Transition To RIA Podcast

I'm pleased to report I am now up to episode #50 of my RIA explanatory series!

Ironically, I was once told making such episodes would never work.

Well, after ignoring that advice, turns out people like (and prefer!) genuine educational content. No one wants to be sold to.

Continuing that same theme with episode #50, I was fortunate to be joined by Tim Rembowski of DPL Financial Partners.

Tim and I discuss how one of the common misconceptions about the RIA model is not being able to offer insurance solutions to your clients.

When in fact, there are now purpose-built offerings to support RIA advisors in doing exactly that.

Come take a look!

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.

This is episode #49 of the Transition To RIA question and answer series where I answer Registered Investment Advisor (RIA) related questions I get from advisors just like you. On today's episode I answer the question.....How Long Does It Take To Transition To The RIA Model?

Pop quiz:  How do you know someone does CrossFit?

Answer:  Don’t worry, they will tell you!

I can make this joke as I previously did CrossFit for many years….and yes, I’m sure I talked about it!

One of the lasting lessons I learned from CrossFit though is that your body can do more than you think it can.

When you think you can’t do a single additional pushup, or you can’t finish that last half mile……turns out, you can.  It’s your mindset that holds you back.

This relates to advisors transitioning their practices into the RIA model.

If the model is a good fit for you, it takes less time to make the move than you might think.

In this latest episode from my RIA Question & Answer series, I explain how long the process should take…..as long as you have the right mindset.

This is episode #48 of the Transition To RIA question and answer series where I answer Registered Investment Advisor (RIA) related questions I get from advisors just like you. On today's episode I answer the question.....Why Should An RIA Use LinkedIn?

“Do you know how hard it is to think someone's a jerk who asks you interesting questions about your background?”

This was from Sara Grillo who joined me on this episode discussing an almost fool-proof strategy for how to connect with potential clients on LinkedIn.

Transitioning your practice to the RIA model generally results in significant more flexibility in how you can position your firm in the marketplace, and communicate your brand.

LinkedIn is arguably now the top social media platform to use for such business development purposes.

But, WHAT IS THE BEST WAY TO USE IT WITH YOUR PRACTICE?

Come take a listen as when Sara Grillo steps to the mic, class is in session and you know there’s a lot you’ll learn!

This is episode #47 of the Transition To RIA question and answer series where I answer Registered Investment Advisor (RIA) related questions I get from advisors just like you. On today's episode I answer the question.....10 Reasons To NOT Start An RIA?

There are pros AND cons to starting your own RIA.

There is no golden goose.  No firm or affiliation model is perfect in every way.

What I frequently run into though are advisors who have heard of various reasons as to why they should NOT start their own RIA.

Some of those reasons are valid, some not so valid.

In my latest episode, I go over 10 common reasons you'll hear as to why you should NOT start your own RIA.

#1 - "YOU'RE NOT 100% FEE-BASED."

#2 - “YOU WON'T HAVE THE RESOURCES THAT YOUR CLIENTS DEMAND.”

#3 - “THE TECHNOLOGY IS NOT AS GOOD.”

#4 - “YOU'LL HAVE TO DO YOUR OWN COMPLIANCE.”

#5 - “YOU WILL GET AUDITED.”

#6 - “IF THE MARKET DECLINES, YOU'LL BE STUCK WITH THE FIXED COSTS OF RUNNING A FIRM.”

#7 - “YOUR CLIENTS WON'T FOLLOW YOU.”

#8 - “DO YOU WANT TO BE RESPONSIBLE FOR WHEN THE COPY MACHINE BREAKS?”

#9 - “ADVISORS THAT GO TO INDEPENDENT MODELS ARE NOT GOOD ENOUGH TO BE AT THE TRADITIONAL FIRMS.”

#10 - “YOUR CLIENTS WANT A BIG FIRM TO BE ABLE TO SUE IF SOMETHING GOES BAD OR YOU DO SOMETHING WRONG.”

Valid reasons?  Come take a listen and decide for yourself.

This is episode #46 of the Transition To RIA question and answer series where I answer Registered Investment Advisor (RIA) related questions I get from advisors just like you. On today's episode I answer the question.....how do I obtain Errors & Omissions insurance ("E&O") as my own RIA?

Transitioning to the RIA model 30 years ago was hard.  Transitioning to it today, not so hard.

However, the latter assumes you are familiar with the steps involved in how to do so.

As I frequently explain to advisors, there is a defined process for how to work through each of the steps involved.

In this episode, I am joined by expert Scott Shannon as we discuss how to obtain E&O insurance as your own RIA.

As with all of the processes involved in starting an RIA, obtaining E&O insurance does not have to be difficult.  You simply need to understand how it works, and who the experts are that can assist you with it.

This is episode #45 of the Transition To RIA question and answer series where I answer Registered Investment Advisor (RIA) related questions I get from advisors just like you. On today's episode I answer the question.....how to charge for financial planning?

Ever have a prospective client where an AUM fee model is not feasible, and/or desired?

The common example is a doctor shortly out of residency.

These so-called HENRY’s (High Earning, Not Rich Yet) want the advice you provide, but don’t yet have the investable assets to support an AUM-fee model approach.

What they do have though is income to be able to pay you via what is often referred to as “fee-for-service”.

Such approaches include charging monthly subscription fees, retainers, hourly, flat-fee arrangements, etc.

Some RIA firms are built from scratch to be solely fee-for-service.  Others are primarily an AUM fee model, who desire to expand their service offering and work with potentially fantastic long-term clients they might not otherwise be able to feasibly service in the short term (ex: HENRY’s).

On this episode, I am joined by Lucy Robeson and Isabelle McGrail of AdvicePay where we cover how to logistically (and compliantly!) incorporate fee-for-service into your advisory practice.

This is episode #44 of the Transition To RIA question and answer series where I answer Registered Investment Advisor (RIA) related questions I get from advisors just like you. On today's episode I answer the question.....what is the minimum amount of assets under management (AUM) you need to be able to start your own RIA?

In theory, this should be a relatively simple question to answer.  In practice though, and considering all of the variables involved, it is much more nuanced.  There are a few different pathways to consider if you want to transition into the RIA model.  One of those pathways involves starting your own RIA.  Another involves joining an existing RIA firm.  The challenge is, depending on who you ask as to whether you are large enough to start your own RIA (vs joining an existing RIA), will often dictate what their answer will be.  When in fact, the answer should be based solely on the needs and specific circumstances of each individual advisor or team.  Not based on who is answering the question.

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 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.

This is episode #43 of the Transition To RIA question and answer series where I answer Registered Investment Advisor (RIA) related questions I get from advisors just like you. On today's episode I answer the question.....how do I run the business side of my own RIA?

Having your own RIA involves identifying and utilizing various solution providers to assist you in successfully running your practice.  These solution providers often include compliance consultants, technology vendors, marketing experts, TAMP solutions, etc.  In each such instance, these providers help by guiding you along a proven process for how to achieve the desired objectives they each individually help you solve for. Often overlooked is the important process of running the actual small business side of your own firm.  Hiring/mentoring employees, establishing policies and procedures, creating efficient workflows, etc are all key to running a successful RIA firm.  In today's episode we are joined by guest, Andrea Schlapia of Ironstone who is the expert on guiding RIAs on how to successfully navigate the business side of running their own firm.

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 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.

Website:  TransitionToRIA.com

This is episode #42 of the Transition To RIA question and answer series where I answer Registered Investment Advisor (RIA) related questions I get from advisors just like you. On today's episode I answer the capstone question of.....how do I start my own RIA?  I address, among other things:

✔️ Why transitioning your practice to the RIA model doesn't have to be complicated.

✔️ The three distinct approaches to the model.

✔️ Why you might choose one of the approaches over another.

✔️ How this makes everything else about transitioning to the RIA model much easier.

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 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.

Website:  TransitionToRIA.com

Episode #41:  This is episode #41 of the Transition To RIA question and answer series where I answer Registered Investment Advisor (RIA) related questions I get from advisors just like you. On today's episode I am joined by special guest Sharron Ash, where together we address:

✔️ The profile of advisor that needs to be familiar with these legal considerations.

✔️ The "broker protocol" and when/how a transitioning advisor might utilize it.

✔️ Considerations to be aware of beyond just general solicitation topics.

✔️ How to develop a strategy to navigate a transition.

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 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.

Website:  TransitionToRIA.com