Information Sharing and Navigating the RIA Marketplace

Steven Atkinson
August 2, 2021

In this episode, Steve talks with Brad Wales, Founder of Transition To RIA, an organization dedicated to helping advisors navigate the journey and decision-making process behind launching an RIA.

Simply put, Brad bet his career on the RIA model. After 15 years learning the ins and outs of the RIA marketplace, Brad realized that most advisors don’t understand RIA or its benefits. So he created a firm with a mission of helping advisors understand their options.

Following the pandemic, many of us are searching for a life change, and advisors are no exception. But the fear of taking that first step can be paralyzing, which is why many advisors who can and should, never pursue the RIA model. If it’s right for them, Brad helps advisors take that first step and help with the unknowns.

Brad talks with Steve about navigating those unknown processes, why sharing information for free boosts business, and the North Star every business owner should follow.

“I won’t even give out my phone number or my email address, not because I’m hiding it, but the reality is, people should go to my website. And if they can see first-hand that they feel that I can be of help to them and that I have the experience to do so then it kind of solves itself. I think you’ve gotta earn people’s trust before you ask for their business.” ~ Brad Wales

Main Takeaways

  • Information-sharing benefits everyone, including advisors. Sharing free information builds trust between you and a potential client.
  • Flexibility is a key benefit for starting or joining an existing RIA. The challenge with a big firm is that so often you’re following someone else’s rules and competing for clients with your co-workers.
  • If you’re worried that your clients won’t follow you into a new business, they probably won’t. When you’re confident that clients will follow you, an RIA may be right for you.
  • There are no best practices for the RIA model. You can start your own, join an existing RIA or use a middle office provider.
  • Before making any business decision, ask yourself how it will impact your advisors. Keeping your advisors happy and successful keeps your business afloat.

Links and Important Mentions

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Steve Atkinson

Steven Atkinson

Managing Director, Advisor Relations

Managing Director, Advisor Relations with Buckingham Wealth Group. For 25 years Steve has helped advisors get into the RIA space and/or helped them grow by developing and sharing a variety of client experience best practices. Steve was an original architect of Buckingham’s Design Build Protect client experience process along with the Life Discovery and Feedforward programs. Steve is also an author of The Wealth Solution and 27 Principles Every Investor Should Know. Steve is a graduate of the University of Nebraska at Omaha with a Bachelor’s in Finance and Investment Banking. Steve currently splits his time between Omaha, NE and Edwards, CO with his wife and three daughters.