There are many advantages to being the boss. No matter if you are just beginning in your journey as an entrepreneur or you are looking to grow your existing practice. But as the boss, are you spending your time at your highest and best use, which is managing existing client relationships, onboarding new clients and nurturing referrals?
Luckily for those financial advisors looking to be free, the transition may be easier if you are willing to associate with another RIA that gives you the technical assets as well as the necessary infrastructural assistance. This type of arrangement provides the support from a larger RIA, yet the associating advisor can keep their autotomy.
This course can accelerate growth for established independent advisors or existing RIA firms, too. Ask yourself, are you capable of implementing and overseeing technology systems, managing portfolios and ensuring your firm’s compliance and operational duties are being fulfilled all while still accomplishing the growth goals of your business? Or, can you benefit from associating with a firm who provides the mid- and back-office resources, while you focus on client relationships and fulfilling your vision? Such an arrangement can offer support in these areas:
- Technology and software integration
- Portfolio management
- Operational procedures and automated processes
- Compliance oversight
- Client education, communication and marketing tactics
When evaluating the options for affiliation, advisors should seek a relationship where there is a cultural fit and goals and values are in alignment. Consolidation is a large trend in the industry so many options exist. Some offer turnkey solutions and others offer more support and training. You need be certain you have evaluated all factors, not merely the cost or fee agreements.
Verified, Demonstrated Standard
If you partner with Fragasso, you can access the benefits of a firm with nearly a half century of experience and growth. Their associated advisor business model permits independent advisors to deliver value to their marketplace “powered by Fragasso”. Associated advisors retain their business name; it is their firm and their clients. Advisors gain the peace of mind that top tier technology and processes are in place behind-the-scenes, and their clients gain access to online account access, which is imperative to serving the next generation of investors.
Fragasso Financial Advisors’ founder, president and CEO, Robert Fragasso, is celebrating 25 years since his quest for independence. He began in 1972 as a sole practitioner and ultimately became an independent registered investment advisor in 1996. Since then, the business has nearly 50 professional and skilled employees as well as nearly two billion under management and non-advisory assets combined.
To recognize this 25th anniversary, the firm is producing a monthly short-form video synopsis on how the firm was built and evolved into the award-winning company it is today. Click here to view the segments published so far and be sure to connect with Robert Fragasso and follow Fragasso Financial Advisor’s LinkedIn pages.
For all financial advisors, whether currently independent or considering that path, the most effective use of your time is helping your clients realize their short and long-term strategies and to create a path to work toward their goals. Through the right partnership, the support and necessary resources are completely accessible.
Are You Considering Independence?
Watch Robert Fragasso’s latest interview on Get Real discussing how his new book can help you get started!
Learn how you can get your complimentary copy:
Starting Your Own Practice: The Independence Guide for Investment Advisors, Attorneys, CPAs and Other Professional Service Providers, 2nd Edition.