southparkcpa wrote:TaxMan2020 wrote:Beagle wrote:Any investment firm will help you set up your RIA or let you link in with one they have depending on your choice. Charles Schwab is pretty huge in that sort of thing for independent RIA offices and Fidelity is big also. You can go with a local firm very easily who will let you just slide in under their platform for a fee. I work with a local firm who takes 10% of my investment related revenue and I reimburse them for any fees they incur on my behalf (my license fee, some insurance). You want to be in one of the major clearing firms because it makes ACAT transfers easy and quick. Having a firm you work with also helps because they'll help solve problems as they come up. They may also get you significant discounts on quote services, planning software, research, marketing material and such.
We do the same. They take 10% and handle a lot of the headaches
This is what I did. I joined a "hybrid" RIA here in Charlotte. I pay them a flat fee NOT a percent. I am 95 percent fee only. They are the RIA. I pay them a fee each month and they do all the compliance etc. My goal was to get X dollars under management and I did that so my FP revenue is now 3K greater than the accounting revenue and I have dropped all tax clients with no assets under management.
I have a deal to "transition" my practice to the RIA for a 7 figure deal when I retire which will be in the next few years. This FP gig works well if done right.
What was your growth like on the FP side?