Sweet.

B24--I think many people who operate without an office "get" business because they already had longstanding relationships.  Plenty of people with money may be turned off by this, but as you know any one of us only needs a hundred (or two) good relationships to make a nice living.

The flip side of your question is:  "who would do business with someone just because they occupy one of a bazillion outlets of retail giant vs. being a self-employe professional?"

[quote=Cowboy93]

B24--I think many people who operate without an office "get" business because they already had longstanding relationships.  Plenty of people with money may be turned off by this, but as you know any one of us only needs a hundred (or two) good relationships to make a nice living.

The flip side of your question is:  "who would do business with someone just because they occupy one of a bazillion outlets of retail giant vs. being a self-employe professional?"

[/quote]

Cowboy, I don't disagree with you.  I loyal trusting client won't leave you if you move to a home office.  I never thought that.  I guess I am coming from the perspective of someone that, if I were to be an indy/RIA, I would have to grow my business quite a bit from where it is, and would FEEL like it would be tough to attract new clients with a home-based office.

I also work for Jones but have a REALLY nice office.  Even simply telling people where my office is elicits positive responses.  I have class-A office space in the same building as a specialty doctor, engineering firm, and a major wirehouse.  And I could go fishing in the river, right next to the marina, from my office windows.  I woudl have stayed in my house before moving in next to the local Subway.

This is an example of why I think smaller RIAs look scary. For one thing, it is no fun sitting in your office alone or with a part-time compliance person, dealing with the government.

I'm sure this is good for clients to prevent another Madoff, but it demonstrates the increasing role of regulation on advisor practices.

http://www.financial-planning.com/fp_issues/2010_6/going-for-custody-2667034-1.html

Ironically, Madoff types LOOK like they are legit because they have to...you can't appeal to greed like he did without having the nice digs, being a member of the "elite" in Boca, etc.  That image is expensive.  I guess it takes money to scam money.

I hear you B24...I think some people can do a great spin/marketing job when trying to add clients while working at home.  I know 3rd or 4th hand of someone who sells the idea that they keep costs low by not having any overhead and in at least that case I don't think it is not BS.  She has a MAX annual fee, no matter the size of the account.  You can play the "I don't need the business" card and sometimes that plays well.

Great article:

http://www.riabiz.com/a/524004

I guess a fiduciary standard would just drive RIAs - looks like RIA is the future.

Excellent compliance overview for small RIA.

http://www.investmentadvisor.com/Issues/2010/February-2010/Pages/Small-Yes-But-Compliant.aspx

Thanks Milyunair.  Both links are excellent.  The first leads to a thread of articles that are pretty interesting.  I recommend chasing a few down if you are interested in the industry trends.