There are two ways to grow an RIA.

Organically from expanding existing client relationships and bringing on new clients.

And inorganically, from acquiring practices and/or attracting advisors to join your RIA and bringing their clients with them.

When doing the latter, it is important to understand the competitive landscape and what is expected of joining advisors.

In the latest episode of my RIA question and answer series, I discuss 7 mistakes to avoid if trying to attract advisors to join your RIA:

1. You do not have a defined offering.
2. You have a weak value proposition.
3. You price your offering as a payout.
4. You don’t have an organized process for attracting and onboarding advisors.
5. You don't explicitly state that joining advisors will have ownership of their client relationships.
6. You try to punch above your weight.
7. You don't know your competition.

Come take a listen!

Show notes: https://TransitionToRIA.com/what-are-mistakes-to-avoid-when-trying-to-recruit-advisors-to-join-your-ria

About Host: Brad Wales is the founder of Transition To RIA, where he helps financial advisors to learn and understand everything there is to know about WHY and HOW to transition their practice to the Registered Investment Advisor (RIA) model. Brad has nearly 20 years of industry experience, including direct RIA related roles in Compliance, Finance and Business Development. He has an MBA and has held the 4, 7, 24, 63 & 65 licenses. On his website (TransitionToRIA.com) he has a large catalog of free videos, whitepapers, as well as other resources to help advisors fully understand the RIA model and how it would apply to their unique circumstances.