1. Collaborate with your RIA: As you transition to the new RIA, it is important to collaborate with the firm for a seamless transfer of client assets and accounts. This includes working with custodians, fund transfers, and updating account information. Golden State has a clear step-by-step process and dedicated transition team that assists with the entire process to ensure a smooth transition.
2. Build your brand and procure technology: Whether you are creating a brand from scratch or building upon an existing independent practice, Golden State’s marketing and technology leaders work directly with advisors to support the desired business needs. For marketing, a brand build-out and PR focus are on the priority list for an initial launch of your business, followed by other marketing support. For technology, your tech consultant will source hardware and software that meets your business needs, which is accompanied by a set-up, so your business is technologically sound and current.
3. Communicate to clients: It is highly recommended to seek private, ongoing consult with legal counsel with specialties in securities regulations as well as your jurisdiction to discuss current contractual obligations, resignation permissions, protocols, and allowable client communication guidelines. Golden State has the necessary tools to help you achieve a timely and transparent communication plan and helps advisors take the steps needed to experience a successful transition.
4. Transfer assets: As you speak with your clients, it is important to coordinate closely with the RIA to ensure a smooth transfer of assets and client accounts. This may involve working with custodians, transferring funds, and updating client account information. Golden State has successfully transferred over $3 billion in assets under care1 and has the experience to help you along the way.
5. Monitor progress: At team Golden State, you have a transition team that is dedicated to your specific transition. Once your transition is complete, the team continues to be at your side to help build your practice and thrive.