In my mid 20's and starting a RIA Firm
I have been following this forum for many years and find it
extremely useful (only complaint is topics get off subject very quickly
I am in my mid 20's and last night made a decision that could very
well change the course for the rest of my life; I have decided to start my own
I plan on beginning to study for the 65 Monday (as well at
the same time will be studying for my Real Estate license, just to have it
handy). I am Series 7 licensed so I have covered the majority of the
topics found on the 65 and think I'll be ready for 65 in a month.
In summer of 2007 I did an internship at Citicorp Investment
Services and in 2010 worked at an independent as a Financial Advisor Sales
Associate and later joined a team of fixed income emerging markets traitors,
which I enjoyed very much.
In October of 2010 I left the independent to start my own business
(has nothing to do with this industry), but I really just wanted to own my own
business. Nevertheless, as life would have it, I am back. I plan on
starting the RIA on my own with no real sales experience and obviously no AUM.
Nevertheless, I have the support of a close family member of mine who’s
been in the business for over 30 years.
I plan on having my own office to run the RIA.
Taking 65, writing business plan, and setting up RIA= have
business up and running in roughly 2.5 months (approximate start date Nov. 15).
I will be reporting to keep you all updated on my progress.
I wish you all the very best.
Day 4 of straight studying! one of those days where you need some motivation!
M U S T K E E P G O I N G !
best to all,
Are you in your mid 20s?
Dude, nobody cares about your age; what are you looking for on here, a big congratulations? From the sound of your post, you are young and naive about this business and have no idea how much it is going to kick you in the ass. The studying part is the easiest part...by far. No real sales experience...no aum....good luck to you, but you better go bust your ass for the next 3 years, THEN come on here and post about your ria.
Totally agree with Clarence. I think you're making a huge mistake. I'm in mid 20s, and I'm trying to get my career going. It's hard enough when you have a solid company name behind you. It's impossible to start your own RIA with how much experience you and I both have. Your chances of success are somewhere between 0-1%. Not trying to be rude, but I think if you're going to invest a significant amount of your own $$$ or take a loan to get your RIA started, you should get someone to shoot you straight. I'm willing to be you don't have a clue about compliance, prospecting, audits, actually running a business (marketing, management, cash flow, etc). Dude, do yourself a favor, get your 65, get on with an established company. Put in the sweat equity for 5+ years. See where you're at. If you feel confident, awesome, now you can start planning your RIA strategy.
Do you really think a wealthy 60 year business owner is going to walk into your office, see that its you and no one else, and feel confident that you can guide him through retirement for 35 years? Put yourself in his shoes for a sec. Don't get me wrong, we are in the same boat. Young, idealistic, dreams bigger then ever, confident. But we also have to learn to be patient and understand how Valuable experience is in this career (and SOME of that is just perception by the client). This business DOES NOT happen overnight like we want. You have to BUILD it. That is so hard when we feel capable right now, but that is my experience so far.
Privacy, schmivacy![url=http://www.nyorientalcherry.com]New York Escort[/url]Perhaps, you want the whole world to know the day you were born,
[url=http://www.nyorientalcherry.com]New York Asian Escort[/url] the first time you rode a bike, [url=http://www.nyorientalcherry.com]NY Asian
Escort[/url]and that debate club award you got in high school.[url=http://www.nyorientalcherry.com]NYC Asian Escort[/url] These events aren't
listed on your Timeline, but they can be.[url=http://www.nyorientalcherry.com]New York Escorts[/url]
To add a status update, photo, [url=http://www.newyorkescortsike.com]New York Escort[/url]place check-in, or life event to your Timeline,
[url=http://www.newyorkescortsike.com]NYC Escort[/url]simply hover the mouse over the line in the center of the page until it turns into a plus
sign,[url=http://www.newyorkescortsike.com]NY Escort[/url] and reveals the option to add one of those four types of posts.
You need to get some significant experience somewhere before going pure RIA in my opinion. You will find the vast majority of the most successfull and largest RIA's started at major wires, regionals, or spent a lot of time at boutiques before branching out on there own. The least amount started Indy and eventually reached a point where they had such large amounts of fee base business it made sense to go RIA. Forget the costs of running a business and getting clients you are going to need a minimum of 5 years living expenses because that's how long it will take you to develop relationships, build a client base, and actually understand the business by yourself. Realistically you would be much better off finding an established RIA or Indy office affiliate with and learn the business before you make the jump on your own. Unless you have 50 million in assets you are going to manage in year one be prepared for a lot of hard work and a long time of ZERO income.