Transition To RIA Podcast

By Brad WalesBusiness Entrepreneurship Investing Careers

Transition To RIA Podcast episodes

August 29, 2023Q90 - What Website Domain Should I Use With My New RIA?
Transitioning your practice to the RIA model gives you the luxury of creating your own brand.
Having a website to showcase your brand, and provide a way for clients and prospective clients to find you, is an important part of it.
On this episode I cover the logistical and creative considerations involved with acquiring a domain name (i.e. the ".com" part) for your new website.
Seven tips covered in the episode:
Use a “.com” domain.
Chose a domain that is either your brand name, or descriptive of your client offering.
The shorter the domain, the better.
Trademark concerns aren’t as much of a worry.
Buy a domain immediately if you think you might want to use it.
Make sure ownership details of your domain are kept private.
You can buy a domain before hiring a marketing/website company.
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-website-domain-should-i-use-with-my-new-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.
23 min
August 08, 2023 Q89 - How Do I Evaluate A Potential RIA To Join?
Many advisors seek to transition their practice to the RIA model by joining an existing RIA offering.
With different platform types, value propositions, and economic considerations, how do you choose the one that is the best fit for your practice?
On this episode of the Transition To RIA question and answer series, I am joined by Penny Phillips, cofounder of Journey Strategic Wealth, to discuss how to evaluate an RIA to join.
We cover not only the variables you’ll want to understand and consider, but also how you can expect the due diligence process to play out.
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-do-i-evaluate-a-potential-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.
48 min
July 25, 2023Q88 - The 3 Key Decisions Involved When Considering The RIA Model.
Determining whether to transition your practice to the RIA model does not have to be intimidating.
The entire process can be simplified down to three key decisions, sequentially addressed in order:
Is the RIA model a fit for my practice?
What are the available pathways into the model?
Who are the solution providers that support my chosen pathway?
In this episode of the Transition To RIA question & answer series I explain how these three decisions guide you through the process.
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-three-key-decisions-involved-with-considering-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.
27 min
July 06, 2023 Q87 - What Is The Most Important Software For A New RIA?
If you transition your practice to the RIA model there are a LOT of variables to consider, and decisions to be made.
What technology to use is one of the most important of them.
Within the technology "stack," your Customer Relationship Management ("CRM") tool is arguably the most important component.
In this episode of the Transition To RIA question & answer series I explain why the CRM is so important, and how you should consider implementing it with 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-most-important-software-for-a-new-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.
27 min
June 22, 2023 Q86 - How To Run A Large RIA With Only One Person?
There are multiple tasks involved with running an RIA practice.
Advisors tend to be passionate about the client facing tasks, and less so the behind-the-scenes administrative and operational parts.
What if you designed an RIA where you outsourced most (all?) of the non-client facing tasks?
What if you could spend nearly all your time on just the parts of the business you really enjoy?
In this episode I explore how far you can potentially take outsourcing within an RIA.
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-run-a-large-ria-with-only-one-person/
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.
25 min
May 25, 2023 Q85 - What Could Prevent An Advisor From Starting An RIA?
You've done your homework to learn how the RIA model works.
You've considered the different pathways into the model.
You've performed due diligence on the needed solution providers.
It all makes sense. It's a fit for your practice. You're ready to get started!
But, is there anything that could prevent you from doing so?
Yes, there are hurdles that, depending on your circumstances, could be insurmountable. In this episode of the Transition To RIA question & answer series I explain what those hurdles are and when they could impact you.
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-could-prevent-an-advisor-from-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.
22 min
May 10, 2023 Q84 - How Much Does It Cost To Start An RIA?
How much does it cost to start a Registered Investment Advisor ("RIA") practice?
As often occurs with the advice that financial advisors give their own clients, the answer is "it depends."
For new advisors first entering the industry who plan to run a virtual practice, the cost might be as little as a few thousand dollars. For a large team catering to HNW clients, who plan to transition their practice from an existing broker/dealer firm, the cost could potentially be $100,000+.
There are several variables that go into the total cost equation. Some of the variables have static prices, while others provide a wide range of options for advisors to choose from.
In this episode I explain what the main cost variables are and how you can start to pencil your own start-up estimate.
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-much-does-it-cost-to-start-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.
26 min
April 27, 2023 Q83 - How Much E&O Coverage Does My RIA Need?
Obtaining Errors & Omissions ("E&O") insurance for your Registered Investment Advisor ("RIA") is not only a best practice, it is usually now a requirement for most RIAs.
E&O is professional liability insurance that protects your RIA from risks ranging from the proverbial "fat-fingered" trade entry error, to defending yourself against meritless lawsuits.
Most custodians now require RIAs using their clearing services to maintain a minimum level of E&O coverage.
In this episode I explain what those coverage levels typically are and the nuances between coverage types to be aware of.
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-much-errors-and-omissions-coverage-does-my-ria-need/
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.
19 min
April 11, 2023 Q82 - Won't Large RIAs Have The Same Challenging Compliance Departments As Broker-Dealers?
A common frustration by financial advisors in the broker/dealer model is a burdensome compliance department.
This is often the result of the firm managing compliance to the lowest common denominator amongst thousands of advisors at the firm.
An inaccurate assumption about the RIA model is that joining an RIA with similar growth aspirations will lead to a compliance burden no better than what the advisor is trying to get away from at their broker/dealer.
In this episode, I explain why this is a faulty comparison and how the RIA model is different.
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/wont-large-rias-have-the-same-challenging-compliance-departments-as-broker-dealers/
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.
29 min
March 23, 2023 Q81 - Is Broker-Dealer Technology Better Than RIA Technology?
A tale often told by broker/dealer management is that B/D technology is superior to the technology available in the Registered Investment Advisor ("RIA") model.
A few decades ago, they were right!
There was a time that broker/dealers had better economies of scale with technology investments as they had more advisors (users) to spread the investment cost across, versus what any one tech provider in the then RIA space could achieve.
That investment advantage, led to better technology.
That paradigm is now exactly opposite.
With the growth of the RIA model over the past few decades, large RIA tech providers now have more users than any one broker/dealer has, thus reversing the economies of scale advantage.
This is only one of the ways that RIA model technology has become superior to broker/dealer technology. In this episode I give a breakdown of what those advantages are.
Come take a listen!
Show notes: https://TransitionToRIA.com/is-broker-dealer-technology-better-than-ria-technology/
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.
26 min