I am at a full service firm and manage about 30 Million. This is my concern or question. I would like to go independent as a RIA but I didn’t know if the 30 Million (assuming I bring 70%) 20 Million would be enough initially to "make a living?"
Who do I go to? Talk to? Advice
I sent you a PM.Search all the posts from Morphius to help you get up to speed.
Schwab has a report on what needs to be done when and what it’llcost and a hypothetical operating budget. Get this to start. I started my RIA from scratch and filing the ADV is the simplist part. One issue you need to resolve is whether you want to form your own RIA or act under someone elses. If you form your own be prepared for SEC compliance audits, you’ll probably need GAAP financials, your own layer of compliance (which you canbuy from third parties). All of that’s a hassel, but the value of a shell RIA, I have heard, is about $50k – which is relly a proxy for the set up costs and time value of doing it yourself or being up and running in a matter of weeks not months. Don’t forget about D&O coverage either.