.
To back up real quick though, to understand where those two pieces fall into the process, it's important to understand the three main steps involved with potentially transitioning your practice to the RIA model.
The first step is to take the time to understand if the RIA model is even the right fit for your practice.
You need to understand how the model works, how the economics works, how the flexibility works, how your responsibilities will work. Then understand how does that compare to what you have now, and is it a good fit to be making that transition?
It’s essentially all education at that point. That's a big part of what I help advisors with is understanding how it works. What do you have now? Is it a fit? Is it something you should be pursuing?
Step two in the process is if we conclude that it's a potential fit for your practice, there are then three main ways to transition to the model.
On one end of the spectrum is you start your own RIA and build out the necessary solution providers around it to support the RIA. On the other end of the spectrum, as opposed to starting your own, you might conclude you’re better off joining an RIA.
These (plug-in) solutions often have been purpose-built for this very reason. It’s for advisors that want the benefits, the economics, the flexibility, the freedom, the independence of having their own RIA, but don't want some of the compliance and other responsibilities of starting their own RIA. Con't....
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