“I don’t want to join a firm that’s owned by private-equity?”Why is that?“They just want to build it and sell.”But isn’t your current firm (whatever that may be) for sale and susceptible to change?“No, not with the kind of firm I’m at.”Are you sure about that???Advisors often overweight the risks involved with joining a firm that has private-equity backing, while underweighting in comparison the risks with other firm structures.On this episode of the Transition To RIA question & answer series, I explain how advisors are better off focusing on how to protect themselves from possible ownership changes, versus worrying as much about who the owners are.Come take a listen!P.S. Prefer video? You can find this entire series in video format on Youtube. Search for the TRANSITION TO RIA channel.Show notes: https://TransitionToRIA.com/should-i-avoid-joining-a-private-equity-backed-ria/About Host: Brad Wales is the founder of Transition To RIA, where he helps financial advisors understand everything there is to know about WHY and HOW to transition their practice to the Registered Investment Advisor (RIA) model. Brad has 20+ years of industry experience, including direct RIA related roles in Compliance, Finance and Business Development. He has an MBA and has held the 4, 7, 24, 63 & 65 licenses. The Transition To RIA website (TransitionToRIA.com) has a large catalog of free videos, articles, whitepapers, as well as other resources to help advisors understand the RIA model and how it would apply to their unique circumstances.

Super-OSJ or RIA?Let’s start with what is an OSJ?Let alone, what makes an OSJ “Super?”And then how does it compare to an RIA?If you are considering joining either, it is important to understand the distinct regulatory and competitive differences between them.In this episode of the Transition To RIA question & answer series I explain how these two models differ, and why you might choose one over the other for your practice.Come take a listen!P.S. Prefer video? You can find this entire series in video format on Youtube. Search for the TRANSITION TO RIA channel.Show notes: https://TransitionToRIA.com/what-is-the-difference-between-a-super-osj-and-an-ria/About Host: Brad Wales is the founder of Transition To RIA, where he helps financial advisors understand everything there is to know about WHY and HOW to transition their practice to the Registered Investment Advisor (RIA) model. Brad has 20+ years of industry experience, including direct RIA related roles in Compliance, Finance and Business Development. He has an MBA and has held the 4, 7, 24, 63 & 65 licenses. The Transition To RIA website (TransitionToRIA.com) has a large catalog of free videos, articles, whitepapers, as well as other resources to help advisors understand the RIA model and how it would apply to their unique circumstances.

“Hybrid”“Hybrid RIA”“Hybrid Broker-Dealer”Are they the same, or are they different?Depends on who you ask!Solution providers will often tout having a “hybrid” solution. Their version of hybrid though might be very different than what you are assuming they are referring to.In this episode of the Transition To RIA question & answer series I explain how these different “hybrid” solutions vary.Come take a listen!P.S. Prefer video? You can find this entire series in video format on Youtube. Search for the TRANSITION TO RIA channel.Show notes: https://TransitionToRIA.com/what-is-the-difference-between-a-hybrid-ria-and-a-hybrid-broker-dealer/About Host: Brad Wales is the founder of Transition To RIA, where he helps financial advisors understand everything there is to know about WHY and HOW to transition their practice to the Registered Investment Advisor (RIA) model. Brad has 20+ years of industry experience, including direct RIA related roles in Compliance, Finance and Business Development. He has an MBA and has held the 4, 7, 24, 63 & 65 licenses. The Transition To RIA website (TransitionToRIA.com) has a large catalog of free videos, articles, whitepapers, as well as other resources to help advisors understand the RIA model and how it would apply to their unique circumstances.

To celebrate the 100th episode of the Transition To RIA question & answer series, I was joined by special guest, Michael Kitces.He graciously accepted my request to come on the show where I would attempt to challenge him with seven questions about the RIA model he has never been asked before:Will we ever see the equivalent of a Chick-Fil-A in the RIA industry (a systematized business with both hugely passionate clients and operators?)If you had to choose to run a $50M, $500M, or $5B RIA, which would you choose and why?If you were king for a day 20 years ago, and could change one thing about our industry, with no ramifications, what would it have been?What do you think the RIA model will look like 30 years from now?If you were a mutual fund wholesaler today, how would you try to work with RIAs?If you were asked to help invest $100M into the industry, how would you deploy the capital?If you had more capacity, is there a business in our industry you would try starting, and perhaps others should be trying themselves?Spoiler: Out of the seven, six he had never been asked before. Can you guess which one I missed the mark on?Come take a listen!P.S. Prefer video? You can find this entire series in video format on Youtube. Search for the TRANSITION TO RIA channel.Show notes: https://TransitionToRIA.com/seven-questions-about-the-ria-model-michael-kitces-has-never-been-asked/About Host: Brad Wales is the founder of Transition To RIA, where he helps financial advisors understand everything there is to know about WHY and HOW to transition their practice to the Registered Investment Advisor (RIA) model. Brad has 20+ years of industry experience, including direct RIA related roles in Compliance, Finance and Business Development. He has an MBA and has held the 4, 7, 24, 63 & 65 licenses. The Transition To RIA website (TransitionToRIA.com) has a large catalog of free videos, articles, whitepapers, as well as other resources to help advisors understand the RIA model and how it would apply to their unique circumstances.

Thinking about starting an RIA?Beware of industry voices bent on scaring you out of it.Whether due to naivety or because they’re agenda driven to keep you from making a change, there is no shortage of people expressing falsehoods about the RIA model.The resulting misconceptions often relate to managing compliance as your own RIA.In this episode of the Transition To RIA question & answer series, I debunk several such misconceptions.Come take a listen!P.S. Prefer video? You can find this entire series in video format on Youtube. Search for the TRANSITION TO RIA channel.Show notes: https://TransitionToRIA.com/what-do-advisors-fear-about-compliance-with-the-ria-model/About Host: Brad Wales is the founder of Transition To RIA, where he helps financial advisors understand everything there is to know about WHY and HOW to transition their practice to the Registered Investment Advisor (RIA) model. Brad has 20+ years of industry experience, including direct RIA related roles in Compliance, Finance and Business Development. He has an MBA and has held the 4, 7, 24, 63 & 65 licenses. The Transition To RIA website (TransitionToRIA.com) has a large catalog of free videos, articles, whitepapers, as well as other resources to help advisors understand the RIA model and how it would apply to their unique circumstances.

I’m an advocate of the RIA model.Better economics and increased flexibility are why it continues to be the fastest growing channel in the industry.But it’s not for all advisors.Whether because of the profile of your practice, your desires as a financial advisor, or external variables somewhat out of your control, the model may not be a good fit for you.In this episode of the Transition To RIA question & answer series I explain when the RIA model is not a fit.Come take a listen!P.S. Prefer video? You can find this entire series in video format on Youtube. Search for the TRANSITION TO RIA channel.Show notes: https://TransitionToRIA.com/is-the-ria-model-right-for-your-practice/About Host: Brad Wales is the founder of Transition To RIA, where he helps financial advisors understand everything there is to know about WHY and HOW to transition their practice to the Registered Investment Advisor (RIA) model. Brad has 20+ years of industry experience, including direct RIA related roles in Compliance, Finance and Business Development. He has an MBA and has held the 4, 7, 24, 63 & 65 licenses. The Transition To RIA website (TransitionToRIA.com) has a large catalog of free videos, articles, whitepapers, as well as other resources to help advisors understand the RIA model and how it would apply to their unique circumstances.

There are a lot of things in life in which getting to a “no” is easier than getting to a “yes.”Deciding which RIA to join is one of them.With several strong value propositions in the marketplace to choose from, determining which one to say yes to takes time.The easiest way to begin the process is to narrow the field by knowing which solutions you should quickly say “no” to.In this episode of the Transition To RIA question & answer series I explain which type of RIAs you should exclude from your consideration.Come take a listen!P.S. Prefer video? You can find this entire series in video format on Youtube. Search for the TRANSITION TO RIA channel.Show notes: https://TransitionToRIA.com/what-type-of-rias-should-you-not-join/About Host: Brad Wales is the founder of Transition To RIA, where he helps financial advisors understand everything there is to know about WHY and HOW to transition their practice to the Registered Investment Advisor (RIA) model. Brad has 20+ years of industry experience, including direct RIA related roles in Compliance, Finance and Business Development. He has an MBA and has held the 4, 7, 24, 63 & 65 licenses. The Transition To RIA website (TransitionToRIA.com) has a large catalog of free videos, articles, whitepapers, as well as other resources to help advisors understand the RIA model and how it would apply to their unique circumstances.

Ideally you will never be in a situation where you must ask what is the quickest you could transition your practice to the RIA model.A transition typically involves a methodical, well thought out process.But there are some circumstances where an expedited transition might be necessary.In this episode I explain when those circumstances might occur, and how quickly you can make a change if needed.Come take a listen!P.S. Prefer video? You can find this entire series in video format on Youtube. Search for the TRANSITION TO RIA channel.Show notes: https://TransitionToRIA.com/what-is-the-quickest-you-could-transition-to-the-ria-model/About Host: Brad Wales is the founder of Transition To RIA, where he helps financial advisors understand everything there is to know about WHY and HOW to transition their practice to the Registered Investment Advisor (RIA) model. Brad has 20+ years of industry experience, including direct RIA related roles in Compliance, Finance and Business Development. He has an MBA and has held the 4, 7, 24, 63 & 65 licenses. The Transition To RIA website (TransitionToRIA.com) has a large catalog of free videos, articles, whitepapers, as well as other resources to help advisors understand the RIA model and how it would apply to their unique circumstances.

You don’t choose which car to buy based on which dealership brand happens to be closest to where you live.You don’t choose which house to buy based on which listing you happen to see first on Zillow.The tail should never wag the dog.Important decisions should be made based on the underlying variables, not based on which decision is logistically easier to make.The same thing applies when picking what type of firm to transition your practice to.In this episode, I explain why choosing a broker-dealer is always easier than choosing an RIA, but if you let the tail wag the dog, you get what you pay for.Come take a listen!P.S. Prefer video? You can find this entire series in video format on Youtube. Search for the TRANSITION TO RIA channel.Show notes: https://TransitionToRIA.com/why-is-it-harder-to-pick-an-ria-to-join-than-a-broker-dealer-to-join/About Host: Brad Wales is the founder of Transition To RIA, where he helps financial advisors understand everything there is to know about WHY and HOW to transition their practice to the Registered Investment Advisor (RIA) model. Brad has 20+ years of industry experience, including direct RIA related roles in Compliance, Finance and Business Development. He has an MBA and has held the 4, 7, 24, 63 & 65 licenses. The Transition To RIA website (TransitionToRIA.com) has a large catalog of free videos, articles, whitepapers, as well as other resources to help advisors understand the RIA model and how it would apply to their unique circumstances.

There are many participants in our industry who run around gleefully messaging the big upfront bonus checks wirehouses are known to write.Have you ever considered why that is their opening line?As they say in Texas, are they “big hat, no cattle?”Before considering taking a big upfront check for joining a firm, it is important to understand the trade-offs you’re forced to take in return.In this episode of the Transition To RIA question & answer series I explain what those trade-offs are, and how it compares to pursuing an RIA path instead.Come take a listen!P.S. Prefer video? You can find this entire series in video format on Youtube. Search for the TRANSITION TO RIA channel.Show notes: https://TransitionToRIA.com/why-go-ria-when-wirehouses-offer-huge-upfront-checks/About Host: Brad Wales is the founder of Transition To RIA, where he helps financial advisors understand everything there is to know about WHY and HOW to transition their practice to the Registered Investment Advisor (RIA) model. Brad has 20+ years of industry experience, including direct RIA related roles in Compliance, Finance and Business Development. He has an MBA and has held the 4, 7, 24, 63 & 65 licenses. The Transition To RIA website (TransitionToRIA.com) has a large catalog of free videos, articles, whitepapers, as well as other resources to help advisors understand the RIA model and how it would apply to their unique circumstances.

There are no specific regulatory or legal definitions of "Corporate RIA" or "Independent RIA."Instead, we must rely on how the terms are commonly used in the marketplace.Corporate RIA verbiage is most often used in reference to the RIA component of large broker/dealers, particularly independent broker/dealers.Independent RIA verbiage is typically used in reference to owning your own RIA.On this episode, I discuss not only these two definitions, but additional ways in which the verbiage is used, often in ways you should be cautious about.Come take a listen!P.S. Prefer video? You can find this entire series in video format on Youtube. Search for the TRANSITION TO RIA channel.Show notes: https://TransitionToRIA.com/what-is-the-difference-between-a-corporate-ria-and-an-independent-ria/About Host: Brad Wales is the founder of Transition To RIA, where he helps financial advisors understand everything there is to know about WHY and HOW to transition their practice to the Registered Investment Advisor (RIA) model. Brad has 20+ years of industry experience, including direct RIA related roles in Compliance, Finance and Business Development. He has an MBA and has held the 4, 7, 24, 63 & 65 licenses. The Transition To RIA website (TransitionToRIA.com) has a large catalog of free videos, articles, whitepapers, as well as other resources to help advisors understand the RIA model and how it would apply to their unique circumstances.

You've done your due diligence on the RIA model.You've determined which path into the model to use.You've mapped out the transition steps.But how much is it going to cost to make the transition?There are hard costs, as well as your own peace of mind, that must be considered.In this episode I explain what those costs are and how to plan for them.Come take a listen!P.S. Prefer video? You can find this entire series in video format on Youtube. Search for the TRANSITION TO RIA channel.Show notes: https://TransitionToRIA.com/how-much-cash-should-i-have-saved-before-transitioning-my-practice-to-the-ria-model/About Host: Brad Wales is the founder of Transition To RIA, where he helps financial advisors understand everything there is to know about WHY and HOW to transition their practice to the Registered Investment Advisor (RIA) model. Brad has 20+ years of industry experience, including direct RIA related roles in Compliance, Finance and Business Development. He has an MBA and has held the 4, 7, 24, 63 & 65 licenses. The Transition To RIA website (TransitionToRIA.com) has a large catalog of free videos, articles, whitepapers, as well as other resources to help advisors understand the RIA model and how it would apply to their unique circumstances.

Transitioning your practice to an existing RIA platform is a path chosen by many advisors.An important part of your due diligence of a firm is their payout.In this episode I explain how payouts in the RIA model are generally structured, as well as the payout levels you can expect depending on the type of solution you choose to partner with.Come take a listen!P.S. Prefer video? You can find this entire series in video format on Youtube. Search for the TRANSITION TO RIA channel.Show notes: https://TransitionToRIA.com/what-is-the-payout-if-i-join-an-ria/About Host: Brad Wales is the founder of Transition To RIA, where he helps financial advisors understand everything there is to know about WHY and HOW to transition their practice to the Registered Investment Advisor (RIA) model. Brad has 20+ years of industry experience, including direct RIA related roles in Compliance, Finance and Business Development. He has an MBA and has held the 4, 7, 24, 63 & 65 licenses. The Transition To RIA website (TransitionToRIA.com) has a large catalog of free videos, articles, whitepapers, as well as other resources to help advisors understand the RIA model and how it would apply to their unique circumstances.

Transitioning your practice to the RIA model gives you the luxury of creating your own brand.Having a website to showcase your brand, and provide a way for clients and prospective clients to find you, is an important part of it.On this episode I cover the logistical and creative considerations involved with acquiring a domain name (i.e. the ".com" part) for your new website.Seven tips covered in the episode:Use a “.com” domain.Chose a domain that is either your brand name, or descriptive of your client offering.The shorter the domain, the better.Trademark concerns aren’t as much of a worry.Buy a domain immediately if you think you might want to use it.Make sure ownership details of your domain are kept private.You can buy a domain before hiring a marketing/website company.Come take a listen!P.S. Prefer video? You can find this entire series in video format on Youtube. Search for the TRANSITION TO RIA channel.Show notes: https://TransitionToRIA.com/what-website-domain-should-i-use-with-my-new-ria/About Host: Brad Wales is the founder of Transition To RIA, where he helps financial advisors understand everything there is to know about WHY and HOW to transition their practice to the Registered Investment Advisor (RIA) model. Brad has 20+ years of industry experience, including direct RIA related roles in Compliance, Finance and Business Development. He has an MBA and has held the 4, 7, 24, 63 & 65 licenses. The Transition To RIA website (TransitionToRIA.com) has a large catalog of free videos, articles, whitepapers, as well as other resources to help advisors understand the RIA model and how it would apply to their unique circumstances.

Many advisors seek to transition their practice to the RIA model by joining an existing RIA offering.With different platform types, value propositions, and economic considerations, how do you choose the one that is the best fit for your practice?On this episode of the Transition To RIA question and answer series, I am joined by Penny Phillips, cofounder of Journey Strategic Wealth, to discuss how to evaluate an RIA to join.We cover not only the variables you’ll want to understand and consider, but also how you can expect the due diligence process to play out.Come take a listen!P.S. Prefer video? You can find this entire series in video format on Youtube. Search for the TRANSITION TO RIA channel.Show notes: https://TransitionToRIA.com/how-do-i-evaluate-a-potential-ria-to-join/About Host: Brad Wales is the founder of Transition To RIA, where he helps financial advisors understand everything there is to know about WHY and HOW to transition their practice to the Registered Investment Advisor (RIA) model. Brad has 20+ years of industry experience, including direct RIA related roles in Compliance, Finance and Business Development. He has an MBA and has held the 4, 7, 24, 63 & 65 licenses. The Transition To RIA website (TransitionToRIA.com) has a large catalog of free videos, articles, whitepapers, as well as other resources to help advisors understand the RIA model and how it would apply to their unique circumstances.

Determining whether to transition your practice to the RIA model does not have to be intimidating.The entire process can be simplified down to three key decisions, sequentially addressed in order:Is the RIA model a fit for my practice?What are the available pathways into the model?Who are the solution providers that support my chosen pathway?In this episode of the Transition To RIA question & answer series I explain how these three decisions guide you through the process.Come take a listen!P.S. Prefer video? You can find this entire series in video format on Youtube. Search for the TRANSITION TO RIA channel.Show notes: https://TransitionToRIA.com/what-are-the-three-key-decisions-involved-with-considering-the-ria-model/About Host: Brad Wales is the founder of Transition To RIA, where he helps financial advisors understand everything there is to know about WHY and HOW to transition their practice to the Registered Investment Advisor (RIA) model. Brad has 20+ years of industry experience, including direct RIA related roles in Compliance, Finance and Business Development. He has an MBA and has held the 4, 7, 24, 63 & 65 licenses. The Transition To RIA website (TransitionToRIA.com) has a large catalog of free videos, articles, whitepapers, as well as other resources to help advisors understand the RIA model and how it would apply to their unique circumstances.

If you transition your practice to the RIA model there are a LOT of variables to consider, and decisions to be made.What technology to use is one of the most important of them.Within the technology "stack," your Customer Relationship Management ("CRM") tool is arguably the most important component.In this episode of the Transition To RIA question & answer series I explain why the CRM is so important, and how you should consider implementing it with your practice.Come take a listen!P.S. Prefer video? You can find this entire series in video format on Youtube. Search for the TRANSITION TO RIA channel.Show notes: https://TransitionToRIA.com/what-is-the-most-important-software-for-a-new-ria/About Host: Brad Wales is the founder of Transition To RIA, where he helps financial advisors understand everything there is to know about WHY and HOW to transition their practice to the Registered Investment Advisor (RIA) model. Brad has 20+ years of industry experience, including direct RIA related roles in Compliance, Finance and Business Development. He has an MBA and has held the 4, 7, 24, 63 & 65 licenses. The Transition To RIA website (TransitionToRIA.com) has a large catalog of free videos, articles, whitepapers, as well as other resources to help advisors understand the RIA model and how it would apply to their unique circumstances.

There are multiple tasks involved with running an RIA practice.Advisors tend to be passionate about the client facing tasks, and less so the behind-the-scenes administrative and operational parts.What if you designed an RIA where you outsourced most (all?) of the non-client facing tasks?What if you could spend nearly all your time on just the parts of the business you really enjoy?In this episode I explore how far you can potentially take outsourcing within an RIA.Come take a listen!P.S. Prefer video? You can find this entire series in video format on Youtube. Search for the TRANSITION TO RIA channel.Show notes: https://TransitionToRIA.com/how-to-run-a-large-ria-with-only-one-person/About Host: Brad Wales is the founder of Transition To RIA, where he helps financial advisors understand everything there is to know about WHY and HOW to transition their practice to the Registered Investment Advisor (RIA) model. Brad has 20+ years of industry experience, including direct RIA related roles in Compliance, Finance and Business Development. He has an MBA and has held the 4, 7, 24, 63 & 65 licenses. The Transition To RIA website (TransitionToRIA.com) has a large catalog of free videos, articles, whitepapers, as well as other resources to help advisors understand the RIA model and how it would apply to their unique circumstances.

You've done your homework to learn how the RIA model works.You've considered the different pathways into the model.You've performed due diligence on the needed solution providers.It all makes sense. It's a fit for your practice. You're ready to get started!But, is there anything that could prevent you from doing so?Yes, there are hurdles that, depending on your circumstances, could be insurmountable. In this episode of the Transition To RIA question & answer series I explain what those hurdles are and when they could impact you.Come take a listen!P.S. Prefer video? You can find this entire series in video format on Youtube. Search for the TRANSITION TO RIA channel.Show notes: https://TransitionToRIA.com/what-could-prevent-an-advisor-from-starting-an-ria/About Host: Brad Wales is the founder of Transition To RIA, where he helps financial advisors understand everything there is to know about WHY and HOW to transition their practice to the Registered Investment Advisor (RIA) model. Brad has 20+ years of industry experience, including direct RIA related roles in Compliance, Finance and Business Development. He has an MBA and has held the 4, 7, 24, 63 & 65 licenses. The Transition To RIA website (TransitionToRIA.com) has a large catalog of free videos, articles, whitepapers, as well as other resources to help advisors understand the RIA model and how it would apply to their unique circumstances.

How much does it cost to start a Registered Investment Advisor ("RIA") practice?As often occurs with the advice that financial advisors give their own clients, the answer is "it depends."For new advisors first entering the industry who plan to run a virtual practice, the cost might be as little as a few thousand dollars. For a large team catering to HNW clients, who plan to transition their practice from an existing broker/dealer firm, the cost could potentially be $100,000+.There are several variables that go into the total cost equation. Some of the variables have static prices, while others provide a wide range of options for advisors to choose from.In this episode I explain what the main cost variables are and how you can start to pencil your own start-up estimate.Come take a listen!P.S. Prefer video? You can find this entire series in video format on Youtube. Search for the TRANSITION TO RIA channel.Show notes: https://TransitionToRIA.com/how-much-does-it-cost-to-start-an-ria/About Host: Brad Wales is the founder of Transition To RIA, where he helps financial advisors understand everything there is to know about WHY and HOW to transition their practice to the Registered Investment Advisor (RIA) model. Brad has 20+ years of industry experience, including direct RIA related roles in Compliance, Finance and Business Development. He has an MBA and has held the 4, 7, 24, 63 & 65 licenses. The Transition To RIA website (TransitionToRIA.com) has a large catalog of free videos, articles, whitepapers, as well as other resources to help advisors understand the RIA model and how it would apply to their unique circumstances.