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Funding new RIA startup

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Feb 12, 2014 2:54 am

Im currently at a wirehouse (been here about 3 years) and have been looking into starting an RIA. I'm curious to see if others have looked outside their own pockets for startup costs and on going support while building the book. I've got savings in place, but it would most likely not be enough to get me through worst case scenarios. Thanks in advance for any advice.

Feb 24, 2014 5:10 pm

Why would someone give you money for only 3 yrs in the biz?

Feb 26, 2014 12:56 am

Why would someone give you money for only 3 yrs in the biz?


Mar 7, 2014 11:40 pm

DO it

Mar 7, 2014 11:44 pm

You have to start somewhere Tiny. If you have 3 years experience maybe you should start working at RIA in your area and get a feel for it. It is different then a wirehouse. At a wirehouse you focus on sales only, at a RIA you will have to become a master of products, tax liability, allocation, theory, stats, etc. I would do it. You will be an actual financial planner. Get your CFP, charge a fee, and forget about trying to sell the highest commission product there is.

Apr 30, 2014 2:03 am


I have a similar situation to you & I’m making the move, funding out of my own pocket & it has so far not cost as much as I thought it would. I’ve learned a lot along the way & it feels great to know what Don said about freeing yourself from constantly chasing money to actually doing what really matters.

Jun 26, 2014 2:32 pm

The startup costs for an RIA aren’t that high. There are some services like that make the process easy and efficient. Check out:

The biggest challenge comes in scaling your practice rapidly enough to ensure you make it. If you have a book of business now at the wire house you should start laying the groundwork now for your clients to follow you.

Start by connecting with your clients, prospects, and referral partners on social networks like LInkedIn, Twitter, Facebook, Google+ and so on. You want to make it easy for these people to find you when you leave. You also want to make it easy for you to keep them in the loop about your new RIA.

You may have a “no solicit” clause in your contract at the wire house but that doesn’t mean clients can’t follow you on their own volition.

I wrote a blog post that you might find helpful

That pose will give you an outline of how you can approach building your book more efficiently via social media.



finservMarketing finservMarketing

Your clients and prospects are online. You need to be there with them. Long-term relationships require consistent engagement.

Jun 27, 2014 12:10 am

Don, thanks for encourament. Mike, good info.

Dec 26, 2014 10:24 pm

Just do it. It’s so easy and it’s not that expensive.