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How to attract prospects who are right under your nose

Added on February 2014 in Form an RIA
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Summary: Financial advisers looking for new ways to find clients should consider whether the “look right under your nose” approach that's worked for a couple successful advisers would work for them, too.

Vincent Barbera, on Technology Helping Advisers Go Indy

Added on February 2014 in Form an RIA
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Summary: When I was first considering starting my own independent RIA, I knew there was no way I could keep up with "robo-advising platforms" and their powerful, interactive tools. Over the last year or two that's changed. Today there are a number of systems and software options that allow smaller RIAs to offer their clients the same level of technology and service that they'd find in an online platform or with a larger adviser.

More Solo Advisors Are Joining Forces

Added on February 2014 in Form an RIA
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Summary: Flying solo in the financial-advice business has never been a cakewalk, and mounting compliance costs are making it even tougher. According to Cerulli Associates, the number of sole practitioners has shrunk over the past five years, especially among independent broker-dealers, where multi-advisor practices are up 55%.

Wirehouse Breakaways Must Wait for Profits

Added on February 2014 in Form an RIA
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Summary: Brokers who break away from wirehouses often do so because they’re tired of handing 60% to 70% of their hard-earned revenues over to their employer. But advisors who have taken the plunge into independence say they generally have to wait quite a while before breaking even, let alone turning a profit. Many face unexpected costs when setting up shop for themselves, and even those who partner with hybrid RIAs make sacrifices in the early days, experts say.

As Big Teams Break Away, Planning Gets Complicated

Added on February 2014 in Form an RIA
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Summary: When Clayton Hartman first sat down with executives at Focus Financial Partners to discuss a proposed "lift-out" of his team of advisers, then all working for UBS AG, he brought a spreadsheet of roughly 1,000 questions.That may have been overkill, but it reflected the size of the team--20 advisers and staff, including Mr. Hartman. It was an unusually large number to leave a brokerage in one swoop and form their own independent firm.

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