Long Term Plan for Starting RIA

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Nov 12, 2011 10:00 pm

Hey all,

I found the site within the last week and have been reading tons of the posts.  Learned a great deal from you guys already, and look forward to picking up even more knowledge in the future.  As my name implies, I have about 6 years experience in the business, and work for one of the discount brokerage firms that alot of folks seem to look down on.  I have no problem with that, because it is the role I chose to get into the industry, and have since been able to get my CFP all expenses paid, and currently going to school for my MBA, and possibly MST (still deciding on that). 

The plan that I have been thinking about is finishing out the education, and building the relationships I have with clients at the current firm over the next few years, in hopes of bringing some of the assets with me when I go out on my own w an RIA.  I am 30 right now and was thinking 5 years from now as a realistic goal before actually starting the RIA. 

What I am looking for from anyone here is suggestions for planning over the next few years.  I have already taken down some of the books I've seen recommended, and seen folks talk about keeping the B/D relationship in the first few years, that might be more difficult starting out, allowing for commissionable sales to stabalize in the beginning. 

One specifc question I have is whether or not people think the MST is worthwhile or not.  Would I be better served to complete the MBA, and possibly go for the CFA while still with the firm and getting it paid for?

I welcome any and all questions, comments.  Thanks again.