I’ve decided to become an independent advisor. Now what?

Author: Team Golden State

It is critical to do your due diligence and understand all aspects of choosing an RIA before making a transition. Not all RIAs are created equal and finding the right fit that aligns with your profile may take some time and research. It is recommended to identify at least three RIAs to speak with, interview them and then choose the right fit.

When choosing an RIA, you will want to consider the following:

  1. What is the company’s culture – are they a large or boutique organization?
  2. What is the history of the company and what does their longevity look like?
  3. Do they have a clean compliance record?
  4. What custodial relationships does the firm have?
  5. What fees will I encounter?
  6. What is the tech stack that is available to me?
  7. Does the company offer a turnkey asset management program?
  8. Will I have marketing assistance?
  9. Is there an M&A program?
  10. Is there transition support?

While these aspects are important to building a successful business, there are a few other supportive resources that could make a difference in helping your business thrive. Whether you are building a strong network or focusing on client retention, you should consider additional assistance from your new firm in the areas of coaching and practice management. Can the firm offer guidance in new revenue generators or merger and acquisition support? We see it as plain and simple, if the company is aspiring to grow, they will help you grow.

At Golden State, we provide our advisors with the autonomy to build enduring businesses. We help them provide exceptional service to their clients, while continuously bringing new technology and skills to their fingertips.