You Don't Need to Start Your Own RIA
“Of course, I don’t want to start my own RIA, but it seems easier than finding another RIA.”
A few months back, I was sitting down with an advisor who had some PTSD from their last move. In the span of 18 months, they changed their RIA and BD.
At a minimum, that’s a headache.
To make matters worse, the RIA he landed at underwent a massive transition just after he arrived. I’m talking about a big sale to a PE firm that turned the culture and offer model upside down in the span of 18 months. Despite all the work he did to move, he now wanted to leave.
Ever find yourself there?
The Gut Reaction: “I’ll do it myself.”
This is where our conversation began. “I guess if that’s how this works, I’ll just start my own RIA.”
Now, I should clarify–this is the right choice for some people. That said, it’s not the right choice for most of the advisors I hear saying this.
I asked him, “Do you really want to take on the additional risk? Do you really want to in-house your compliance?”
He answered, “Of course not, Mike. But who else can I trust?”
If you’ve ever been there, you get the feeling.
“I Think I Just Found Door #3”
If you remember the classic scene from National Treasure, the FBI agent asks Nicholas Cage if he wants decision 1 or 2–both of which end in a long jail sentence. On the flight deck of the aircraft carrier, Nick Cage says, “I think I just found door #3,” and leaps into the water.
There’s a similar dynamic at play in advisors who feel out of good options. This decision tree looks something like:
Stay: Try and limit the headaches just enough to succeed despite your firm.
Leave: Go through the same process again–but expecting a different outcome?
Both doors sound like a long jail sentence. Where’s door #3? It sounds something like this:
There are great firms out there that are already providing excellent support.
The process of narrowing them down is time intensive.
Most of it feels like sales spin, making it hard to know what’s real.
Door #3 is buried in solving statements 2 and 3. If you had help narrowing down your options from someone who knew the players (beyond the sales pitch)...
Door #3 looks like a shorter, smoother path to finding the best firms for your practice. Firms that are aligned on what you're worth and the culture you’re looking for.
Finding Door #3 Is Worth It
The best part about door #3 is it’s free to explore. When you work with a transition guide like me, there’s no cost to explore your options.
Here’s how the process works:
Create Your Shortlist
We’ll identify what your priorities look like–your must haves, wants, and “that-would-be-nice” items. I’ll do the legwork to create a shortlist of firms that fit your criteria.
Vetting Top Firms
With your shortlist in hand, I help you ask the right questions that cut through the sales pitch. Equally important, I bring 20 years of swimming in this line of work to support you. I know most of the firms (and their leadership teams). I’m plugged into the industry rumors about looming changes. Together, you are fully equipped to find the truth about a potential landing spot before engaging in deeper conversations and negotiations.
Negotiating Your Landing
Speaking of negotiations–once you have found a firm or two, you’re most interested in, I’m here to help you optimize your negotiated outcome. From compensation to timeline to terms, these are critical details that help make your relationship successful.
You can avoid fine print pitfalls and other blind spots by having an experienced, fiduciary-style advocate on your side of the table.
Ready to Explore Your Options?
Like I said, there’s no cost to explore your options with me. (I only get paid when you find a firm you want to join, and a deal is done.)
You already wear many hats–business owner, advisor, parent, spouse, etc. Becoming an expert on firm transitions may not be in the cards. In working with me, you get a veteran advocate to help you find an ideal firm faster, with less stress, and less cost to your time.
If you’re ready to begin exploring the best our industry has to offer, schedule a fully confidential, no-commitment call with me.
Also, you’ll always have full transparency into how I’m compensated. Most people in my line of work have additional incentives to direct you to certain firms over others. That’s not scandalous, but it is one heck of a conflict of interest if it’s not disclosed.