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More Brokers, Advisors Going Independent and taking Clients with them

Added on April 2011 in Join an RIA

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Summary: The Broker and Advisor Sentiment Index Survey by Fidelity reports that more brokers and financial advisors are looking to make more money and have more control over the type of clients they serve and the investments they recommend and they continued to flood the independent channel at a swift pace in 2010. Culture and community fit are important to them. Brokers and Advisors on average brought over 70% of their client assets when they did make a change. 

Untethering from the Mothership: Yes You Can, But It Won't Be Easy

Added on March 2011 in Join an RIA

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Summary: Before changing firms and or business models thinking, planning and strategy are required. First of all, review your needs If you are with one of the major firms that has signed the Broker Protocol (note to yourself – find out if yours has) there are certain rules by which you must abide, or risk being sued by the firm you’re leaving. Look for firm with the right culture fit for you, and culture fit does not mean payout. When you decide what is right for you you’ll have the time of your life!

How to Choose a Firm When You Go Independent

Added on March 2011 in Join an RIA

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Summary:  Leaving a brokerage firm or a large wirehouse to join a firm of independent planners is a delicate move. Your own career and financial security is at risk when you put your reputation on line with new colleagues. Choose a firm with a well thought out and documented investment philosophy. Choose a firm with the infrastructure that you need to support you: staff, back office efficiency and capacity to grow. A good firm will have a healthy culture with little or no staff and client turnover.

Hybrid's New Groove

Added on May 2011 in Join an RIA

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Summary: A small number of RIAs with national ambition are joining IBDs so they can attract breakaway brokers that need to be hybrid reps.  Beacon Pointe Advisors of Newport Beach, California is using this strategy with success.

The hybrid sector growth was measured in Cerulli Associates’ study The Advisor Metrics 2010. From 2004 to 2009, the headcount at dually registered hybrid firms grew nearly 15%, almost three times that of RIA-only firms.

More Advisors Going Independent: Schwab

Added on March 2011 in Join an RIA

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Summary: An increasing number of advisor teams are transitioning to the fully independent RIA model from independent bds according to Schwab’s survey released March 28, 2011. The survey of 157 IBD-affiliated advisors found a 45% increase in 2010 compared to 2009. 58% polled say they would prefer to join an existing firm, while 34% say they would prefer to start their own.