Wes, Conversion Consultant It can be a bit daunting for an advisor to leave a firm and go independent. We understand the anxiety that surrounds such an important career decision and have created a team specifically dedicated to easing the transition for our new clients.
Build a plan to transition
Making a successful transition to the RIA model requires a proven customized approach executed by the right people.
We’ve helped more advisors start their own firms (or join existing independent RIA firms) than any other RIA custodian. Our experience has shown us that advisors are served best by a team of experts who are dedicated to ensuring a smooth transition, led by a single point of contact using a well-tested process for creating a comprehensive strategic transition plan.
A single point of contact, consultative approach and customized transition plan Whether you are investigating options for independence to better serve your clients or are ready to start your own firm, once you contact us to learn more, you are assigned your own Business Development Officer (BDO) to help you think through your options, understand the process and determine if starting or joining an RIA firm is right for you. If you determine you want to move your business to Schwab, your BDO’s role is to consult with you to build your customized plan and then help you coordinate all other aspects of your transition.
Overview of the process once you decide to make the transition
First, your Schwab BDO will get to know you in order to create a business plan that considers all aspects of how you want to do business:
How you envision your new business: We’ve helped advisors of all sizes and business models move to the RIA model. Your Schwab BDO can help you with common areas of business planning, and recommend solutions and resources from our suite of in-house and third-party services to address the immediate challenges of starting a new business
What sorts of products you want to offer. We’ll help you assess what you provide now that you’d like to keep, as well as what you’d like to add
Next, using this information, your BDO will use your input and consult with other specialists at Schwab to build a detailed plan that helps define:
Which solutions (Schwab or third-party) might be appropriate for you
What you might expect the costs of your new business to be and how you can meet them
How much you might expect to earn, based on revenue forecasts and financial models
What the concrete steps are to implementing the recommended solutions
How long it might take to make the transition, including a detailed schedule
Once the wheels are set in motion, your BDO remains in contact with you, tracking progress through to the day you open your doors for business and beyond through ongoing, post-transition support.
Schwab Business Start-Up Solutions webcast Click here to listen to experts discuss how Schwab can help advisors successfully plan for and establish an independent RIA firm. Visit our webcast Education Series to learn more.
“Going independent requires lots of planning, hard work and attention to detail. I would ask any financial advisor thinking of going independent to ask him or herself two questions when choosing a firm to work with: Is the firm a "gorilla" in handling the registered investment advisory business, and are they committed to growing their presence in the industry over the long term? To that end, Schwab clearly fits the bill.”
