You’ve spent months researching the RIA model.

Months performing due diligence.

Months planning for the actual transition.

The day to transition arrives.

You resign from your firm.

You pick up the phone and call your first client to tell them about your new plans.

But what do you say?

How should you say it?

What might your clients say?

In this episode of the Transition To RIA question and answer series, I provide 9 tips on how to explain to clients your transition to the RIA model.

Come take a listen!

P.S. Prefer video? You can find this entire series in video format on Youtube. Search for the TRANSITION TO RIA channel.

Show notes: https://TransitionToRIA.com/how-to-explain-to-clients-your-transition-to-the-ria-model/

About Host: Brad Wales is the founder of Transition To RIA, where he helps financial advisors understand everything there is to know about WHY and HOW to transition their practice to the Registered Investment Advisor (RIA) model. Brad has 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. The Transition To RIA website (TransitionToRIA.com) has a large catalog of free videos, articles, whitepapers, as well as other resources to help advisors understand the RIA model and how it would apply to their unique circumstances.

What is the payout in the RIA model?

Simple question, not so simple answer.

To perform an accurate comparison, you must:

• Properly calculate your current payout.
• Understand how payouts are expressed in the RIA model (spoiler: there is far less uniformity in the RIA space.)
• Consider what value is provided to you for the payout, and what you’re responsible for sourcing yourself.
• Consider how the resulting payout figures compare across channels and offerings.

In this episode of the Transition To RIA question and answer series, I expand on each of these variables.

Come take a listen!

P.S. Prefer video? You can find this entire series in video format on Youtube. Search for the TRANSITION TO RIA channel.

Show notes: https://TransitionToRIA.com/how-does-an-ria-payout-compare-to-a-broker-dealer-payout/

About Host: Brad Wales is the founder of Transition To RIA, where he helps financial advisors understand everything there is to know about WHY and HOW to transition their practice to the Registered Investment Advisor (RIA) model. Brad has 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. The Transition To RIA website (TransitionToRIA.com) has a large catalog of free videos, articles, whitepapers, as well as other resources to help advisors understand the RIA model and how it would apply to their unique circumstances.

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 listen!

P.S. Prefer video? You can find this entire series in video format on Youtube. Search for the TRANSITION TO RIA channel.

Show notes: https://TransitionToRIA.com/what-are-the-most-stressful-parts-of-starting-an-ria/

About Host: Brad Wales is the founder of Transition To RIA, where he helps financial advisors understand everything there is to know about WHY and HOW to transition their practice to the Registered Investment Advisor (RIA) model. Brad has 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. The Transition To RIA website (TransitionToRIA.com) has a large catalog of free videos, articles, whitepapers, as well as other resources to help advisors understand the RIA model and how it would apply to their unique circumstances.

If you start your own RIA, will you be able to participate in your custodian’s client referral program?

First starters, do you know what these programs are?

Or which custodians have them?

Or who is eligible, and likely to be able to participate in them?

In this episode of the Transition To RIA question & answer series I address these questions, and more!

Come take a listen!

P.S. Prefer video? You can find this entire series in video format on Youtube. Search for the TRANSITION TO RIA channel.

Show notes: https://TransitionToRIA.com/can-i-join-a-custodians-client-referral-program/

About Host: Brad Wales is the founder of Transition To RIA, where he helps financial advisors understand everything there is to know about WHY and HOW to transition their practice to the Registered Investment Advisor (RIA) model. Brad has 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. The Transition To RIA website (TransitionToRIA.com) has a large catalog of free videos, articles, whitepapers, as well as other resources to help advisors understand the RIA model and how it would apply to their unique circumstances.

Whether in our personal or professional lives, most everything in life revolves around motivations.

• What motivates you to run your advisory practice as you do?
• What motivates you to pursue certain hobbies and passions?
• What motivates your kids to make the decisions they do?

When financial advisors and teams reach out to me to explore the RIA model, I typically start by asking what has motivated them to do so.

Having asked hundreds of advisors this question, the answers typically revolve around a desire for more flexibility with their practice, and/or better economics.

In this episode of the Transition To RIA question and answer series I provide examples of what the specific motivations often are. 

Come take a listen!

P.S. Prefer video? You can find this entire series in video format on Youtube. Search for the TRANSITION TO RIA channel.

Show notes: https://TransitionToRIA.com/what-motivates-advisors-to-transition-to-the-ria-model/

About Host: Brad Wales is the founder of Transition To RIA, where he helps financial advisors understand everything there is to know about WHY and HOW to transition their practice to the Registered Investment Advisor (RIA) model. Brad has 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. The Transition To RIA website (TransitionToRIA.com) has a large catalog of free videos, articles, whitepapers, as well as other resources to help advisors understand the RIA model and how it would apply to their unique circumstances.

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.

Come take a listen!

P.S. Prefer video? You can find this entire series in video format on Youtube. Search for the TRANSITION TO RIA channel.

Show notes: https://TransitionToRIA.com/what-is-the-most-time-consuming-part-of-transitioning-to-the-ria-model/

About Host: Brad Wales is the founder of Transition To RIA, where he helps financial advisors understand everything there is to know about WHY and HOW to transition their practice to the Registered Investment Advisor (RIA) model. Brad has 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. The Transition To RIA website (TransitionToRIA.com) has a large catalog of free videos, articles, whitepapers, as well as other resources to help advisors understand the RIA model and how it would apply to their unique circumstances.

There are several reasons advisors choose to join an existing RIA versus starting their own.

But that’s not the only decision to be made.

There are a wide variety of “flavors” of RIAs to then choose from.

Differing economics, flexibility, approach to branding, taxation, succession solutions, are just some of the many variables that can differentiate them.

But of all the options, which is the most popular?

In this episode of the Transition To RIA question & answer series I explain how these solutions are often differentiated…..and which is the most popular.

Come take a listen!

P.S. Prefer video? You can find this entire series in video format on Youtube. Search for the TRANSITION TO RIA channel.

Show notes: https://TransitionToRIA.com/what-is-the-most-popular-type-of-ria-to-join/

About Host: Brad Wales is the founder of Transition To RIA, where he helps financial advisors understand everything there is to know about WHY and HOW to transition their practice to the Registered Investment Advisor (RIA) model. Brad has 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. The Transition To RIA website (TransitionToRIA.com) has a large catalog of free videos, articles, whitepapers, as well as other resources to help advisors understand the RIA model and how it would apply to their unique circumstances.

When a new client comes to you for help managing their financial life, there are many steps involved. Some are more exciting for the client than others.

• Opening accounts.
• Pulling old statements.
• Filling out financial profiles.

Those are some of the important, though less glamorous steps.

• Talking through life goals.
• Travel plans in retirement.
• Ways to help family and important causes.

Those are the exciting steps!

But the latter can’t be achieved, without the former.

It is the same when transitioning your practice to the RIA model. There are necessary, those less glamorous steps involved.

However, there are exiting parts as well.

In this episode of the Transition To RIA question & answer series I explain what the exciting parts of a transition are.

Come take a listen!

P.S. Prefer video? You can find this entire series in video format on Youtube. Search for the TRANSITION TO RIA channel.

Show notes: https://TransitionToRIA.com/what-is-the-most-exciting-part-about-starting-an-ria/

About Host: Brad Wales is the founder of Transition To RIA, where he helps financial advisors understand everything there is to know about WHY and HOW to transition their practice to the Registered Investment Advisor (RIA) model. Brad has 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. The Transition To RIA website (TransitionToRIA.com) has a large catalog of free videos, articles, whitepapers, as well as other resources to help advisors understand the RIA model and how it would apply to their unique circumstances.

"Fee-based" revenue is often "reoccurring" revenue.....

.....but "reoccurring" revenue is not necessarily "fee-based" revenue.

Confused yet?

Often incorrectly used interchangeably, these two phrases can mean entirely different things.

Depending on the profile of your practice, it's a difference that could determine whether your practice is a fit for the RIA model….or not!

In this episode of the Transition To RIA question & answer series I explain how these two variables differ, and what it could mean for your practice.

Come take a listen!

P.S. Prefer video? You can find this entire series in video format on Youtube. Search for the TRANSITION TO RIA channel.

Show notes: https://TransitionToRIA.com/what-is-the-difference-between-reoccurring-revenue-fee-based-revenue/

About Host: Brad Wales is the founder of Transition To RIA, where he helps financial advisors understand everything there is to know about WHY and HOW to transition their practice to the Registered Investment Advisor (RIA) model. Brad has 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. The Transition To RIA website (TransitionToRIA.com) has a large catalog of free videos, articles, whitepapers, as well as other resources to help advisors understand the RIA model and how it would apply to their unique circumstances.

You’ve likely heard it before, the economics are better in the RIA model.

But why is that?

To name a few:

• Higher top line revenue
• Ability to control expenses
• Operating leverage
• Tax advantages
• Flexibility to grow your practice faster
• Higher enterprise value

It’s important to understand how these variables compare to your current affiliation model.

In this episode of the Transition To RIA question & answer series I explain why the economics of your practice would be better in the RIA model.

Come take a listen!

P.S. Prefer video? You can find this entire series in video format on Youtube. Search for the TRANSITION TO RIA channel.

Show notes: https://TransitionToRIA.com/are-the-economics-better-in-the-ria-model/

About Host: Brad Wales is the founder of Transition To RIA, where he helps financial advisors understand everything there is to know about WHY and HOW to transition their practice to the Registered Investment Advisor (RIA) model. Brad has 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. The Transition To RIA website (TransitionToRIA.com) has a large catalog of free videos, articles, whitepapers, as well as other resources to help advisors understand the RIA model and how it would apply to their unique circumstances.