Starting an RIA

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Jul 13, 2007 10:34 am

I work with an RIA, but we have different philosophies for managing money. 


Anybody know what the current requirements are to start one?


Just wondering.  Even the RIA I work with says he's got some clients that would give me some money to seed it with, since we have different methodology.


It's worth looking into..........




Jul 13, 2007 10:37 am

Why don't you wait until you have your OWN clients, and you won't have to ask for seed money from other people's clients. 

Jul 13, 2007 10:46 am
BankFC:

Why don't you wait until you have your OWN clients, and you won't have to ask for seed money from other people's clients. 


That's pretty funny, since you work for a bank and you work THEIR clients.........


I'm not asking for seed money, the RIA I work with is offering. 


I guess I shouldn't take advice from a bank rep..........


Jul 13, 2007 10:58 am
bluestars80:

I work with an RIA, but we have different philosophies for managing money. 


Anybody know what the current requirements are to start one?


Just wondering.  Even the RIA I work with says he's got some clients that would give me some money to seed it with, since we have different methodology.


It's worth looking into..........




LOL.  Oh really???  You might try using English as your first language, because your post CLEARLY states he's got SOME CLIENTS that would give some seed money to start...


Sucks to be called out huh?

Jul 13, 2007 11:04 am
BankFC:

LOL.  Oh really???  You might try using English as your first language, because your post CLEARLY states he's got SOME CLIENTS that would give some seed money to start...

Sucks to be called out huh?




Don't you have some little old widow trying to roll a CD that you can sell a 7-year surrender EIA to? 


I'll give you kudos, it takes a LOT of guts to let people know you work at a bank as an FA..........sort of an oxymoron........

Jul 13, 2007 11:11 am

I like this bluestars80 guy.  He's been here only a short time and has already OWNED bankfc twice.  Keep up the good work!

Jul 13, 2007 11:23 am
Ferris Bueller:

I like this bluestars80 guy.  He's been here
only a short time and has already OWNED bankfc twice.  Keep up the
good work!





Owning a bankFC is only worth a point or two. Strictly a ham and egg game.

Jul 13, 2007 11:59 am

Bluestars is on point Bankfc. Instead of trying to be funny and subsequently be placed under the bus while Blue is actually requesting information on a real business enterprise, engage yourself in the following tried and true/mandated by your "firm" quasi business building activities:



Check the matured cd's list
Ensure your relationship banker's insurance license is up to date so you can ensure a weak but reacurring revenue stream from the annuity she's about to slam granny in to.
Meet with your boss (branch manager) to discuss the recent closing of Duncan Doughnuts and your business plan to ensure fresh pastries to all who breach the banks hallowed doors.
Coach the tellers and confide in them that you will walk them out to the car after the doors shut so their third husband doesn't slap another knot on their head...you're their freind right?
Keep telling yourself as you gaze into the mirror at night that you're not ashamed to be a forth rate minion in our business and you will make a valid attempt to lift your eyes/head from the floor to engage in "I know I suck" eye contact with a real advisor who you meet personally.
Your bills may be paid and you probably have some chop in your walmart purchased money/paper clip...but you know in the depth of your very soul you can't go pee pee at the stalls and are still be ushered in to the ladies john to tinkle by mommy (branch manger).

Now listen, we're trying to get paid here, go make sure the addresses are correct on my checking account and let the adults make the real decisions.

Jul 13, 2007 1:03 pm

As to starting the RIA, very easy.


1-Have series 65/66


2-Contact NASD/IARD to complete form ADV Part I/II


3-Register w/ SEC or your State


4-Get e&o insurance


5-Contract w/ one or many custodians (if you want to manage the assets)


6-Find clients


That's how I started and it's worked out pretty well.

Jul 13, 2007 2:06 pm
EDJ to RIA:

As to starting the RIA, very easy.


1-Have series 65/66


2-Contact NASD/IARD to complete form ADV Part I/II


3-Register w/ SEC or your State


4-Get e&o insurance


5-Contract w/ one or many custodians (if you want to manage the assets)


6-Find clients


That's how I started and it's worked out pretty well.



I'm in the process of starting an RIA too and thinking of getting a third party to do my registration, compliance, etc.  It costs about $3k for the initial filings.  Would you recommend going this route, or doing it myself?


I currently make about $2k a week, and will be let go as soon as I let my firm know I've filed my reg. papers.  I was willing to outsouce the reg, etc. for the $3k because I thought if I mess something up, and it ends-up taking a month longer to get approved before I can prospect, because of the mistake, etc., the $3k will be money well spent to avoid the lost salary over that time period.


Does this make sense?


Jul 13, 2007 4:57 pm
AlphamaleB4u:

Bluestars is on point Bankfc. Instead of trying to be funny and subsequently be placed under the bus while Blue is actually requesting information on a real business enterprise, engage yourself in the following tried and true/mandated by your "firm" quasi business building activities:



Check the matured cd's list
Ensure your relationship banker's insurance license is up to date so you can ensure a weak but reacurring revenue stream from the annuity she's about to slam granny in to.
Meet with your boss (branch manager) to discuss the recent closing of Duncan Doughnuts and your business plan to ensure fresh pastries to all who breach the banks hallowed doors.
Coach the tellers and confide in them that you will walk them out to the car after the doors shut so their third husband doesn't slap another knot on their head...you're their freind right?
Keep telling yourself as you gaze into the mirror at night that you're not ashamed to be a forth rate minion in our business and you will make a valid attempt to lift your eyes/head from the floor to engage in "I know I suck" eye contact with a real advisor who you meet personally.
Your bills may be paid and you probably have some chop in your walmart purchased money/paper clip...but you know in the depth of your very soul you can't go pee pee at the stalls and are still be ushered in to the ladies john to tinkle by mommy (branch manger).

Now listen, we're trying to get paid here, go make sure the addresses are correct on my checking account and let the adults make the real decisions.



AlphaMale4U???  Is that seriously your screen name???    Sorry, this isn't the adultfriendfinder.com, this is a forum for registered reps. 


Jul 13, 2007 5:01 pm
BankFC:
AlphamaleB4u:

Bluestars is on point Bankfc. Instead of trying to be funny and subsequently be placed under the bus while Blue is actually requesting information on a real business enterprise, engage yourself in the following tried and true/mandated by your "firm" quasi business building activities:



Check the matured cd's list
Ensure your relationship banker's insurance license is up to date so you can ensure a weak but reacurring revenue stream from the annuity she's about to slam granny in to.
Meet with your boss (branch manager) to discuss the recent closing of Duncan Doughnuts and your business plan to ensure fresh pastries to all who breach the banks hallowed doors.
Coach the tellers and confide in them that you will walk them out to the car after the doors shut so their third husband doesn't slap another knot on their head...you're their freind right?
Keep telling yourself as you gaze into the mirror at night that you're not ashamed to be a forth rate minion in our business and you will make a valid attempt to lift your eyes/head from the floor to engage in "I know I suck" eye contact with a real advisor who you meet personally.
Your bills may be paid and you probably have some chop in your walmart purchased money/paper clip...but you know in the depth of your very soul you can't go pee pee at the stalls and are still be ushered in to the ladies john to tinkle by mommy (branch manger).

Now listen, we're trying to get paid here, go make sure the addresses are correct on my checking account and let the adults make the real decisions.



AlphaMale4U???  Is that seriously your screen name???    Sorry, this isn't the adultfriendfinder.com, this is a forum for registered reps. 




I'll give credit where it's due. That was a good one. To alpha's credit, he pretty much owns you bank kids with this post.

Jul 13, 2007 5:04 pm

Powerful retort junior...you're working where you belong.


My name exhibits my power over you: Remember son, you're the one quoting the website sweetpea.

Jul 13, 2007 5:05 pm

Bluestars,


If you want advice on here, you should be clear.  Saying you are getting seed money from your partner is one thing...saying maybe he'll give you some clients to get you going is another.  I wasn't being funny, I was being honest.  Too bad you're too thin skinned to see that.


Ferris,


You're one of Bobby's groupies, or maybe his alter ego.  Either way, I've never seen an intelligent thing you've posted, so I'll let you guess how much your opinion means to me...



Allreit is just a associate professor with no clients anyway.  Plus he is European...how smart could he be?

Jul 13, 2007 5:11 pm

OMG...


I can't even type his name out without laughing...Alpha Male. Isn't there is a swingers convention in Vegas you should be at right now...something about bbw???  

Jul 13, 2007 6:04 pm
BankFC:

Allreit is just a associate professor with no clients anyway.  Plus he is European...how smart could he be?





And you know I'm European how? Owned again.




Jul 13, 2007 6:07 pm

No my friend, you are.  And you know I am correct.

Jul 13, 2007 8:07 pm
BankFC:

No my friend, you are.  And you know I am correct.





Considering I was born in San Francisco, and am a natural US citizen. I find it very hard to think of myself as european.



Again, you have been owned. Accept it, and head back to your cubicle.

Jul 13, 2007 9:45 pm
BankFC:

Why don't you wait until you have your OWN clients, and you won't have to ask for seed money from other people's clients. 


Bankman, can you explain the purpose of your nasty ass reply to the original posters reasonable question? I'm serious, I'm just trying to understand what you were trying to accomplish. I thought it was a very interesting question, that I was most looking forward to someone answering intelligently. But I had to read thru 5-6 extraneous posts as everyone tried to top everyone else in the assenine department. Really, was that what you were trying to accomplish? IMHO, it was a truly assenine (and uncalled for) response.

Jul 14, 2007 12:11 am

Prato...read the original post.  It reads that someone is trying to start an IRA with money from ANOTHER reps clients.  This is beyond stupid.  That's why I said if that was the case, he should wait until he has his OWN clients.


If he had said the money was coming from his partner in the original post...whole different story.  He could have clarified, but instead HE took it south with a tired knock at bank reps.  I just went with it.


I had success at ML (left at end of POA in good standing), hav e become truly successful here at the bank, and I could care less about the dumbasses on this forum who down one channel or the other.  But if someone is going to be a dick, don't be surprised if I retort. 


I'm an easy guy to get along with in person...