Starting an RIA

Separate from any transactions involved with succession, financial advisors who want to retire face challenges that make exiting the business difficult.

Preparation is everything: If clients are aware of the transition well in advance, experts say the risk is pretty low they'll leave the firm.

Experts say RIA owners often resist making themselves replaceable. But they'll have to choose between an internal or external deal someday.

The implications to taxes, hiring and the very legacy of a financial advisor's career demand much more formal documentation than most RIAs have undertaken, experts say.

Minority transactions are increasingly appealing to sellers who are wary of giving up the full control of their firms. But experts say the deals do come with strings.

Deal structure, transition plans and dog and pony shows represent only a few of the thorny difficulties involved with branching into an acquisition strategy, experts say.

Resources and personal connections offer significant advantages. But financial advisors and other experts say they only get new RIAs part of the way.

Much like deciding the right client headcount, choosing whether to fire a customer or turn away new business represents an important step in a firm's development.

The question ties into so many of the factors that distinguish large and small firms, various client niches and decisions about whether or not to hire staff.

Some financial advisors may still hesitate to get on LinkedIn, Facebook, Instagram, YouTube or TikTok. But experts say growing firms need to be on the social platforms.

For a newly launched RIA, its website is one area in which less can be more — but only if the firm's online HQ puts the right visitors on the path to conversion.

Many express frustration with either real or perceived doubts about clients' concerns, but experts say they're missing an opportunity to address them up front.

Attorneys and other compliance experts say it's important that financial advisors greet any type of negative feedback with a thoughtful response — especially if it could turn into a legal matter.

A frequent subject of SEC enforcement complaints and examinations can cause newer firms pain if they don't follow the rules.

Errors and omissions policies may not represent the most exciting aspect of launching an advisory firm, but experts say custodians often require firms to purchase this and other insurance.

The question has turned into something of a paradox because of the related, but different, rise of RIAs and how that has affected independent brokerages.

Only about 4% to 6% of advisors switch firms in a given year, for any number of reasons. Here's how growing advisory teams add to their ranks.

Financial advisors can multiply their reach, the value of their business and their client services by tapping new employees. Finding the right fit is a careful dance.

Social media and other digital technologies have fundamentally altered the process and, experts say, often distract financial advisors from the most successful methods.

The question looms especially large for startups breaking into the field, but there are no straightforward answers. Here's a guide for financial advisors.