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Setting up an RIA from scratch

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juandager View Drop Down
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    Posted: Jan/13/2018 at 5:56pm
This is my first post on this forum.

I have a Series 65, Engineering and MBA degrees, I have also passed the CFA level 1.

I have been wanting to work in the asset management industry for a long time. Ideally, managing assets on the buy side. Recently, I have decided to set up my own RIA and work independently. As I said, I already passed the Series 65.

I joined this forum to share information about the process of setting up the RIA. However, I have just read a recent post by JohnnyKnoxville and the whole thread looks like a joke, including a member who has a GIF of a woman's breast as an avatar. Now, don't get me wrong, I know how to have a laugh and liked MTV Jackass when I was a teen, but seeing that thread really made me question if this is a serious forum. Also, my goal is to discuss work related topics here.

Can someone share a brief intro about themselves? Is this a useful source to learn how to set up an RIA and also share advice on the finance/asset management industry?

Thanks in advance,
Juan Dager

PS: I hold nothing against the member I mentioned. I used their post as an example. Let me know if you want me to erase the reference.
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Sportsfreak View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Sportsfreak Quote  Post ReplyReply Direct Link To This Post Posted: Jan/13/2018 at 6:05pm
Juan,
First, this forum is both serious, and a joke.id say, about 50/50. We come here to trade knowledge, help newbies, and blow off steam. We are really good at all three, but especially at the latter.
You'll definitely get some wiseass comments in response to your post. But you'll also get some good info if you have a thick enough skin to stick around.

I'm personally the old man on the forum, and everyone loves to talk shit to me about dying, procrastinating, and being impotent. But I don't care, I know they all love me, and wish they could be me when they get to be my age.

As far as RIA, I'm not RIA, I'm an IAR working through a broker dealer. Although I might go RIA at some point before I die. (Sarcastic but serious)

So I'll leave it to the RIA's am0ng us to talk about the mechanics.
But what you really need to think about is where you are going to get your clients. This is a sales job, nothing more, for the first 5 years, and after that it's still mostly a sales job. So start working on a marketing plan.

I don't know if a custodian will even work with you if you are starting with no assets. You might want to consider starting out ata brokerage firm with a training program, with a plan to go RIA once you've got at least 10 million in assets under management.

Edited by Sportsfreak - Jan/13/2018 at 6:07pm
Sorry MINT, SF is right, I was wrong......Helado...March 8th, 2014
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PEACH_cm View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote PEACH_cm Quote  Post ReplyReply Direct Link To This Post Posted: Jan/13/2018 at 6:17pm
Being an engineer I get why you are coming here and asking how to do it yourself. However I would just hire a consultant to do everything for you if you want it done right. Regardless of diy or paid setup your venture will probably fail.
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Iamlegend View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Iamlegend Quote  Post ReplyReply Direct Link To This Post Posted: Jan/13/2018 at 7:15pm
In before WetBlanket.
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helado View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote helado Quote  Post ReplyReply Direct Link To This Post Posted: Jan/13/2018 at 8:21pm
I'm offended that my avatar didn't get mentioned.
My posts are for abrasive entertainment only. Nothing posted is investment, legal, tax or any type of advice, nor is anything mentioned true or even based on real events. Posts are complete fiction.
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bc2051 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote bc2051 Quote  Post ReplyReply Direct Link To This Post Posted: Jan/13/2018 at 10:03pm
Originally posted by Sportsfreak Sportsfreak wrote:

Juan,
First, this forum is both serious, and a joke.id say, about 50/50. We come here to trade knowledge, help newbies, and blow off steam. We are really good at all three, but especially at the latter.
You'll definitely get some wiseass comments in response to your post. But you'll also get some good info if you have a thick enough skin to stick around.

I'm personally the old man on the forum, and everyone loves to talk shit to me about dying, procrastinating, and being impotent. But I don't care, I know they all love me, and wish they could be me when they get to be my age.

As far as RIA, I'm not RIA, I'm an IAR working through a broker dealer. Although I might go RIA at some point before I die. (Sarcastic but serious)

So I'll leave it to the RIA's am0ng us to talk about the mechanics.
But what you really need to think about is where you are going to get your clients. This is a sales job, nothing more, for the first 5 years, and after that it's still mostly a sales job. So start working on a marketing plan.

I don't know if a custodian will even work with you if you are starting with no assets. You might want to consider starting out ata brokerage firm with a training program, with a plan to go RIA once you've got at least 10 million in assets under management.


Solid advice here
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Hacksaw View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Hacksaw Quote  Post ReplyReply Direct Link To This Post Posted: Jan/15/2018 at 10:32am
Originally posted by helado helado wrote:

I'm offended that my avatar didn't get mentioned.

Was it me?  I'm guessing it was me..
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yousirname View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote yousirname Quote  Post ReplyReply Direct Link To This Post Posted: Jan/18/2018 at 4:47am
Funny, everything, but especially the last paragraph! Custodians are a dime a dozen. On a similar note, commoditization of “advisers” is the norm. Don’t be a commodity. This post is for Juan, not the impotent old big-head.
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RIArules View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote RIArules Quote  Post ReplyReply Direct Link To This Post Posted: Jan/18/2018 at 7:26am
Hire Wetblanket

/endthread
We may "rob you slowly," but you're not going to see that shit.

Edward Jones Newb, Circa September 2016
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SometimesNowhere View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SometimesNowhere Quote  Post ReplyReply Direct Link To This Post Posted: Jan/18/2018 at 10:21pm
You've already failed, Juan. Go find a job in retail.
I sort of give a fuck.
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