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Oct 20, 2008 5:38 pm

Anyone else here who is transitioning and wants to share the occasional thought or link, please add your ideas.


This guy's timeline is interesting, each archive link on the right side is a separate article.
 
http://roadtoindependenceblog.com/2008/05/an-exodus-from-the-wirehouses/
Oct 21, 2008 12:07 pm

Are any RIAs here marketing doing educational meetings (like at the athletic club or near certain employers) - how do you run this activity?

Oct 21, 2008 12:23 pm

Here are a couple of obvious links:

 
http://fiws.fidelity.com/ria.shtml
 
http://www.schwabinstitutional.com/public/
Oct 21, 2008 12:36 pm
Getthere:

Anyone else here who is transitioning and wants to share the occasional thought or link, please add your ideas.

This guy's timeline is interesting, each archive link on the right side is a separate article.
 
http://roadtoindependenceblog.com/2008/05/an-exodus-from-the-wirehouses/


Give me a break.  It's guys like Mike Patton who perpetuate the stereotype that RIAs are simply little planning geeks with little to no client base or revenue.  His "journey" is a comedy of errors riddled with an appalling lack of foresight and business planning.  He didn't even know for weeks after he "opened" if he was going to go RIA or affiliate with a B/D, and he started with zero clients.  If I recall correctly he was all excited about getting two clients his first month.   That's not a business, that's a hobby.

I haven't wasted any more time reading his "blog" lately but I would be amazed if even now, after almost two years , he is able to support himself from his RIA business - he probably lives off of his wife's income.  He's obviously more interested in writing, speaking and gaining publicity that in earning a living as an RIA. 

Anyone using this guy as a model on how to "go independent" will be in for a rude awakening, unless your goal is to get publicity and become known in the "planner" community. 


Oct 21, 2008 12:48 pm

Hah! Well I was wondering how he would even learn the business. There's a lot of industry writing out now about how tight relationships with clients will help the average guy survive.

 
My point in putting this linkup is to show a progression, I still think his story makes interesting reading, but I'm hoping you'll put up a link or two here, Morphius.
 
I would think anyone with at least 30m AUM at a b/d should at least be doing the #s of going RIA.
Oct 21, 2008 1:22 pm

Getthere,  I'm not clear on what point you are trying to make with regards to this thread. 

Oct 21, 2008 2:04 pm

Anyone else here who is transitioning and wants to share the occasional thought or link, please add your ideas.


I'm not trying to guild the lily, (aware of search function here) or anything. I'm determined to transition, in the research phase. Others may wish to share research links.
 
I guess you're not in transition, so if you want to point anyone who is in transition to any interestesting links, that would be cool, but I can see where this thread would not be of compelling interest for you.
 
I'm not at all interested in debating RIA vs. b/d and so on, I'm hoping this thread could collect some really great links, and become dense in that regard, over the coming months.
 
So thanks for your help.
Oct 21, 2008 2:36 pm

Getthere,

There are so many different approaches one can take as an independent.  I'd be willing to respond to specific issues or questions rather than trying to throw in various links beyond the Schwab & Fidelity custodian links already mentioned.  Both have lots of podcasts, videos, etc. to help with early research.

For those serious about it, the web is a valuable tool but you can't expect it to be sufficient alone in your research.  You'll need to initiate direct contact with reps from your prospective custodians.  At that point, and if you lack the AUM to attract the attention of the big custodians, you may instead need to talk with those who cater more to the smaller advisor.  If that describes you, add Shareholder Service Group to your list.  I've never used them but they seem to have a good track record and are happy to work with smaller RIAs.


Oct 21, 2008 6:10 pm

Thanks, Morph. I'm in touch with S&F, they're doing a great job. Not like the independent b/ds slobbering all over the place.

 
If anyone else wants to share a little in this great adventure, keep in touch. I still like the idea of sharing a few reading links if anyone is investing in themselves in that way.
 
From what I've seen, the transition's a good thing to do just to rejuvinate yourself in your second decade and realize your potential.