Podcast Opening + Industry Trend
Corey: Hey everyone, Corey Whan, managing partner, Bridgemark Strategies, firm that’s helped thousands of financial adviserss objectively explore the broker dealer and RAIA marketplace and help them find the firm with the right combination of feel, fit, and financials for them in their business.
Corey: I was talking with another colleague in the industry about a couple days ago and we were just talking about some of the industry trends out there.
Corey: We both agreed that we’ve been speaking with more RAIA financial adviserss than ever.
Corey: I think most financial adviserss know that there’s a big shift and there’s more people considering the RAIA world more every year.
Why Advisors Are Leaving Their Current RAIA
Corey: But a big shift that some financial adviserss might not know about is advisers that are really unhappy at the current RAIA that they’re in and they’re just looking for some other option in the RAIA space.
Corey: whether they got caught up in a few M&A transactions and were once at a really small flexible firm and now they’re at a bohemoth firm where they don’t have the flexibility to do what they want to do.
Corey: Maybe they are an associate financial adviser in an RAIA and they’re not getting the equity they feel like they deserve.
Corey: Or I speak with many financial adviserss with a hundred million, 200 million, a billion dollars in assets.
Corey: They started out in the RAIA world in the industry, got really excited about being able to jump into the world of being a financial adviser, and now 10 years later, they are managing a half billion billion dollar book of business and are only making a $100,000 a year salary plus bonuses or a really, really low payout that’s even lower than a wirehouse.
Options and How Easy RAIA Transitions Can Be
Corey: So, we have a lot of financial advisors reaching out to us trying to figure out what some of their options are.
Corey: And if you’re one of these options, minus the legal issues, this the RAIA space is by far the easiest to transition from.
Corey: Whether it is you opening up your own RAIA or plugging into something already existing, as long as you have the same custodian that’s at the firm you’re considering moving towards, you have the ability to move from one firm to another basically without repapering your clients at all.
Corey: The only thing they need to sign is a change of ADV form.
Corey: And if you go to the same custodian, your client’s passwords could stay the same, their technology could stay the same, their client portal could stay the same.
Corey: So, it is an extremely easy transition for both the financial advisor and the clients.
Support + Legal Resources
Corey: We work with over 60 different RAS out there in the industry that offer all types of services that could potentially replace the services that you’re used to leveraging at the RAIA that you’re leaving.
Corey: Um, and if legal issues are something you’re really concerned about, we have tons of attorneys in our network in the industry that specialize in taking a look at those and just figuring out what your potential limitations might be.
Wrap-up + Call to Action
Corey: So, if you potentially fit inside of this box, I’d be more than happy to come have this conversation.
Corey: and I’ve helped so many advisers in the exact same position that you’re in.
Corey: We could really make this process so much easier for you than exploring the industry all on your own.
Corey: If you have any questions at all, please feel free to give me a call.
Corey: My contact information is all over my YouTube page and I really hope we could have a conversation soon.
Corey: Thanks.
