What You'll Learn
Many advisers are drawn to the idea of running their own practice, but the path from employee to principal raises a series of important questions: Can I leave my current firm and take my clients with me? What does it actually take to launch an RIA? Should I build my own firm at all, or does it…
Tom Dickson
Financial Experts Network
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Many advisers are drawn to the idea of running their own practice, but the path from employee to principal raises a series of important questions: Can I leave my current firm and take my clients with me? What does it actually take to launch an RIA? Should I build my own firm at all, or does it make more sense to affiliate with an existing platform?
RIA lawyer Isaac Mamaysky begins this educational webinar with the threshold issue of whether you can move your clients at all. This is often referred to as a "liftout" analysis. We briefly cover noncompetes, nonsolicits, and other restrictive covenants, and what restrictions they may impose on moving your book of business.
Assuming your obligations to your current firm allow for a transition, we then turn to the next question: What are the key business and legal steps involved in launching your own firm? The session walks through the mechanics of launching an RIA, including legal and regulatory considerations (entity formation, licensing, and core agreements), branding and web presence, selecting custodians and technology, determining how to manage investments, and deciding whether to build compliance in-house or outsource it.
After covering how to build from scratch, we step back and consider the broader question of whether affiliation may be the better path. This can take several forms, including joining an established RIA, operating your own brand under another firm’s ADV and compliance program, affiliating with an independent broker-dealer, or using third-party platforms that provide varying levels of support across investment management, compliance, technology, and operations. We explore how these models differ in meaningful ways, including economics, control, compliance burden, client portability, and long-term enterprise value.
Attendees will leave with a clear understanding of how to evaluate their ability to move a book of business, what is actually involved in launching an RIA, and how to choose between building independently and affiliating with an existing platform. The presenter draws on experience