Part of the Independence Reality Check series. Start with the hub guide: The Advisor Independence Reality Check: What Broke, What Held, What’s Next.
Most advisors get stuck on two questions: should I go independent, and if I do, what model is right for me.
Independence is a spectrum of control, support, equity, and responsibility. This guide compares the three common paths.
Model 1: Solo RIA
You build and own everything. You choose every vendor. You carry the operating load.
Best for
- Advisors who want full control
- Advisors who enjoy building systems
- Teams with strong operational discipline
Tradeoffs
- You must build compliance and infrastructure
- You need a strong tech and staffing plan
Model 2: Aggregator
You join a larger platform that may consolidate operations and sometimes equity structures. You may gain scale quickly.
Best for
- Advisors who want speed to infrastructure
- Teams seeking succession pathways inside a larger entity
Tradeoffs
- Flexibility can reduce over time
- Equity can be complex
- Decision-making may shift upward
Model 3: Supported independence
You own your brand and client experience while partnering for infrastructure like compliance, ops, billing, and trading support.
Best for
- Advisors who want to be owners without doing everything
- Teams focused on growth, not operations
Tradeoffs
- You pay a platform fee or share economics
- Partner selection matters
The real comparison
- Control: who decides client experience, tech, and hiring
- Cost: fixed fees, variable costs, and all-in economics
- Equity: enterprise value ownership and succession options
- Support: what is included versus add-ons
Red flags to watch
- Unclear answers about what happens if the platform sells
- Contracts that reduce your optionality later
- Pricing that grows faster than your revenue as you scale
- Ambiguity about who owns the client relationship
Run the numbers before you choose
Model economics change based on the path. Start with real inputs at RIACalculator.org.
