Need ideas on how to answer this question
I'm a boutique RIA, and I often get the question from prospective clients and prospective advisors on, "how much in assets do you manage?" My firm has only been in existence a little over a year and our asset base is growing, but it's not large enough for someone to say 'Wow!" I realize that these days if you don't have a sizable asset base people often frawn. And, in looking to win new business and add potential advisors, I want to come-up with a creative way to answer the "how much in assets do you manage" question, without being rude or avoiding the question. I had thought of saying, "our compliance department doesn't allow for us to share that information." But I'm sure there's a better way of phrasing it and any help or thoughts would surely be appreciated. Thanks!
What state are you in?
Tell the truth if you must disclose. The firm has only been operating for a year. It takes time to build it up unless you had a substantial book that followed you.
Your ADV should say how much your RIA manages. There is too much to lose by lying. I would just explain that you are a startup and your goal is to have $XXMM in managed assets in the next 3 years.
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