5 Tips To Succeed As A Breakaway Advisor

If you’re considering the move to an independent Registered Investment Advisor, here are five tips to help you succeed!

Tip 1:Know your following
This may be the most important consideration in your decision to breakaway. You’ll want to know if there are limits on soliciting your current clients and evaluate which ones will likely follow you to your new RIA firm. A recent study shows 71% of clients move with their advisor. Odds are in your favor, but you’ll want to consider this carefully.

Tip 2:Choose a custodian with your clients in mind
Interview custodians and make sure you have access to investments that suit the needs of clients who will likely follow you to your new firm. Additionally, consider the technology platform they can offer your clients to ensure it’s a positive reflection on your firm.

Tip 3:Analyze clients’ portfolios
 As clients join your firm, review their current assets and identify anyone who could benefit from transitioning to a fee-based annuity with no upfront costs. This may reduce your clients’ fees and allow you to continue building your AUM.

Tip 4:Find technology that suits your needs
  Demo various technology platforms that will help your RIA work efficiently. Be sure to explore different CRMs and software for financial planning, portfolio management, reporting, trading, rebalancing and billing. Some platforms handle all of these functions, while other platforms offer integration capabilities to provide a single experience. Make sure the software you select allows data feeds from multiple custodians and outside accounts, such as annuities.

Tip 5:Don’t forget legal and compliance matters
  Keep your RIA running smoothly by handling legal and compliance matters upfront. These include registering your RIA, setting up client agreements, obtaining E&O insurance and determining if you will take on compliance matters or hire an outside firm to handle them.

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