Corporate RIA vs Servicing Advisor W/ Own Book
After running my own business for several years where I rubbed shoulders with high-income individuals, I decided I wanted to transition into wealth management and use those prior connections to build my own book. I eventually passed my Series 65 and took a role at a mega-BD primarily to build solid experience within the industry.
After a short time, I realized that this BD isn’t a long-term home, nor is it a place I would feel comfortable bringing my business to. This is a prospective book of business I plan to build out using those past relationships. In my first year, I anticipate being able to bring over roughly 15–20 households with around $4M–$6M in total AUM.I know that in the grand scope of the industry, this is a very small book, but I am trying to weigh my true options.
Corporate RIA Tuck-In: Would a corporate RIA touch someone with a prospective book of this size and allow me to “tuck in” under their umbrella?
Boutique RIA / Paraplanner Role: Does it make more sense to look for a paraplanner or servicing role at a boutique firm while building my book on the side?
While I think the boutique route is a great option, it also comes with the challenge of finding the right firm that is open to that dynamic and having that conversation.Has anyone been in a similar situation, or do you know someone who has, that could shed light on these circumstances? I know there are also a lot of advisors on here who are either looking for servicing advisors or bringing new advisors on board, so I’d love to hear your perspective.