What Are The Most Stressful Parts Of Starting An RIA?
Transitioning your practice to the RIA model involves a lot of work, and at times, a fair amount of stress.
But ask anyone that has made the transition, and they’ll tell you the destination is worth the journey.
You should prepare yourself, though, for what the journey will entail.
In this episode of the Transition To RIA question & answer series I explain what the most stressful parts of a transition are, and how to prepare for them.
Come take a look!
I'm Brad Wales with Transition To RIA (TransitionToRIA.com). This is episode #114 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-are-...
🔹 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 are the most stressful parts of starting an RIA? That is today's question on the Transition To RIA question and answer series. It is episode #114.
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.
Today's episode is a follow-up of sorts to episode #109. If you didn't catch that one, it’s a couple episodes ago, I did an episode on what are the most exciting parts about starting an RIA.
I try to be very fair in all my episodes. I never want to be accused of only having rose-colored glasses on about what it is to transition your practice to the RIA model. There are always two sides to every coin and you need to understand both the pros and the cons and how it would apply to your situation.
So, after I did the episode on what are the most exciting parts about transitioning to the RIA model, I thought it was only fair if I also did one about what are the most stressful parts about transitioning your practice to the model.
This is not to get anyone concerned. It's to make sure you mentally prepare for what would be ahead of you if you were to make a transition. There are stressful parts of the process. That is what I'm going to go through here today.
I know these issues firsthand because a part of what I help advisors and teams with, it's not just figuring out should you be exploring the RIA model to begin with, what would it look like for your practice, what are all the different ways you could go about transitioning into the model, how do figure out all the logistical pieces you need to put in place.
While I do all of that, at times I'm essentially a therapist, for lack of a better term, as I help advisors and teams through some of these stressful parts.
It can be a mental challenge at times to get through some of these steps. I find myself playing that role, being a sounding board of reassurance. This is normal, you can expect this, you're going to get through this, you're going to get to the other side of the mountain.
I thought it would be helpful to share some of those examples so you know what might be ahead for you if you were to make the move yourself.
And to be sure, I'm happy to play that therapist role. That is part of my value proposition. It is to get you from point A to point B. Some of that is blocking and tackling and logistics, some of that is therapeutic to help you mentally get through all the steps involved.
With that, I’m going to go through some examples of the stressful parts of this process. These are roughly in chronological order of when they occur through the life cycle of a transition.
Will my clients follow me?
First, and pretty much every advisor, every team ponders this….if I were to make a move - and this is not exclusive to the RIA model, this could be making any sort of transition - if I were to make a move, will my clients follow me? Con't.....
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