6 Positive Points: Setting the Stage for a Successful Transition to Independence

If you’re thinking about forming your own RIA, you recognize it’s a serious venture, one which requires your time, careful planning, and commitment. But don’t let that hold you back…ask advisors who chose to go through the process whether it was worthwhile. Their typical, resounding response: “Yes!”.

For over 12 years, the FocusPoint Solutions team has worked alongside dozens of advisors, guiding them along the path to independence. The biggest complaint we hear from (now highly satisfied personally and professionally) advisors who finally made the move to the RIA business model is that they didn’t do it sooner. While every firm is unique, here are 6 important themes we’ve found throughout our experience with many advisor transitions:

  1. If you prepare properly—making time to create a solid plan beforehand and then sticking to it—you should realistically be able to expect to complete your transition in about 3-6 months.
  2. Making a transition to an RIA is an opportunity to redesign your business, increase revenue, and be selective about the clients you serve.
  3. Your clients will echo your excitement, satisfaction, and confidence about your new business model—and the majority of them will be comfortable making the move with you.
  4. Surrounding yourself with an experienced support network of professionals to walk with you through the transition process will increase the likelihood of your satisfaction and success.
  5. A good support team can help you through (and sometimes even take off your plate) many issues such as client paperwork, new compliance requirements, and even operational processes or technology details.
  6. If you’re eager to form your own RIA but your options are currently limited, a bridge RIA—a tuck-in/corporate solution that can take you one step closer to where you ultimately want to go—may be a great choice for you.

By keeping these points in mind along your journey of transitioning to independence, you’ll help yourself to ensure greater success, plus a smoother path along the way to reaching your goals. Good luck!

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