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If you are using lending solutions with your clients, it is understandable that you will need to replicate those solutions if you take a new path with your practice. In the RIA model, solutions like margin loans and non-purpose loans are not only available, but generally come at a significant advantage over your current options. Understanding what's available and how the due diligence process works are common steps when exploring an RIA path. On this episode (#159) of the Transition To RIA question & answer series, I explain how lending solutions work in the RIA model, and how your clients benefit. Come take a listen! P.S. Prefer video? You can find this entire series in video format on Youtube. Search for the TRANSITION TO RIA channel. Show notes: https://TransitionToRIA.com/can-i-offer-lending-solutions-to-clients-in-the-ria-model/ About Host: Brad Wales is the founder of Transition To RIA, where he helps financial advisors between $50M and $1B understand everything there is to know about WHY and HOW to transition their practice to the Registered Investment Advisor (RIA) model. Brad has 20+ years of industry experience, including direct RIA related roles in Compliance, Finance and Business Development. He has an MBA and has held the 4, 7, 24, 63 & 65 licenses. The Transition To RIA website (TransitionToRIA.com) has a large catalog of free videos, articles, whitepapers, as well as other resources to help advisors understand the RIA model and how it would apply to their unique circumstances.

Those of us in this industry all too often use jargon like basis points, ETFs, etc. At times, we forget that people (clients) outside the industry, might not be as familiar with that terminology. Turns out, I am just as guilty regarding the RIA industry. Through my 150+ episodes so far I've answered questions about all sorts of minutiae regarding the RIA model. Yet, it recently occurred to me that I have yet to answer the most straightforward question: "What is an RIA?" On this episode (#158) of the Transition To RIA question & answer series, I explain what an RIA is, how it came to be, and when it might apply to your practice. Come take a listen! P.S. Prefer video? You can find this entire series in video format on Youtube. Search for the TRANSITION TO RIA channel. Show notes: https://TransitionToRIA.com/what-is-an-ria/ About Host: Brad Wales is the founder of Transition To RIA, where he helps financial advisors between $50M and $1B understand everything there is to know about WHY and HOW to transition their practice to the Registered Investment Advisor (RIA) model. Brad has 20+ years of industry experience, including direct RIA related roles in Compliance, Finance and Business Development. He has an MBA and has held the 4, 7, 24, 63 & 65 licenses. The Transition To RIA website (TransitionToRIA.com) has a large catalog of free videos, articles, whitepapers, as well as other resources to help advisors understand the RIA model and how it would apply to their unique circumstances.

The RIA model generally provides far more flexibility with how you can run your practice. Consequently, an exciting part of transitioning your practice to the RIA model is contemplating the services and investment solutions you'd want to offer your clients upon making the transition. Providing insurance solutions to clients is one such option. However, several variables affect whether and how you can offer these solutions. In this episode (#157) of the Transition To RIA question and answer series, I explain how RIAs incorporate insurance solutions into their offerings. Come take a listen! P.S. Prefer video? You can find this entire series in video format on Youtube. Search for the TRANSITION TO RIA channel. Show notes: https://TransitionToRIA.com/can-i-offer-insurance-solutions-in-the-ria-model/ About Host: Brad Wales is the founder of Transition To RIA, where he helps financial advisors between $50M and $1B understand everything there is to know about WHY and HOW to transition their practice to the Registered Investment Advisor (RIA) model. Brad has 20+ years of industry experience, including direct RIA related roles in Compliance, Finance and Business Development. He has an MBA and has held the 4, 7, 24, 63 & 65 licenses. The Transition To RIA website (TransitionToRIA.com) has a large catalog of free videos, articles, whitepapers, as well as other resources to help advisors understand the RIA model and how it would apply to their unique circumstances.

Choosing a custodian to hold your clients' assets is one of the most significant decisions when transitioning your practice to the RIA model. Many variables are involved in deciding which of the roughly dozen custodians best fits your practice. Though just as you would perform due diligence on them, each custodian has its own criteria for which RIAs they will work with. For some custodians, one of those criteria is that the RIA must have a minimum AUM level to use them. However, many nuances exist regarding how AUM is defined, and whether your RIA would meet their criteria. In this episode (#156) of the Transition To RIA question and answer series, I explain when AUM minimums are applicable and how they would apply to your eligibility to use a particular custodian. Come take a listen! P.S. Prefer video? You can find this entire series in video format on Youtube. Search for the TRANSITION TO RIA channel. Show notes: https://TransitionToRIA.com/do-custodians-have-minimum-aum-requirements/ About Host: Brad Wales is the founder of Transition To RIA, where he helps financial advisors between $50M and $1B understand everything there is to know about WHY and HOW to transition their practice to the Registered Investment Advisor (RIA) model. Brad has 20+ years of industry experience, including direct RIA related roles in Compliance, Finance and Business Development. He has an MBA and has held the 4, 7, 24, 63 & 65 licenses. The Transition To RIA website (TransitionToRIA.com) has a large catalog of free videos, articles, whitepapers, as well as other resources to help advisors understand the RIA model and how it would apply to their unique circumstances.

Many people think of the RIA model as an "independent" model. This is accurate, as many pathways into the model are independent in nature. However, some RIA models feature advisors affiliated as W2 employees. These come in many different flavors: partnership models, traditional grid payout models, buyout models, etc. In this episode of the Transition To RIA question and answer series, I explain what these models are and when they may be a fit for your practice. Come take a listen! P.S. Prefer video? You can find this entire series in video format on Youtube. Search for the TRANSITION TO RIA channel. Show notes: https://TransitionToRIA.com/what-is-a-w2-ria-model/ About Host: Brad Wales is the founder of Transition To RIA, where he helps financial advisors between $50M and $1B understand everything there is to know about WHY and HOW to transition their practice to the Registered Investment Advisor (RIA) model. Brad has 20+ years of industry experience, including direct RIA related roles in Compliance, Finance and Business Development. He has an MBA and has held the 4, 7, 24, 63 & 65 licenses. The Transition To RIA website (TransitionToRIA.com) has a large catalog of free videos, articles, whitepapers, as well as other resources to help advisors understand the RIA model and how it would apply to their unique circumstances.

For those that follow my content, I often rant about "TAMPs" and "hybrids." Not that they aren't good solutions, but rather because our industry often uses those terms to refer to offerings that are sometimes not at all similar. (i.e., one "TAMP" provides one type of service, while another "TAMP" has a quite different model.) It is safe to add "aggregator" to my rant list. How some market participants define an "aggregator" firm can sometimes look nothing like how another defines it. In the latest episode (#154) of the Transition To RIA question & answer series I explain the different models often defined as "aggregator" firms, so you can better understand if such a model fits your practice. Come take a listen! P.S. Prefer video? You can find this entire series in video format on Youtube. Search for the TRANSITION TO RIA channel. Show notes: https://TransitionToRIA.com/what-is-an-ria-aggregator/ About Host: Brad Wales is the founder of Transition To RIA, where he helps financial advisors between $50M and $1B understand everything there is to know about WHY and HOW to transition their practice to the Registered Investment Advisor (RIA) model. Brad has 20+ years of industry experience, including direct RIA related roles in Compliance, Finance and Business Development. He has an MBA and has held the 4, 7, 24, 63 & 65 licenses. The Transition To RIA website (TransitionToRIA.com) has a large catalog of free videos, articles, whitepapers, as well as other resources to help advisors understand the RIA model and how it would apply to their unique circumstances.

All affiliation models have pros and cons. They all have red flags to watch out for as well. The RIA model is no exception. Case in point: when someone predominantly touts the "100% payout" of the model. Yes, with your own RIA, you retain 100% of your client fee revenue. But when someone loudly touts the top line without also explaining the expenses required to generate that revenue, that is generally a red flag. On this episode (#153) of the Transition To RIA question and answer series, I address this and other red flags in the RIA model to be aware of. Come take a listen! P.S. Prefer video? You can find this entire series in video format on Youtube. Search for the TRANSITION TO RIA channel. Show notes: https://TransitionToRIA.com/what-are-red-flags-to-look-out-for-in-the-ria-model/ About Host: Brad Wales is the founder of Transition To RIA, where he helps financial advisors between $50M and $1B understand everything there is to know about WHY and HOW to transition their practice to the Registered Investment Advisor (RIA) model. Brad has 20+ years of industry experience, including direct RIA related roles in Compliance, Finance and Business Development. He has an MBA and has held the 4, 7, 24, 63 & 65 licenses. The Transition To RIA website (TransitionToRIA.com) has a large catalog of free videos, articles, whitepapers, as well as other resources to help advisors understand the RIA model and how it would apply to their unique circumstances.

Every couple of years, a buzzword seems to rise up to become the industry's token topic. There was an era when "TAMP" was the sexy talk of the day. About 10 years ago, "hybrid" was all the rage. While these terms are still used today, past hype has sometimes caused confusion about when and how to use them. Case in point, should you join a "hybrid" RIA? But what does "hybrid" really even mean? After all, it's often used to describe several different logistical scenarios. In this episode (#152) of the Transition To RIA question & answer series I clarify what a "hybrid" RIA is, and when it might be a fit for our practice. Come take a listen! P.S. Prefer video? You can find this entire series in video format on Youtube. Search for the TRANSITION TO RIA channel. Show notes: https://TransitionToRIA.com/should-i-join-a-hybrid-ria/ About Host: Brad Wales is the founder of Transition To RIA, where he helps financial advisors between $50M and $1B understand everything there is to know about WHY and HOW to transition their practice to the Registered Investment Advisor (RIA) model. Brad has 20+ years of industry experience, including direct RIA related roles in Compliance, Finance and Business Development. He has an MBA and has held the 4, 7, 24, 63 & 65 licenses. The Transition To RIA website (TransitionToRIA.com) has a large catalog of free videos, articles, whitepapers, as well as other resources to help advisors understand the RIA model and how it would apply to their unique circumstances.

In most scenarios, passing the Series 65 exam is the prerequisite to become licensed as an Investment Advisor Representative. However, there are scenarios where the 66, a CFP, or maybe even a 7 are still applicable. It's important to understand how your practice profile, both today and going forward, impacts the licenses you may need in the RIA model. In this episode (#151) of the Transition To RIA question & answer series, I break down the licensing scenarios to be aware of. Come take a listen! P.S. Prefer video? You can find this entire series in video format on Youtube. Search for the TRANSITION TO RIA channel. Show notes: https://TransitionToRIA.com/what-licenses-do-i-need-for-the-ria-model/ About Host: Brad Wales is the founder of Transition To RIA, where he helps financial advisors between $50M and $1B understand everything there is to know about WHY and HOW to transition their practice to the Registered Investment Advisor (RIA) model. Brad has 20+ years of industry experience, including direct RIA related roles in Compliance, Finance and Business Development. He has an MBA and has held the 4, 7, 24, 63 & 65 licenses. The Transition To RIA website (TransitionToRIA.com) has a large catalog of free videos, articles, whitepapers, as well as other resources to help advisors understand the RIA model and how it would apply to their unique circumstances.

There is no golden goose when it comes to affiliation models in the wealth management industry. Wirehouses, independent broker-dealers, RIAs all have pros and cons. Anyone who suggests otherwise is either ill-informed or being disingenuous. So when considering pathways for your advisory practice, it's important to understand how those pros and cons compare. In this episode (#150) of the Transition To RIA question & answer series, I explain the pros and cons of the RIA model. Come take a listen! P.S. Prefer video? You can find this entire series in video format on Youtube. Search for the TRANSITION TO RIA channel. Show notes: https://TransitionToRIA.com/what-are-the-pros-and-cons-of-the-ria-model/ About Host: Brad Wales is the founder of Transition To RIA, where he helps financial advisors between $50M and $1B understand everything there is to know about WHY and HOW to transition their practice to the Registered Investment Advisor (RIA) model. Brad has 20+ years of industry experience, including direct RIA related roles in Compliance, Finance and Business Development. He has an MBA and has held the 4, 7, 24, 63 & 65 licenses. The Transition To RIA website (TransitionToRIA.com) has a large catalog of free videos, articles, whitepapers, as well as other resources to help advisors understand the RIA model and how it would apply to their unique circumstances.

A misconception about the RIA model is that certain investment solutions such as variable annuities and alternatives (alts), are unavailable for client use. That is incorrect. Regarding variable annuities, you can generally continue using new products going forward while also accommodating your existing legacy positions. It's a matter of understanding how the options work, the logistics involved, and which solution providers to use. In this episode (#149) of the Transition To RIA question & answer series, I explain how you can use variable annuities in the RIA model. Come take a listen! P.S. Prefer video? You can find this entire series in video format on Youtube. Search for the TRANSITION TO RIA channel. Show notes: https://TransitionToRIA.com/can-i-use-variable-annuities-in-the-ria-model/ About Host: Brad Wales is the founder of Transition To RIA, where he helps financial advisors between $50M and $1B understand everything there is to know about WHY and HOW to transition their practice to the Registered Investment Advisor (RIA) model. Brad has 20+ years of industry experience, including direct RIA related roles in Compliance, Finance and Business Development. He has an MBA and has held the 4, 7, 24, 63 & 65 licenses. The Transition To RIA website (TransitionToRIA.com) has a large catalog of free videos, articles, whitepapers, as well as other resources to help advisors understand the RIA model and how it would apply to their unique circumstances.

Whether you start your own RIA, or join an existing one, choosing which custodian to use is an important part of the decision process. As with choosing most solution providers for your practice, many variables should be evaluated. Price is one of them. So how much does a custodian cost? For better or worse, there is a very nuanced answer to that. On this episode (#148) of the Transition To RIA question and answer series, I explain what you should expect to pay (or not) for custodial services. Come take a listen! P.S. Prefer video? You can find this entire series in video format on Youtube. Search for the TRANSITION TO RIA channel. Show notes: https://TransitionToRIA.com/how-much-does-a-custodian-cost/ About Host: Brad Wales is the founder of Transition To RIA, where he helps financial advisors between $50M and $1B understand everything there is to know about WHY and HOW to transition their practice to the Registered Investment Advisor (RIA) model. Brad has 20+ years of industry experience, including direct RIA related roles in Compliance, Finance and Business Development. He has an MBA and has held the 4, 7, 24, 63 & 65 licenses. The Transition To RIA website (TransitionToRIA.com) has a large catalog of free videos, articles, whitepapers, as well as other resources to help advisors understand the RIA model and how it would apply to their unique circumstances.

Over the past decade, all the (now tired) excuses for why advisors shouldn't move to the RIA model have fallen. To name a few: "The technology is not as good.""You won't have access to the same level of investment solutions.""Clients want the big brand name on the door." Not only are these arguments no longer true, but the RIA model now generally provides a superior solution. But what about servicing HNW and UHNW clients? Can such clients be accommodated the same, or even better, in the RIA model? In this episode (#147) of the Transition To RIA question & answer series, I explain how supporting such clients is not just possible, but generally more favorable in the RIA model. Come take a listen! P.S. Prefer video? You can find this entire series in video format on Youtube. Search for the TRANSITION TO RIA channel. Show notes: https://TransitionToRIA.com/can-i-service-high-net-worth-and-ultra-high-net-worth-clients-as-an-ria/ About Host: Brad Wales is the founder of Transition To RIA, where he helps financial advisors between $50M and $1B understand everything there is to know about WHY and HOW to transition their practice to the Registered Investment Advisor (RIA) model. Brad has 20+ years of industry experience, including direct RIA related roles in Compliance, Finance and Business Development. He has an MBA and has held the 4, 7, 24, 63 & 65 licenses. The Transition To RIA website (TransitionToRIA.com) has a large catalog of free videos, articles, whitepapers, as well as other resources to help advisors understand the RIA model and how it would apply to their unique circumstances.

I am often asked how long it takes to register an RIA. The simple answer is typically 45-90 days, though in some scenarios it could take significantly longer. Equally important is knowing when (and how) to file in relation to when you plan to launch your firm. Furthermore, this is just one step in an overall transition process that typically takes 6-9 months. On this episode (#146) of the Transition To RIA question and answer series I explain the variables that determine the timeline for registering your own RIA. Come take a listen! P.S. Prefer video? You can find this entire series in video format on Youtube. Search for the TRANSITION TO RIA channel. Show notes: https://TransitionToRIA.com/how-long-does-it-take-to-register-a-ria/ About Host: Brad Wales is the founder of Transition To RIA, where he helps financial advisors between $50M and $1B understand everything there is to know about WHY and HOW to transition their practice to the Registered Investment Advisor (RIA) model. Brad has 20+ years of industry experience, including direct RIA related roles in Compliance, Finance and Business Development. He has an MBA and has held the 4, 7, 24, 63 & 65 licenses. The Transition To RIA website (TransitionToRIA.com) has a large catalog of free videos, articles, whitepapers, as well as other resources to help advisors understand the RIA model and how it would apply to their unique circumstances.

When I explain to advisors they likely will want legal advice regarding navigating their departure from their current firm, I sometimes hear a range of responses: “My buddy left the firm last year, and I’m just going to follow what he did.” “I’m already independent, so none of that applies to me.” “I made a transition 7 years ago, so I already have it figured out.” In reality, most advisors, regardless of their current affiliation model, have at least one (if not multiple) reasons to need such advice: non-solicits, non-competes, Reg SP, broker protocol, deferred comp, forgivable loans, RSUs, taking team members with them, etc. On this episode (#145) of the Transition To RIA question & answer series I explain why and how such legal advice is part of a typical transition. Come take a listen! P.S. Prefer video? You can find this entire series in video format on Youtube. Search for the TRANSITION TO RIA channel. Show notes: https://TransitionToRIA.com/when-do-you-need-legal-advice-as-part-of-an-ria-transition/ About Host: Brad Wales is the founder of Transition To RIA, where he helps financial advisors between $50M and $1B understand everything there is to know about WHY and HOW to transition their practice to the Registered Investment Advisor (RIA) model. Brad has 20+ years of industry experience, including direct RIA related roles in Compliance, Finance and Business Development. He has an MBA and has held the 4, 7, 24, 63 & 65 licenses. The Transition To RIA website (TransitionToRIA.com) has a large catalog of free videos, articles, whitepapers, as well as other resources to help advisors understand the RIA model and how it would apply to their unique circumstances.