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What It Really Takes to Build an RIA Firm

It’s no small task to build a firm from scratch. And while there are some breakaway advisors willing to go it alone, others aren’t even aware of where to start.


In this episode, Mindy is joined by Matt Sonnen of PFI Advisors, who helped build the infrastructure for the breakaway launch of Luminous Capital, and today has a career helping lead billion-dollar teams to independence.

Because Matt has been on both sides of a breakaway, he can paint a realistic picture of what it really takes to build a registered investment advisory  firm—whether you go it alone, work with a service provider or hire a consultant. He answers those questions most frequently asked, including:

  • What does it take to build an independent business?
  • What are the differences between a serial acquirer, a service platform and a consultant?
  • How do you access alternatives, research and lending as an independent?
  • How do you create a performance report as an independent?
  • How do you trade as an independent?
  • How long does it take to launch?
  • What about marketing and branding?
  • How do you handle compliance?

They will also discuss what to expect from life after the launch and address a common concern about the bottom line. That is, how long does it typically take for a breakaway to become cash-flow positive?

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Mindy Diamond is President & CEO of Diamond Consultants in Morristown, N.J., a nationally recognized boutique search and consulting firm in the financial services industry.

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