Break Away From The Pack

Thinking of breaking away? 4 perks of starting your own RIA firm

On Behalf of | Sep 5, 2021 | RIA Formation |

Going independent should never be a snap decision. After all, starting a firm from the ground up is no small task. However, with the proper guidance and information, the rewards are yours to enjoy. Taking the big leap and starting your RIA firm could be the most important decision you’ll make in your career.

While the road ahead may seem uncertain, there are gains to starting your own RIA firm, as outlined below.

  • Autonomy. Having your RIA firm will put you in control of decisions affecting your firm. According to a recent report, the independence of running your RIA firm is among the main reasons many advisors opt to break away.
  • Stronger personal relationships with your clients. Traditional investment firms may not offer services or products that meet their clients’ needs. Tailoring your RIA to cater to such customer-specific demands will go a long way in improving ties with your clients. In addition, since you will likely be dealing with fewer clients, your services will have a personal touch which will positively grow such relations.
  • Greater access to financial technology. With your RIA, you get to choose the best technology to employ to streamline operations and increase productivity. The freedom to choose among the ever-evolving financial technology is one of many perks of going independent.
  • Calling the shots means controlling the wallet. With your firm, you get to manage its finances like the amount of revenue your firm can keep. You can also make other decisions that impact business operations and affect your firm’s financial health.

Information is power

Being more knowledgeable on the intricacies of a breakaway will ensure you are on the right side of things regarding compliance and everything in between. In addition, it might save you a lot of trouble in case any complications arise along the way.