Broker Check

Which Business Model is Right for You?

Creating your own Hybrid RIA or choosing to affiliate with an independent Hybrid RIA firm is a major decision. You should look deep within to decide if you really have what it takes to succeed.

Perhaps you dream of transforming your practice to be more lucrative, professionally fulfilling, time-efficient, and more fun! You may be considering leaving a wirehouse, regional, independent, or insurance firm. Here are some questions to consider:

  • What are my near and long term professional and personal goals?
  • What are my true strengths and weaknesses?
  • Am I willing and prepared to take the steps required to grow my business to the next level?
  • What do I love to do as a financial advisor? What tasks do I avoid like the plague?
  • Am I truly an entrepreneur who prefers to own the business and run my own team?  Or, do I really prefer to leave the hassles of running the firm to someone else so that I may focus more of my time growing my practice?

Let’s look at the characteristics of two business model options you have as a breakaway advisor. You may consider either option if you are a sole practitioner or the leader of a team.

1. The Independent Breakaway Hybrid RIA and/or RIA Entrepreneur

Traits: Personal integrity, passion, empathy, inspires confidence and trust, excellent listener, audience-centric communicator, service oriented, accepts responsibility, self-confident, organized, decisive, driven, natural leader, able to empower and delegate, flexible, resilient, well informed, natural networker, committed to lifelong learning, values a balanced life, and is financially prepared.  An experienced professional who has FINRA, SEC and/or Insurance licenses and one or more industry-recognized certifications (e.g. CFP®, CIMA®, CPWA®, CFA®, CLU®, ChFC®, CDFA™, AEP®, CPA).

Business Owner:  Supported by the Premier RIA Network Power Tool Kit, and Premier RIA Network Digital Marketing this advisor seeks full ownership of client relationships and is prepared to assume the responsibilities of running a Hybrid RIA firm. Has existing assets under management and strong client relationships.  Will develop a clear strategy for transition and firm growth, assemble a capable team to work toward common goals and objectives, leverage the expertise of Premier RIA Network breakaway coaches and mentors, and provide team members with ongoing direction, feedback, and incentives. May choose to value the practice annually and create a succession plan.

Client Approach:  Ensures that clients’ interests always come first; genuinely cares about clients’ success; takes a holistic view of each client’s financial picture; provides a comprehensive, broad range of planning and asset management services; offers clients value-added tools and resources to help them make informed decisions; and pro-actively works with client’s other financial professionals to help ensure that plan implementation is coordinated and integrated.

2. The Independent Breakaway Advisor – PPS Advisors, Inc. Employee

Traits: Personal integrity, passion, empathy, inspires confidence and trust, excellent listener, audience-centric communicator, service oriented, self-confident, organized, driven, well informed, natural networker, committed to lifelong learning, values a balanced life, and highly-focused on business growth and doing the right thing for clients.  May have several or many years of experience. Hold FINRA, SEC and/or Insurance licenses; may have one or more industry-recognized certifications.

Business Growth: Supported by the coaches/mentors, advanced technologies, robust asset management platform and digital marketing expertise at PPS Advisors, Inc., seeks to transition current clients to the flexible, entrepreneurial environment at PPS. To achieve targeted growth in AUM and revenue, will set specific, measurable growth goals (for himself/herself and any team members). Will manage days to an overall business plan, focus on pipeline development and client relationship enhancement, and pro-actively schedule purposeful appointments with prospects, clients, and centers of influence well in advance.

Client Approach: Ensures that clients’ interests always come first; genuinely cares about clients’ success; takes a holistic view of each client’s financial picture; provides a comprehensive, broad range of planning and asset management services; offers clients value-added tools and resources to help them make informed decisions; and pro-actively works with client’s other financial professionals to help ensure that plan implementation is coordinated and integrated.

 
 

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