Once you decide to go down the path of entrepreneurship, while rewarding in many aspects, it is still a psychologically draining experience. At least when you are part of a large corporation, the pressure and anxiety is well known and there are support mechanisms to help as you move up the corporate ladder. This support
For financial advisors thinking about starting their own RIA, it’s important to realize that success requires an entrepreneurial mindset. Every day out on your own can feel like you’re fighting an uphill battle, but this is part of the entrepreneurial spirit.
Make no mistake, running your own RIA is a business and should always be treated with the same considerations as any business, such as how to handle products and services, operations, sales, marketing, and finances. Though some RIAs may join an existing RIA firm to ease their operational burdens, many RIAs wind up starting their own firms or go on to register as both a broker-dealer and independent investment advisor.
Becoming an RIA is an attractive option for many advisors. Young advisors just starting out may want to strike out on their own. Perhaps they are dissatisfied with their compensation arrangement, or they have their own ideas about how best to serve clients and use technology.