Industry

Financial Planning's "Starting an RIA" book contains 30 chapters that help financial advisors from the launch of a firm to successful exits.

Many clients avoid consolidating their assets at a single firm because they don't want the hassle. Advisors say it's important when to know not only when they're most likely to want to move assets, but also what to say.

BNY Pershing declined to state the size and fees of its clearing and custody business with RIAs and other wealth management firms. But that's hardly unique in a channel of the industry with shrinking margins.

Some advisors say they already have a hard enough time explaining what a fiduciary is under federal law and that NAPFA's new definition for fee-only planners will only add to the confusion.

Gary Carrai draws on his previous experiences as a financial advisor to recognize what sorts of technical advances are most likely to be useful to LPL advisors and clients — and how much change they can tolerate at once.

Median sale prices for RIAs have long been ticking upward. But some valuation experts argue that impending retirements could lead to an oversupply of firms on the market — and lower price tags.

Clients have many reasons for not divulging details on the assets they have at, including embarrassment. Advisors say it's still important to understand their total financial picture and, above all, not be judgmental.

A note by Morningstar DBRS analysts warned of the risks working against big RIA aggregators' success in consolidating a fragmented channel of the industry so rapidly.

Starting your own RIA can be emotionally taxing and require extensive work — and it comes with some surprises. Here's what founders said caught them off guard when launching their own firms.