Not every wirehouse advisor who moves to independence makes the break in one move: Sometimes, the road involves a series of smaller steps. Such was the case for Alex Goss, president of Goss Advisors, a $6 billion hybrid-RIA based in New Orleans. His path began in the wirehouse world, which he left for the independent broker/dealer space before launching his own firm—now one of the leading platforms for prospective advisors.
Louis Diamond hosts this episode and discusses with Alex:
- The insider’s perspective on key differences between the independent broker/dealer and the registered investment advisor models.
- How to assess the importance of drivers like economics, flexibility and service before making a move.
- How to think about the transition packages offered by many broker/ds. (Hint: It’s not “free money.”)
- The economics of a traditional employee model versus the IBD space versus owning your own RIA.
- And much more.
Is it worth it to move to independence first via the b/d route, or should you just head directly to the RIA space? As Alex explains, running an RIA takes a lot of work, but for advisors willing to act as their own contractor and build their firm from scratch it also provides a great deal of reward. With first-hand experience spanning the landscape of our industry, Alex offers invaluable insights that you don’t want to miss.
