He joined his partners to break away and do things on their own terms.
Operations isn’t just a bunch of back-office tasks
Some advisors may see it that way, but Heather feels that the discussion needs to shift to the value and return on investment (ROI) operational focus brings to the table. Here are her tips on ways to make your new firm more operations-focused:
Hire someone passionate: Just as financial advisors have in-depth knowledge in their field, operations professionals do, too. Consider bringing one on board to help expand your capabilities.
Don’t be afraid to outsource: This can be a cost-efficient way to help you access professionals that are available when you need them.
Lean on technology to help ease the load: I’ve found that using the right advisor software has been transformational for us. iRebal®, for example, allows us to rebalance in a day instead of once a quarter.*
- *Advisors using iRebal set account-level preferences based on client needs and establish asset allocation parameters based on selected investment models.
- Tax or investment efficiencies achieved or losses realized in accounts rebalanced by iRebal are the result of such preference and parameter settings.
Operational efficiency in numbers
- 1. FA Insight, Growth by Design, 2016.
- 2. Advisor Metrics, Cerulli Quantitative Update, 2012.
- 3. The 2015 FA Insight Study of Advisory Firms: People and Pay.
- FA Insight is a product of TD Ameritrade Institutional, Division of TD Ameritrade Inc. FA Insight is a trademark owned by TD Ameritrade IP Company, Inc.
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In this comprehensive infographic, you can get a quick glimpse at our list of helpful tech tools and learn how they integrate with our Veo® platforms.
With the right resources, you can avoid distractions and make sure that the daily operations of your new firm run smoothly without your constant attention. To learn more about these services and how we can connect you to them, read our perspective paper.
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For new RIAs who want to outsource some of the day-to-day tasks, the Affinity Services Program helps make connections with third-party providers who can deliver innovative and cost-effective solutions.
Have you been envisioning what your future business might look like? Use our quick and informative tool for a better understanding of how you can make the most out of your journey toward becoming an RIA.
Become an RIA in
From choosing the right business model to helping your firm thrive after transition, you may have a lot of questions about becoming an independent RIA. Get the answers you’re looking for in our guidebook, Becoming an Independent RIA.