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.
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Summary: The right path is for advisory firms to have a well defined career development program. To attract young planners, advisory firms need a clear career track with training and experience goals.
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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.
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.
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Summary: The third and often-overlooked option for breakaway brokers is the tuck-in RIA. While most breakaways consider establishing their own RIAs or joining an independent broker-dealer, a growing number are looking within the already existing RIA community for a firm to join as a tuck-in.
