Thanks for the comment. Starting your own RIA is always a potential option. There are pros/cons to both routes (starting an RIA; joining an RIA.) Some advisors do not desire to be responsible for compiling/managing variables such as a tech stack, client billing, IT infrastructure, compliance, etc. Hence, a packaged plug-in approach is potentially appealing. Other advisors not only don't mind managing those pieces, they prefer selecting and managing each of them. It comes down to what is the best approach for you and your specific practice.
Inevitably you will “need others”. Whether you outsource tech and ops or do it in house, you’ll eventually be incurring an expense. The ROI on each option largely depends on your human capital
Thank you much for the explanation! If an advisor begins with very few clients, can't he/she do it using his/her own computer as he does for his/her own account? Why the need for sophisticated technologies? If he/reaches 50, 100 or more clients, sophisticated software makes sense! Thank you for your input in advance!
@@zmack1830 In theory, you could try to use more of a manual approach when first starting out. That will arguably, though, get wildly inefficient well before you get to 50+ clients. At a minimum, I'd at least start out with a CRM (see video #87 I made.)
If I go 1099 route, why do I need anyone? Why not go solo?
Thanks for the comment. Starting your own RIA is always a potential option. There are pros/cons to both routes (starting an RIA; joining an RIA.) Some advisors do not desire to be responsible for compiling/managing variables such as a tech stack, client billing, IT infrastructure, compliance, etc. Hence, a packaged plug-in approach is potentially appealing. Other advisors not only don't mind managing those pieces, they prefer selecting and managing each of them. It comes down to what is the best approach for you and your specific practice.
Inevitably you will “need others”. Whether you outsource tech and ops or do it in house, you’ll eventually be incurring an expense. The ROI on each option largely depends on your human capital
Thank you much for the explanation! If an advisor begins with very few clients, can't he/she do it using his/her own computer as he does for his/her own account? Why the need for sophisticated technologies? If he/reaches 50, 100 or more clients, sophisticated software makes sense! Thank you for your input in advance!
@@zmack1830 In theory, you could try to use more of a manual approach when first starting out. That will arguably, though, get wildly inefficient well before you get to 50+ clients. At a minimum, I'd at least start out with a CRM (see video #87 I made.)
@@TransitionToRIA Thank you so much, that was helpful!