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Legal Hurdles Facing RIAs
Thursday, February 14, 2013
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Brian counsels, “You also want to consider what resources you have. How well-capitalized this endeavor is going to be? Are your finances tied up or do you have money to spend on this transition? What’s going to be your budget for going out and creating this business?” The legal can’t be separated from the practical in this case, and so a lot of the issues you need to evaluate are going to have legal implications. By conducting a thorough assessment of an existing client base – focusing on the products and services clients need and want – an advisor can begin building a strategic plan that charts their vision and best serves the clients.

After reading all this, advisors may still think transitioning to independence can seem daunting, but you are not the first one to walk down this path and make these critical decisions. It’s important to keep in mind that many highly successful RIAs started at the same point not that long ago, or are there right now.

Brian summed it up best, “A trusted partner is able to facilitate the departure of an advisor leaving a restrictive employment arrangement and help him or her realize an entrepreneurial dream. Then continue working with them on an ongoing basis to ease the burden inherent in a highly regulated industry.”

In other words, turn hurdles into stepping stones.

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