ItDepends wrote:"I have an RIA" and it's a lot of compliance work and I was even audited in the middle of tax time.
I've had mixed results and I perhaps net about 20K extra each year (though it grows each year).
In hindsight, it would so far have been MUCH easier just to do another $20K in tax returns.
I dream of having $40 million under management from 40 clients as this would be an easy life as compared to my "day job" as a tax preparer.
But reality has been a different story.
ItDepends wrote:I don't mind having the RIA now that it is set up and running, but from where do you get these clients?
I have "too many" tax clients and turn most new one's away. It's not like I can say, "OK, I'll do your taxes if you let me manage at least $50,000 of your savings".
I figured that I would have so many financial clients because my tax clients were always asking me about it.
It turns out that I end up setting up SEPs and other accounts and most clients do not follow through. Or they put $2000 in an account and I'm running it for $20 a year.
southparkcpa wrote:ItDepends wrote:I invested in upgrading my office, conference room some brochures and in EACH tax return I put a brochure. I have marketed myself as an expert on investment fees, I tout the benefits of indexing. If a client has 500K with me the tax return is free unless VERY complex.
fatherof3 wrote:southparkcpa wrote:ItDepends wrote:I invested in upgrading my office, conference room some brochures and in EACH tax return I put a brochure. I have marketed myself as an expert on investment fees, I tout the benefits of indexing. If a client has 500K with me the tax return is free unless VERY complex.
@Southparkcpa - how do you get around the rules where disclosures have to be signed by clients ahead of you looking at their tax returns and what could be seen as refunding investment fees which the investor companies typically have strong rules against?
ItDepends wrote:I'm afraid to have a website or to make brochures because I don't understand the advertising rules.
I know I can make a simple website/blog and drive a lot of quality traffic, and I wouldn't write about performance, etc, but I'm not sure if I'm allowed to do this.
Maybe I should seek out a lawyer for advice?
ItDepends wrote:
Do you know if I would actually have to work for another CFP somewhere? Or would working for my own RIA firm count?
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