How To Generate The Highest Income With Your RIA?

I'm Brad Wales with Transition To RIA (TransitionToRIA.com). This is episode #69 of my question and answer series where I answer RIA related questions I get from advisors just like you.
There are two ways to improve the profitability of a business.
Increase revenues or decrease expenses.
Preferably, you do both.
The RIA model provides far greater flexibility than any other advisor model with your ability to impact each.
How you manage that flexibility is what determines your bottom line.
In this episode of the Transition To RIA question & answer series I discuss how to maximize the profitability of an RIA.
Come take a look!
👉 REMINDER - The entire series is available in podcast form as well. Simply search for the "TRANSITION TO RIA PODCAST", available on all major podcasting platforms.
What I do: At Transition To RIA I help financial advisors understand everything there is to know about WHY and HOW to transition their practice to the Registered Investment Advisor (RIA) model.
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🔹 Transcription of video:
How to generate the highest income with your RIA? That is today's question on the Transition To RIA question and answer series, it is episode #69.
Hi, I'm Brad Wales with Transition To RIA, where I help you understand everything there is to know about why and how to transition to the RIA model.
If you're not already there, head to TransitionToRIA.com, where you can find all of the resources I make available. From the video series, podcast series, I have articles, I have whitepapers, all kinds of resources there for the taking.
I noted the podcast, if you are watching this on video and you prefer podcast format, search for the "Transition To RIA Podcast" on all major podcasting platforms, you can find that as well.
Again, TransitionToRIA.com has all of the resources.
Today's episode applies whether you already have your own RIA or you are thinking about transitioning to become your own RIA and you're mapping out what the future structure of your firm is going to look like.
The question is, how can I generate the highest income with an RIA? That's what we're going to be talking about on today's episode.
I have five topics I want to go over. This is not going to be an exhaustive list of any and every way you possibly could manage an RIA. There's plenty of practice management experts out there that will get much further in the weeds on some of these topics than I will here.
But I do want to talk about five things. Whether you have your RIA and you're trying to refine your process now, or - which is a lot of my audience - you are thinking about becoming an RIA, it's much easier to build things from the start with some of these things in mind. Again, of how to generate the highest amount of income for your RIA.
At a high level, if our goal is to increase income, that can be defined two different ways. The total dollar amount of income we're trying to increase, and/or the profit margin for every dollar of revenue that comes in. How much of that flows to the bottom line of income that we're trying to increase. And ideally, you pursue both.
How can we have the maximum profit margin we can, and how do we increase the size of the pie as well so that bottom line dollar amount will increase as well? That's the focus of this episode.
If we're going to increase income, we must do one of two things, and ideally both. We must increase revenues somehow, so I'm going to touch on a few topics there. And/or we must decrease expenses in some fashion. I'll touch on a couple of topics there as well.
First, we'll jump into increasing revenue. There are two topics I want to talk about on today's episode regarding this. Again, this is not an exhaustive list of all the ways you could grow your firm. These are some of the more unconventional things that people don't often think about that are important to be able to grow your revenues. Which, again, that's a big part of the equation to increase in profits is to grow your revenue.
The first one is to outsource where you can. As you look at your practice or your future practice, ask yourself what are the non-client facing, or non-value adding tasks that must be done? Con't....
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