Myriad Advisor Solutions breaks down the process of independent business ownership into actionable objectives to help you realize your dream. We’ve spoken before about the different independent models that advisors must consider – like registered investment advisor (RIA) and joining an independent broker dealer (RIA). Today we’re considering another path to independence, joining an Independent Broker Dealer. The third option is becoming a Hybrid RIA.
If becoming an RIA is like driving your own car, then joining an Independent Broker Dealer is like hopping on a chartered bus. The amount of freedom and control over your client relationships, book of business, technology options and marketing capabilities will depend on what broker dealer you choose. However, there are several perks like bonus payouts, compliance, and independent back-office support & research that you don’t get as a standalone RIA.
Joining an independent broker/dealer provides financial advisors with more security in exchange for the some of the freedoms with independent business ownership. This model is ideal for advisors looking for more revenue potential, product flexibility & support, and client retention while taking on a lower business risk for their independent venture.
Myriad can help you determine the best model for your business and guide you along the process of going independent. Contact us to learn more!