Once a financial advisor has determined they would like to break away from the broker-dealer or wirehouse environment and launch their own independent RIA, many questions will naturally arise. What steps are involved in the process? How do you evaluate the many different platforms that are out there? What technology should a financial advisor consider as they go out on their own and are, often for the first time, responsible for making their own decisions regarding practice management, financial planning, performance reporting, and CRM software? At times, the process can feel downright overwhelming.
But the reality is that many financial advisors have successfully made the transition, and it isn’t necessary to reinvent the wheel with each breakaway. In this guest post, Aaron Hattenbach of Rapport Financial, an RIA Aaron founded when successfully breaking away from Merrill Lynch in late 2016 (while retaining 100% of his clients), shares his own experiencing breaking away from a wirehouse, including a detailed, step-by-step overview of his process to successfully launching an independent RIA.
Ultimately, the process does take a lot of work. Aaron notes that there are areas where he could have better avoided unnecessary expenses, kept start-up costs lower, and curated better technology and service providers for his firm, but for any advisors who are serious about breaking away and forming their own independent RIA, Aaron’s overview should provide much food for thought on your own breakaway, as well as some things you may want to consider in order to navigate it successfully!
source https://www.kitces.com/blog/steps-to-start-your-own-independent-ria/?utm_source=rss&utm_medium=rss&utm_campaign=steps-to-start-your-own-independent-ria
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