Deciding to establish an RIA of your own is a huge step towards attaining independence as a financial advisor. And while it’s exciting, it can also be overwhelming sometimes. Building your own firm has a multitude of perks like bigger payouts, increased control, and the ability to steer your business according to your vision. However, embarking on this journey all alone can bring forth extra stress, expenses, and endless demands. This is the part where a corporate RIA can offer valuable support and get your new business up and running in a much shorter time frame. Some of this turnkey support can help your business handle functions like portfolio management, everyday operations, technology infrastructure, and marketing.
Here are a few things to keep an eye out for when looking for a corporate RIA to associate with:
Marketing strategies and customizable communications
Whether you're establishing your own independent RIA or already have one, you're probably reading this post to learn how you can grow your business. Although word of mouth is powerful, in this competitive market, you must have a constant presence, a defined brand, and a clear value proposition. Keeping up with all of this can be a full-time job in itself, and that requires you spending valuable time away from servicing your clients. However, joining a reputable and well-established corporate RIA can save you a lot of time and money by providing proven, turnkey marketing strategies. Fragasso Partners' marketing resources are an excellent example. You can benefit from their multi-channel marketing approach for attracting new customers, as well as optimized communication templates for current customers.
Codified client experience
As previously stated, customer experience is crucial for your business, and you will need to deliver an unmatched experience in order to retain clients and grow your assets. It's easier to do this when you're not having to recreate the procedure for each client. However, merely returning phone calls and emails is insufficient. To set yourself apart from the competition, you will have to go above and beyond and provide an outstanding customer experience. Look for a firm that can equip you with a well-thought-out strategy for meeting your client’s emotional and financial needs throughout the life stages of the client/advisor relationship. This should involve everything from the initial discovery meeting through giving financial analyses, investment management plans, and continuous assessments. The better the client experience, the higher your customer retention rate and the number of referrals you'll get.
Operations and compliance
Oversight of compliance and operational duties is another vital, although time-consuming, function of your practice. Billing cycles, client data systems, and fee schedules can all be set with the help of a corporate RIA partner. Established rules and processes, as well as comprehensive monitoring in a proactive way, may be included in compliance services to help you preserve your reputation and stay on top of all regulatory developments. Continuous education and certification, trade activity, and communications monitoring should all be included in these services. As your company expands, this will save you a lot of trouble!
Employer-sponsored retirement plans
If your business caters to retirement plans, you can benefit from Fragasso Partners’ dedicated support team that places a special focus on these. Established partnerships with high-quality retirement plan administrators and record keepers will benefit you immensely. Furthermore, when you work with a renowned and successful firm, you will have access to retirement plans that are intended to optimize benefits while also providing retirement plan expenditure analysis and benchmarking.
Advisors who associated with a corporate RIA as described in this article can have a smoother and accelerated growth experience when launching their own RIA and will find it easier to expand their business. If you are currently independent and are experiencing a growth barrier, or if you have become unhappy with a lack of support or arbitrary decisions like reduced payouts, plugging into a corporate RIA may be the perfect option for you. In any case, working with a capable firm allows you to focus on what you do best - assisting others in improving their financial well-being.
Investment advice offered by investment advisor representatives through Fragasso Financial Advisors, a registered investment advisor.
Published by Alison Lurie