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What It Really Takes to Build an RIA Firm

It’s no small task to build a firm from scratch. And while there are some breakaway advisors willing to go it alone, others aren’t even aware of where to start.

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In this episode, Mindy is joined by Matt Sonnen of PFI Advisors, who helped build the infrastructure for the breakaway launch of Luminous Capital, and today has a career helping lead billion-dollar teams to independence.

Because Matt has been on both sides of a breakaway, he can paint a realistic picture of what it really takes to build a registered investment advisory  firm—whether you go it alone, work with a service provider or hire a consultant. He answers those questions most frequently asked, including:

  • What does it take to build an independent business?
  • What are the differences between a serial acquirer, a service platform and a consultant?
  • How do you access alternatives, research and lending as an independent?
  • How do you create a performance report as an independent?
  • How do you trade as an independent?
  • How long does it take to launch?
  • What about marketing and branding?
  • How do you handle compliance?

They will also discuss what to expect from life after the launch and address a common concern about the bottom line. That is, how long does it typically take for a breakaway to become cash-flow positive?

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Mindy Diamond is President & CEO of Diamond Consultants in Morristown, N.J., a nationally recognized boutique search and consulting firm in the financial services industry.

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