There are many reasons why the advisers on his seven-person team might not be ready for the burdens of owning the firm, says Charles "Chuck" Osborne, co-founder of Iron Capital Advisors, No. 18 on Financial Planning's list of the country's Top RIAs.

"There's a lot of downsides to equity," says Osborne, whose Atlanta-based 14-year-old registered investment adviser manages $3.7 billion in assets for 188 clients or families.

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