RIA Self-Assessment

You've heard about the benefits of independence.

Find out if you're ready to experience them for yourself.

Is the RIA model right for you?

Eight thought-provoking questions will help you assess whether the time is right for you to go independent.

1 of 8
Is your growth limited by the structure of your firm?

The ability to control fee structure and increase payouts are top reasons IBD and breakaway advisors pursue independence according to data from Cerulli. 1 Advisors at RIA firms make their own business decisions and pursue growth on their terms.

They are free to charge for value-added services, pursue inorganic growth, and establish succession plans. Marketing their new independence can also be an effective way to attract new clients.

2 of 8
Do you have the flexibility to communicate with clients the way you want?

Independent advisors are required by law to act in the best interests of their clients.

As a fiduciary, you're in an ideal position to build trust. And you have the flexibility to communicate with clients on your terms, whether offering performance reporting, sending email, texting a note of congratulations, or dropping a card in the mail. You can customize an experience for each client and do what's needed to foster lasting relationships.

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Are you satisfied with the level of control you have over your technology?

Advisors at RIA firms have access to leading technology solutions that help them put clients first.

Whether you're looking for a turn-key or custom-built approach, you can choose platforms and third-party providers that streamline workflows and offer a modern client experience. And you're not stuck paying for products or services you don't use.

4 of 8
Are you able to offer products that meet the needs of your clients?

Backed by open architecture, advisors at RIA firms have access to a wide array of products across the industry.

You don't have to rely on cookie-cutter investments. As an independent RIA, you determine the solutions you believe are truly right for your clients.

5 of 8
Are you comfortable with the leadership direction of your current firm?

Whether it's a sales quota or a proprietary product, there may be instances where a firm's priorities don't match a client's need.

As an independent RIA, you determine what is in the best interest of your clients. In a Schwab study of advisors who recently joined or started an RIA firm, "being free to do what's best for my clients" and "working for myself" were the top two reasons for going independent. 2

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Do you believe you are being compensated appropriately?

As an independent advisor, you're in the best position to maximize your revenue.

You control how much to spend on technology, compliance, office setup, and how much revenue you keep. If monetizing your book of business is a long-term goal, you can also build business equity and lay the groundwork for a potentially lucrative exit strategy.

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Do you have a well-developed personal and professional network of friends, family, or clients?

Though advisors have been known to begin from the ground floor, starting out may be easier if you have contacts and clients in place.

Having a business plan for how you'll succeed, and the determination to get there, is equally important.

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Do you like the idea of owning your own business and controlling your brand?

Independent advisors today have more options than ever when it comes to how much control they have over business operations.

You can open your own firm, affiliate with a financial partner, join an existing firm, or evaluate even more choices for independence.

Processing your answers

At least half your answers suggest...

It's time to explore your independence.

The RIA model can help you find the success you're looking for. Check out the resources below and discover what being an independent advisor is all about.

Exploring independence - An overview of the registered invenstment advisor model Exploring Independence: An overview of the Registered... Download Forward momentum: Elite teams take the helm at RIA firms Forward Momentum Elite teams take the helm at RIA firms Download

Your answers suggest...

You deserve the full story.

You may be relatively satisfied with your current practice. But is satisfactory good enough? Check out the resources below to learn how making the transition to the RIA model can be a power step in an exceptional career.

Moving to Independence: the growth trajectory of RIAs Moving to Independence: The growth trajectory of RIAs Download Forward momentum: Elite teams take the helm at RIA firms Forward Momentum Elite teams take the helm at RIA firms Download

Get where you want to be, faster.

Talk to a Schwab Business Development Officer to learn how we can help you grow and succeed.

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