Portfolio manager platforms
Quick profile: Midwest, wirehouse guy, 10 years in, $600k, fee based with a large component of rep-discretionary run portfolio business. Thinking a move straight to RIA might be too drastic (and more start up costs involved).
So the question is - which independent b/d is the best at supporting portfolio manager business models. Block trading, portfolio management and analytic technology, marketing suport, a compilance culture attuned to discretionary money management reps, and an open ability to create an independent brand are the primary concerns I have.
I can't believe it hasn't been mentioned before in any of these threads. You won't believe what these people are missing. Six straight years as Investment Advisor magazine's "Broker/Dealer of the Year" award. Great things are happening under the radar and it amazes me.
Quick profile: Midwest, wirehouse guy, 10 years
in, $600k, fee based with a large component of rep-discretionary run
portfolio business. Thinking a move straight to RIA might be too drastic
(and more start up costs involved).
You might try thinking again.
The RIA concept might be your best option. If you value your
discretionary mangement ability, think about being able to handle
multiple accounts/trades at one time. Most independent BD's don't have
Think about the time you would save NOT having to enter individual
orders. The ability to execute on asset allocation strategies, rather than
concentrating on the mechanics of executing your investment allocation
decisions creates a huge advantage for the RIA advisor.
Startup costs aren't incredibly different than those of other independent
firms. You'll be doing yourself a huge disservice by not following through
with RIA due dilligence.
Absolutely. If my practice was a bit larger then I would definitely pursue the RIA option exclusively. I would define myself as more of a "money manager" than a "wealth manager."
But at $600k , I feel I should also pursue independent b/d options as well. But I don't want to take a step backward, so I would want a platform that supports discretionary management and has block trading capabilities.