He joined his partners to break away and do things on their own terms.
We asked RIAs from across the country to share the best piece of advice they could give to advisors who are considering transitioning to the independent model. Click to explore what they have to say and gain insights that can help motivate and inspire you to make a thorough and informed decision.
Be honest about your intentions
Before you decide to break out on your own, consider your motivation. While money might factor into the equation, try to dig even deeper. You may find that you’re also seeking freedom, a more client-friendly environment, a better cultural fit, or all of the above. No matter your reasoning, be sure to communicate your intent to your clients and explain how this move can benefit them. Doing so can help you maintain their trust throughout the transition process.
Build your network
Making the transition can be easier than you think. Remember, there are many who have done it before you! Networking can help you find other RIAs who can give you tips and pointers on how to get started. Find others who have experienced success through transition and learn from their triumphs and setbacks.
Trust your gut
Chances are you have the experience and know-how needed for your business to flourish. Remind yourself of this often and let it motivate you to be a trailblazer. When clients know you’re confident, they’ll likely take your lead.
Strengthen client relationships
When you become an independent RIA, the needs of your clients become more important than ever before. Communicating with them openly after you resign and as you transition, and demonstrating how your business now revolves around them, can go a long way toward building loyalty.
Choose the right custodian
Having the right custodian partner can make or break your business. Be sure to find one that shares your values and offers the tools and resources you need to take off running. If you’re unsure of where to start, try asking other RIAs who have already transitioned about their custodial experiences. Their advice can make vetting your options easier than you think!
We’ll help you
Thinking of becoming an RIA, but unsure of the financial implications? Learn more about the potential benefits with our RIA Economic Evaluator.
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.
Ready to go out on your own? Let’s do some math. Use this worksheet to keep track of what your startup costs may be.
Transitioning to independence could be a win for you and your clients. Find out what other Advisors have to say about what it’s like on the other side.