I'm Brad Wales with Transition To RIA (TransitionToRIA.com). This is episode #91 of my question and answer series where I answer RIA related questions I get from advisors just like you.
Transitioning your practice to an existing RIA platform is a path chosen by many advisors.
An important part of your due diligence of a firm is their payout.
In this episode I explain how payouts in the RIA model are generally structured, as well as the payout levels you can expect depending on the type of solution you choose to partner with.
What I do: At Transition To RIA I help financial advisors understand everything there is to know about WHY and HOW to transition their practice to the Registered Investment Advisor (RIA) model.
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🔹 Transcription of video:
What is the payout if I join an RIA? That is today's question on the Transition To RIA question and answer series. It is episode #91.
Hi, I'm Brad Wales with Transition To RIA where I help you understand everything there is to know about why and how to transition to the RIA model.
If you're not already there, head to TransitionToRIA.com where you’ll find all the resources I make available from this entire series in video format, podcast format, I have articles, I have whitepapers. All kinds of things to help you better understand the RIA model.
Again, TransitionToRIA.com.
On today's episode, we're going to talk about if you were to join in RIA with your practice, what would the payout be?
There are several variables we'll talk through regarding this. But to start with, and for those that have listened or watched a lot of my episodes, you'll know I often talk about there's three main ways you can transition your practice into the RIA model.
On one end of the spectrum is to start your own RIA and build out the necessary solution providers around it. On the other end of the spectrum is to join an existing RIA, which is what we're going to be talking about today. And then there's a third flavor that's in the middle of those two along the spectrum.
As I often say, there are pros and cons to all three paths. It's not to say that one path is better than another, and advisors go down all three of the paths.
If you were to join an RIA, today's topic is, what kind of payout could you expect?
If you haven't seen them, I've done some other episodes on joining an RIA. One is about whether you should consider joining an RIA in general (as your chosen path.)
I also did an episode on how to evaluate RIAs and whether they'd be a good fit for you.
I encourage you to check out those two episodes as well if you're inclined.
But if you've made the determination to join an existing RIA, what kind of payout can you expect from the different solution providers in the marketplace? Again, that's what we're going to talk about here.
We're going to talk about how payouts are typically structured, and then we’ll get into some actual numbers of how the economics look.
There are all different kinds of RIAs you could potentially join. I talk about this in quite a few episodes. In theory, there's over 30,000 RIAs out there. Now, a huge amount of them have no interest in adding advisors. A fair number of them would like to add advisors but arguably don't have good value propositions. And then there are some very good solutions, with strong value propositions, that are looking to add advisors.
Even amongst the good ones, there are multiple flavors to choose from. This is a good thing for you, as you can ideally find a solution that is a very good fit for your specific practice. Whereas that same firm might not be a fit for some other advisor.
So, the good news is there are a lot of options to choose from. It’s more a matter of knowing which are the good ones, and which might best fit your specific situation. Con't....
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