I've had enough!! |
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DucatiSportGT
Gold Member Joined: Jul/16/2013 Status: Offline Points: 18191 |
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Which area are you in? I don't think it's impossible to go RIA with fifteen mill. Although I'd recommend just getting under another RIA umbrella vs starting your own. Find a firm where you own your book. They might take 15-20% of your revenue. But it'll save you headaches. I say this as someone that went RIA with much less than you when I left the bank. My first two years sucked. I cut my expenses to nothing and had some money saved up to help me survive. But it was tough sledding until my third year.
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Self appointed leader of the I like to shit on my own face when I jerk off. .
I hate being right. It's not a badge of honor for me. Most of the time I wish I was wrong. |
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Emerson227
Member Joined: Oct/09/2018 Location: St Louis Status: Offline Points: 205 |
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Thanks for the input. I see where you have a really good point I did talk to a big regional team at Ray J and it was compelling but I will be able to move the same amount of assets either way, and after all the indie costs my payout was way lower than going Ria even though they offer some money up front They did say they have opportunity to buy people out, but at the end of the day I couldn't get comfortable enough with the terms, nobody wants to gauruntee you that you can retire someone out before you get in, and the buying out of other books was interesting, but it seemed like I would just be buying out the scraps other advisors didn't want I know the RIA is lonely path but I get so excited about the challenge and if I can net close to $100k I can survive and build on that base Just my thought process, I could be wrong, and often am,
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Emerson227
Member Joined: Oct/09/2018 Location: St Louis Status: Offline Points: 205 |
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Lol the Trojan horse manuver
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DucatiSportGT
Gold Member Joined: Jul/16/2013 Status: Offline Points: 18191 |
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I mean, who wouldn't want to work at a place like this?
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Self appointed leader of the I like to shit on my own face when I jerk off. .
I hate being right. It's not a badge of honor for me. Most of the time I wish I was wrong. |
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Emerson227
Member Joined: Oct/09/2018 Location: St Louis Status: Offline Points: 205 |
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Thanks Ducati. You make a solid case
Yea I see where solo ria have to deal with a lot of BS with compliance, tech, legal stuff as I have been working my way through the process Feel like have invested a with attorney and compliance consulting researching tech and so far on the ria so a am a little biased to the solo route But I have been talking with one RIA umbrella that actually has a pretty cool platform, still processing their cost structure at close to 25% after advisory platform fees and tech fees is steep but still processing it Just where my head is at right now, but always trying to stay flexible |
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Emerson227
Member Joined: Oct/09/2018 Location: St Louis Status: Offline Points: 205 |
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Ducati, I pm'd you about chatting could definitely ask you a few questions about your start if you are open soon
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SometimesNowhere
Gold Member Joined: Mar/11/2010 Status: Offline Points: 13989 |
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To be fair... https://www.thefreedictionary.com/cohoe
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freebird
Gold Member Joined: Sep/17/2021 Location: deep south Status: Offline Points: 10957 |
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Dude wtf
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CFLRS
Senior Member Joined: Nov/07/2020 Status: Offline Points: 1115 |
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You seem much hungrier than I, but FWIW me and a friend looked very thoroughly into going the RIA route. The tech/compliance responsibilities were very large. We both decided to stay at our (Indy) firms. I gladly pay 20% to not have to deal with that stuff. I don't blame you for wanting to leave, but the umbrella RIA isn't a bad option.
Also, don't discount anyone.
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BC was a tranny?
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Emerson,
I disagree about the tech and compliance being a lot. It's really not. My statement about you being ready was simply because I can tell from the way you're describing certain things, you just need some extra time to do research. I also think, like others, your idea to move in December is a bad idea because clients will be checked out (but I think you've already made your peace with that). And with $15mm charging 1-1.25%, I think you'll be fine. I just don't want you to make a mistake for the sake of rushing. Also...another idea if you decide you just want to get the fuck out of the bank...go to either Wells or RJ. That way you can move their indy b/d side later without any pressure. With RJ you could eventually go RJ without any pressure too. And maybe Wells will follow suit someday.
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I Miss Jim
Member Joined: Aug/01/2022 Status: Offline Points: 273 |
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Big facts
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I Miss Jim
Member Joined: Aug/01/2022 Status: Offline Points: 273 |
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This . . . Is true.
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luvindy
Moderator Joined: May/17/2010 Status: Offline Points: 25774 |
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In before Wet Blanket tries to make a quick buck.
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8/31/12,Sportsfreak:
"If Barak wins this election, or appears to be clearly winning, we are all fucked. Market will tank big time." Dow 13,090 S&P 1406 5/23/13 UC:Dow 20k before 20% crrectn Dow 15, |
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luvindy
Moderator Joined: May/17/2010 Status: Offline Points: 25774 |
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I'm not sure they have said what their preferred pronouns are yet. |
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8/31/12,Sportsfreak:
"If Barak wins this election, or appears to be clearly winning, we are all fucked. Market will tank big time." Dow 13,090 S&P 1406 5/23/13 UC:Dow 20k before 20% crrectn Dow 15, |
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Iamlegend
Platinum Member Joined: Mar/09/2010 Status: Offline Points: 22533 |
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If you are talking about RJ and Wells RIA, Wells already started one. You have to have 100mm+.
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Well there you have it!
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B24
Moderator Joined: Mar/09/2010 Status: Offline Points: 25763 |
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She's cool with either one
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"If Bellicheat pulls that rabbit out of his a$$ with this kid at quarterback, I'll personally kiss his ring." - Sporsfreak, 09/20/16
"Jags/Vikes Super Bowl. Write it down" - Sportsfreak 01/19/18 |
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Emerson227
Member Joined: Oct/09/2018 Location: St Louis Status: Offline Points: 205 |
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Thanks Helado. You are right. Was a little overly anxious to go end of year for a few reasons.
Thanks everyone for helping me avoid that mistake Spend a couple hours yesterday digging through old threads and copying some of the gems of other transitions and reaching out to to a few folks who have the experience launching a new firm This definitely tighten my game up to strike early next year |
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