For more stories like this, sign up for the PLANADVISERdash daily newsletter.
Products October 11, 2011
Pershing Paper Offers Guidance for Wirehouse Advisers
Pershing Advisor Solutions, a BNY Mellon company, has published a white paper reviewing various independent registered investment adviser (RIA) models, to assist wirehouse advisers considering a change.
Reported by Nicole Bliman
The paper, “Destination RIA: What to Expect and How to Prepare,” sets expectations for the different challenges of working as an RIA.
“The RIA model has continued to grow rapidly as wirehouse advisers seek the freedom to run their businesses in a manner which best enables them to meet their clients’ needs,” said Kim Dellarocca, head of practice management at Pershing. “The study provides assistance for determining whether such a move is right for an adviser and, if so, how to make a successful transition.”
Pershing says highlights of its paper include:
- Benefits of the Independent Model – Industry turmoil, mergers of major firms, regulatory pressure, and investor trends are driving the shift toward greater fiduciary responsibility, writes Pershing.
- What it Takes to Succeed – The paper explores the many options advisers have when considering going independent, including: to start an RIA, to join an RIA, to join an independent broker/dealer, or to start a broker/dealer or affiliate with a strategic acquirer.
- Ensuring a Successful Transition – Pershing writes that some advisers do not have the prerequisite personality traits and practice characteristics to succeed as an independent adviser and that personal preferences may be an obstacle when it comes to a preference for running a business versus simply servicing clients.
- Planning the Transition – The paper suggests advisers should consider working with a transition consultant to develop a business plan with a detailed timeline and project plan that can provide a road map for guiding them through the transition.
Additional information is available at www.pershingadvisorsolutions.com.
You Might Also Like:
More Than Half of Plan Advisers Expect to Use AI
Adviser practices using artificial intelligence may become a reality in the next 12 months, according to BlackRock surveying.
Fisher Investments to Spin Off Independent 401(k) Practice
The RIA is spinning off its 401(k) division to become Fisher Retirement Solutions.
SageView Names New CFO, Adds Chief Growth Officer
The advisory announced two C-suite hires to prepare for the “next stage of growth strategy.”