Decide to start or join a firm
There’s more than one way to realize the benefits of independence as an RIA. If you have a strong entrepreneurial spirit and desire for control, starting your own firm may be the right model for you. If you’re interested in maintaining a similar structure to your current firm with the benefits of being an independent advisor, consider joining an existing RIA firm. Schwab Institutional can help you determine what’s best for you.
Start your own firm
Advisors who choose this option typically have a strong entrepreneurial spirit and desire to have complete control over how they serve their clients and build a legacy of their own. Advisors may start their practice independently or as a team with other advisors with complementary skills to expand their capabilities.
There are numerous advantages to starting your own firm, including:
- Have total control over your career and professional future
- Control your economics
- Decide what services you’ll offer and what kinds of clients you want to target
- Build equity in a valuable business entity
- Set policies, procedures and other aspects of running a business
- Determine where you’ll work and how large or small you want your office to be
Learn more about the advantages of becoming an RIA and working for yourself. For more help with starting your own firm:
- Explore our business planning toolbox. Get more help with different aspects of planning your new business. Go to the toolbox
- View the Webcast education series. Receive valuable insights and practical information in our on-demand Webcasts. See available Webcasts
Ready to start your own firm? Find out more about how to make the transition.
Join an established firm
Many advisors are looking to take advantage of the independent (RIA) advisory model without the responsibilities of starting and running a firm. You can still gain all of the benefits of adopting the RIA model by starting a relationship with an established, Schwab-supported firm.
With this option:
- Avoid investing the time, money and effort required in building a new firm from the ground up, which may ease the complexity of transitioning your practice and clients.
- Turn your attention to serving your clients your way – and attracting new clients.
- Leverage the scale, resources and expertise of the firm you join.
- Gain access to the products and services you need
There are a few different ways to capitalize on an established firm’s position:
- Join a firm as an employee
- Combine your practice with another RIA firm and take an equity position as a partner
- Leverage the platform of an existing RIA firm, such as back office support, marketing, technology, and portfolio management. These firms typically charge a fee for their services and you may have the opportunity to establish your own firm identity and leverage the experience and expertise of the existing firm.
Interested in joining a firm? Contact us to learn more about your options.
(0608-0613)
