As we start a new year, for many, this is a time of personal and professional reflection. For many financial advisors, the leap to the independent space is most likely something they have considered at one time or another. But the idea of becoming an RIA can be both exhilarating and daunting at the same time. For some advisors, the dream of independence seems like exactly that – a dream. However, more and more advisors are making the jump into the independent RIA space. And while independence comes with a large responsibility, with the right preparation, support and Internet marketing for financial advisors, making the move toward independence is within reach.
Here are some of the top reasons to take the plunge and become an independent RIA in 2019.
Freedom
You’ve worked hard over the years and contributed to someone else’s bottom line. You based your way of doing business around the company culture, when, as an independent, it can be the other way around. You can shape the company culture, set the tone for management policies and most importantly, establish the best approach for servicing your clients. Without the burden of working for a large company, you can also move quickly on technology and stay up-to-date with the latest offerings.
When you become an independent RIA, you are using your newfound freedom to create your lasting legacy instead of spending your entire career working for someone else. And while compliance is a part of every financial relationship, RIAs tend to have more flexibility and freedom when it comes to getting sales and marketing materials approved. This allows for time to move quickly on promotions when markets shift and more time to spend with clients.
Service
Serving your clients is the cornerstone of being an advisor. However, sometimes working for larger firms means the level of service you’re able to provide is limited and not entirely personalized. Internet marketing for financial advisors allows you to take on the number and type of clients you choose, giving yourself adequate time to spend as much time as needed on a case-by-case basis.
As an RIA, you also have the independence and freedom to determine how much of your revenue you keep, depending on your independence model. You have complete control over your fees and expenses and the types of products and services you offer. With independence also means that you maintain control of client communications. In some large firms, client communications are pre-determined and don’t always allow for a personal and meaningful message to that client. As an RIA, Internet marketing for financial advisors allows you can reach out to clients and follow-up with potential clients however and whenever you choose. This allows for your clients to feel like they are a valued customer, rather than just another number.
This may be daunting for some advisors, but hiring an expert marketing firm with experience in your field will allow you to accomplish this without having to create content on your own.
When it comes to the range of clients you serve, becoming an RIA can open many doors. Baby Boomers who may be used to traditional financial investment firms can still get the feel of a traditional investment firm but receive the individualized attention they may not have been used to. Additionally, as members of the Millennial generation become savvy investors, the business model, up-to-date technology and the appeal of working with an independent advisor who is free from one of the large firms can be an advantage as well.
Change of Lifestyle
Becoming independent is as much a lifestyle choice as it is a business decision. While running your own business, you have the ability to make your own schedule and work when it’s best for you and your clients. You have the knowledge and experience of helping clients achieve their goals – why should you not allow yourself the same opportunity? While becoming independent and opening your own shop may not be all fun and games, for most advisors, the tradeoff for independence is well worth it. Becoming an RIA can be the solution to finding the elusive work-life balance.
Become Your Own Boss
Whether you have an amazing boss or a sub-par manager, the chances are you would probably like them a lot more if they were more like … well, you! By becoming an RIA, you become your own boss. You can finally run your business your way, without the bureaucracy and red tape that comes from being just one rung on a very tall corporate ladder. You only have to answer to your clients and can be sure you’re looking out for their best interests at all times, without getting feedback or approval from anyone else.
For some, being your own boss is the ultimate measure of success, allowing for control over every aspect of the business, from office hours and staff culture to the color of your logo and business cards. When all is said and done, you don’t have to justify your decisions to anyone but yourself and your clients.
Greater Revenue Potential
As an RIA, you have the autonomy and freedom to determine how much of your revenue you keep, depending on your independence model. You also have complete control over your fees and expenses, having a long-term effect on the equity of your business. What you’re building now could become a lasting business for years to come, or a valuable business that could be sold at a premium at some point in the future. But the best news is that it’s your business, and your choice.
Remember, You Don’t Have to Go It Alone
Paladin Digital Marketing has all of your marketing needs covered – from lead generation tools to custom websites, blog management and more. Think of Paladin as an extension of your business, without managing additional employees or having to become an expert marketer yourself. Our tools provide assistance with social media management, SEO, Inbound Marketing and much more, helping you cultivate and grow your business all while you do what you do best – help your clients reach their financial goals.
Stop wondering what it would be like to work for yourself and take action. Here are five steps to help you get started.
