Transcript
MUSIC INTRO 0:00
Speaker 1 0:12
Welcome to Ria. Confidential. Your source for the truth about going RIA, I’m your host. Jonathan Andrews with bravehearts TV network, here to explore the questions and concerns financial advisors have about transitioning to the RIA business model. Today, we’re kicking off a powerful two part series that digs into the why, the how and the what now of breaking away from the broker dealer model. Joining me is someone with decades of experience, and he specializes in mentoring advisors through this exact journey. Ray, gettens. Ray is not just an RIA expert. He’s a strategic architect behind United Advisor Group, where he helps advisors transition out of old limiting models and into a future where they can actually own their business, their brand and their growth. Ray, welcome to the show. Thrilled to have you here.
Speaker 2 1:02
Thanks, Jonathan. I’m excited to be here. This is such an important topic. So many advisors out there are feeling stuck and don’t even realize there’s a better way.
Speaker 1 1:10
So Ray, what’s driving this massive shift from independent broker dealers to the RIA space? It really feels like there’s a sea change happening.
Speaker 2 1:18
You’re absolutely right. Advisors are realizing that they’re building someone else’s business instead of their own. They’re stuck with someone else’s tech, someone else’s brand, and someone else’s rules.
Speaker 1 1:31
So it’s not just about a bigger payout, it’s also about agency having the freedom to make decisions that impact your clients and your business
Speaker 2 1:40
exactly take something as simple as marketing. In the broker dealer world, launching your own content series or webinar can mean weeks of back and forth with compliance, only to be told no.
Speaker 1 1:51
Been there. Heard that. I remember one advisor who said it, it took him longer to get his blog post approved than to actually write the thing
Speaker 2 1:58
right. And marketing is just the tip of the iceberg. In the RIA world, you’re building a business with your name on the door. You choose the CRM, you choose your investment solutions. You’re no longer a captive rep. You’re a business owner.
Speaker 1 2:11
And for a lot of advisors, that shift is both scary and exhilarating. It’s like going from being a passenger to being the pilot,
Speaker 2 2:17
Absolutely and for the first time, you get to chart your own course. Let’s
Speaker 1 2:22
Let’s talk about the money. Everyone hears about the payout bump, but what’s really behind that
Speaker 2 2:27
Great question? Yes, the payout is higher, but it’s more than that. You’re keeping more of what you earn and reinvesting it into your team, your systems and your growth. You’re no longer given away 15 to 25% of your revenue.
Speaker 1 2:43
So it’s really about having options. You’re suddenly the CEO of your own future
Speaker 2 2:48
Exactly that that extra margin opens doors you didn’t even know were closed before. I had one advisor who used that extra revenue to bring on a junior planner and double his client capacity within a year.
Speaker 1 3:00
Wow. Talk about ROI and let’s be honest, no one goes independent to work more. It’s about working smarter, right? 100%
Speaker 2 3:06
And more purposefully, you’re building equity in something that’s yours.
Speaker 1 3:10
And there’s a pride to that, yes, absolutely. Yeah. I spoke with an advisor last week who said, you know, this is the first time I’ve actually felt like I own my career. That’s a powerful shift.
Speaker 2 3:21
It really is. It’s not just a business move, it’s a mindset shift. And once that switch flips, there’s no going back.
Speaker 1 3:28
Yeah, yeah. It’s kind of like discovering you’ve been playing someone else’s game and now you finally get to build your own board.
Speaker 2 3:33
That’s exactly it. And advisors are waking up to the fact that the rules can change if they’re the ones writing them
Speaker 1 3:39
Well said. And coming up next, we’re going to tackle the myths. Because let’s face it, there’s a lot of misinformation out there about going, are i A Oh yeah, absolutely. Let’s tackle a big myth. First. A lot of advisors think going RIA means starting from scratch, no clients, no support, no brand. What’s the truth
Speaker 2 3:57
that myth is one of the biggest barriers. The reality is, it all depends on how you go about it,
Speaker 1 4:03
and I’m guessing that’s why many advisors partner with an RIA aggregator like UAG, where they get infrastructure, tech, compliance, everything they need to hit the ground running,
Speaker 2 4:13
right? You don’t have to reinvent the wheel. So when people say,
Speaker 1 4:17
I’d love to go independent, but I don’t want to lose my entire foundation. What do you tell them?
Speaker 2 4:22
I tell them it’s not a leap to the other side. It can be a walk over a well paved bridge, if done right, the right. Partner walks you through onboarding, client retention, communication, plans, all the steps and details so you don’t have to
Speaker 1 4:35
Figure it out alone and your clients, they’re not going anywhere if you do it right, that’s right. Awesome. So would you say retention during transition is higher than most people think? Oh, yeah,
Speaker 2 4:47
definitely. Not only that, we show advisors how to turn that uncertainty into loyalty.
Speaker 1 4:52
I like it more on that and other big concerns like compliance and tech. In just a bit, you’re listening to RIA confidential, okay, so let’s talk fiduciary. Duty. This is one of the core differences between the broker dealer and RIA models. Ray, how does this shift impact the advisor client relationship?
Speaker 2 5:07
It’s really a game changer. Jonathan, what do you mean exactly? Well, when you become an RIA, you’re legally bound to put your client’s interests first, so when your client sees you, have no other incentive but their success. It’s
Speaker 1 5:19
powerful. I imagine that builds a different level of trust.
Speaker 2 5:23
Yes, exactly. And you’re not limited to a product list. You’re designing plans around what’s actually best for each client.
Speaker 1 5:29
Yeah, that’s powerful. And from what I’ve seen, clients really respond to that transparency.
Speaker 2 5:35
Absolutely. We see increased referrals, deeper relationships and long term loyalty. One advisor told me, this is the first time my clients feel like they truly understand how I’m compensated, and they respect me more for
Speaker 1 5:47
It. It creates confidence. You go from being just an advisor to more of a trusted partner,
Speaker 2 5:53
right? And that trust translates into business sustainability. You’re not constantly chasing new clients, because you’re keeping the ones you
Speaker 1 6:00
Have. So basically, you’re doing the right thing and getting rewarded for it.
Unknown Speaker 6:04
You said it, and that’s what makes their IA space so exciting right
Speaker 1 6:07
How amazing. Like, let’s shift to something that trips up a lot of advisors, technology. What does a modern RIA really
Unknown Speaker 6:14
Need? A great tech stack is essential.
Speaker 1 6:17
What are we talking about here? CRMs, what else? What’s all involved?
Speaker 2 6:21
Yes, yes, you start with a solid CRM, but you also want state of the art, performance reporting tools, financial planning software and a secure client portal. So really, at UAG, our tech stack helps partners become fully integrated with systems that work together seamlessly,
Speaker 1 6:36
So no more cobbling things together and hoping they don’t break on a client call
Speaker 2 6:40
Exactly, we give them a turnkey setup, streamlined, compliant and client friendly.
Speaker 1 6:45
I’ve seen how much time that saves and clients notice too. A modern client portal, automated reports. It all adds up.
Speaker 2 6:51
You’re right. It elevates the experience and keeps advisors focused on relationships, not troubleshooting.
Speaker 1 6:57
Yeah, yeah, that really makes sense right now. Let’s shift gears a bit once an advisor transitions, would you say one of the biggest levers for growth is building the right team? Yes, but let’s be honest, staffing and retention can be a challenge in any industry. What are you seeing in the RIA space? How do advisors approaching independence handle staffing?
Speaker 2 7:18
A lot of advisors don’t realize how limited they were until they start hiring with full control. With the additional revenue you retain in the RIA model, you can invest in the right people, support, staff, planners, even virtual assistants.
Speaker 1 7:33
And I imagine hiring the right people helps you spend more time doing what you love and less time in the weeds
Speaker 2 7:39
Exactly. I always say, do what only you can do and offload the rest. But there’s a second piece to this retention. You’ve got to build a culture. Even a small team needs vision, leadership and clarity.
Speaker 1 7:50
So not just like, hey, I hired someone, but I’m creating a place where they want to stay.
Speaker 2 7:54
That’s it. At UAG, we help advisors, design team roles, implement HR best practices and set up the right workflows, because a well supported advisor is a more successful advisor, and
Speaker 1 8:05
It trickles down to the client experience. Happy team, happy clients.
Speaker 2 8:09
You got it, and if you’re not thinking about that now, you’re going to hit capacity and limit yourself. So scaling require the right people in the right seats for sustainable growth. All
Speaker 1 8:19
Right. Ray, let’s tackle the million dollar question, if I go independent, will my clients follow me?
Speaker 2 8:24
Oh, yeah, that’s a big question for advisors. And honestly, the answer is a strong Yes. If it’s handled right, we’ve seen retention rates well above 95% and in many cases, advisors actually increase their book substantially during the transition?
Speaker 1 8:42
Well, frankly, that surprises me a little bit. I’m guessing, or would assume, clients are glued to the firm name, not the advisor. No,
Speaker 2 8:51
that’s the that’s the myth. But in reality, clients aren’t loyal to a logo. They’re loyal to you, the advisor,
Unknown Speaker 8:57
Your relationship, your guidance, your trust 100%
Speaker 2 9:01
and when you communicate proactively and clearly explain the benefits of the move, most clients don’t just stick around. They applaud the decision.
Speaker 1 9:08
So it’s about framing, not I’m leaving, but I’m upgrading for you.
Speaker 2 9:12
Exactly. We help advisors with white labeled letters, conversation scripts and onboarding plans to make the transition seamless. And here’s the cool part, many advisors get referrals during this process because clients are impressed by the bold
Speaker 1 9:27
Move, really. So you’re not just retaining you’re multiplying. You’re
Speaker 2 9:32
creating a moment of re engagement. You’re re earning their trust in a new way, and that deepens the bond.
Speaker 1 9:37
And I assume transparency plays a big role here, too. Oh
Speaker 2 9:41
Yes, huge. When clients understand that their their advisor now has a fiduciary duty, more flexibility and isn’t tied to one product shelf. It builds confidence. It says like this person is evolving, and they’re doing it with my best interest in mind.
Speaker 1 9:58
Yeah, that’s powerful. So really. A transition isn’t a threat, it’s a catalyst.
Speaker 2 10:01
Couldn’t have said it better myself. All right, Ray, let’s
Speaker 1 10:05
Talk about the elephant in the room, compliance.
Speaker 2 10:08
Oh, yeah, now we’re talking so yeah, this is where a lot of advisors start sweating.
Speaker 1 10:13
I would imagine compliance is one of the most daunting parts of going independent. What’s the real story here?
Speaker 2 10:19
It’s sad, and honestly, compliance is the number one reason many advisors don’t make the move, but it’s also one of the biggest reasons they do when they learn the truth. Oh, how so well, here’s the great thing. At United Advisor Group, we take the compliance burden completely off the advisors plate. That’s
Speaker 1 10:35
Huge. I’ve heard some advisors actually have PTSD from suffering through a FINRA audit,
Speaker 2 10:41
No doubt it’s it’s not something you ever want to go through.
Speaker 1 10:44
That’s why half their job is paperwork and check boxes,
Speaker 2 10:47
Exactly. But at UAG, we have an in house compliance team that handles everything from updates to filings to audits. So
Speaker 1 10:54
Is it plug and play? What do you mean? You handle everything,
Speaker 2 10:58
literally everything. Our advisors never have to worry about another audit, because the firm stands 100%
Speaker 1 11:03
In the gap. Are you saying that in the case the advisor gets called in for an audit, the firm handles everything from A to Z Yes,
Speaker 2 11:10
That’s it. Exactly. The advisor never has to break stride or attend one audit session.
Speaker 1 11:15
Wow, that’s pretty huge. So they’re free to focus on growth.
Speaker 2 11:18
That’s that’s the magic. One of our recent advisors said, I joined you, AG, for one reason, I never want to deal with compliance again, and now he’s doubled down on client relationships and marketing instead.
Speaker 1 11:29
That’s incredible, full compliance without the chaos of sleepless nights.
Speaker 2 11:34
Exactly, we believe in freedom with support. You’re not alone, but you’re also not micromanaged. To my knowledge, we are the only RIA group that does that. Wow.
Speaker 1 11:43
Ray, this has been an eye opener. I think a lot of advisors are going to walk away from this episode feeling more confident and maybe even a little excited about exploring the RIA model.
Speaker 2 11:53
Absolutely, that’s my goal as a mentor. My mission is to make the seemingly daunting easy.
Speaker 1 12:00
Okay, if you joined late, keep in mind this is a two part episode. Next time, we’ll dig into branding, trust building and how advisors grow faster inside a collaborative RIA ecosystem. Ray, thanks for sharing your insights today. Thanks, Jonathan. It’s been a pleasure. And to everyone listening, remember, you don’t have to do this alone. There’s a better way, and we’re here to help you find it.
Speaker 2 12:20
I can’t wait. And hey, if you’re curious what this move could mean for you financially, check out our free RIA calculator at ri a calculator.org in just a few clicks, you’ll see what kind of income boost you could expect by going independent.
Speaker 1 12:35
This has been RIA confidential. See you in the next episode. And like Ray said, be sure to check out the calculator at Ria calculator.org if you’ve never done a comparison between the broker dealer model and the RIA model, it will be a shocking eye opener.
Speaker 2 12:48
Timing is everything, and if you’re ready to start building the practice you’ve always envisioned, we’re here to help. I’m Ray gettins Your RIA mentor. See you next time you
Speaker 1 13:09
United Advisor Group (“UAG”), is a federally registered investment adviser under the Investment Advisers Act of 1940. Registration as an investment adviser does not imply a certain level of skill or training. The oral and written communications of an adviser provide you with information about which you determine to hire or retain an adviser. UAG, Form ADV Part 2A & CRS can be obtained by visiting: https://adviserinfo.sec.gov and search for our firm name. Neither the information nor any opinion expressed is to be construed as solicitation to buy or sell a security of personalized investment, tax, or legal advice.
