November 16, 2021 | Shoestring RIA
With your business official with the secretary of state, you’ll want to next apply for an Employer Identification Number (EIN) with the IRS. This is a simple process that can be done online in a matter of minutes, and the IRS provides you with your EIN immediately after your application. With your EIN in hand, you can now apply for bank accounts and credit cards. Start with a basic business checking account with no fees or minimum balance requirements for bank accounts. You can always upgrade to a higher yield checking account later (with minimum balance requirements). Applying for business credit cards is another good idea, especially if you think you may need to “float” some expenses early on to make ends meet.
November 11, 2021 | Financial Industry
The world of investment is changing. As more impact-conscious investors and millennials enter the markets, they emphasize improving this world as you improve your financial portfolio. For many investors, the approach to investing is changing. While avoiding certain “sin stocks,” including tobacco, weapons, alcohol, and gambling investments, has decreased, a more holistic, proactive type of
Turnkey billing/revenue management adds another level to client service
November 08, 2021 | Product News
Turnkey asset management platforms (TAMPs) hold more than $2 trillion in assets under administration (AUA), according to a 2021 estimate in Wealth Advisor’s latest report, “America’s Best TAMPs 2021 Edition.” This is up from estimates in 2011 of less than $147 billion in AUA. While this robust growth trajectory is a bullish indicator for the future of the industry, TAMPs still face a highly competitive environment where the most innovative thinkers dominate in a fractured but steadily consolidating industry.
November 03, 2021 | Shoestring RIA
In our previous articles, we laid the groundwork to plan your independent RIA, including your business strategy and your budget. But one equally important decision (especially to Uncle Sam and FINRA) lies ahead: your business structure. You can’t run an RIA as a freelance operation, and there are significant tax and legal benefits to separating your business and personal assets as an organized company. This article aims to help you choose what structure is best for you.
October 19, 2021 | Shoestring RIA
In the previous article, we explored a series of choices you’ll need to make for your new business. These homework items will better prepare you for decisive actions that are critically important to launching. In this article we explore your budget. What sort of finances do you realistically need? What should you spend your money on?