Q52 - How To Structure The Legal Ownership Of An RIA?

I'm Brad Wales with Transition To RIA. This is episode #52 of the Transition To RIA question and answer series where I answer RIA related questions I get from advisors just like you.There are fun and exciting parts to transitioning your practice to the RIA model. To name a few:- How will you brand and market your new practice?- With newfound flexibility, will you add to your service offering?- Are there additional client profiles you’d like to target?Also important is how you handle the necessary blocking and tackling of having a new firm.In this episode, I am joined by industry attorney Richard Chen where we discuss how to structure the ownership of your new firm to address both initial needs, as well as to ensure flexibility going forward.Among other topics, we discuss:- What type of ownership structures are used.- How to accommodate multiple owners, both present and future.- Why and how you need to be using an Operating Agreement.Come take a listen!About Host: Brad Wales is the founder of Transition To RIA, where he helps financial advisors to learn and understand everything there is to know about WHY and HOW to transition their practice to the Registered Investment Advisor (RIA) model. Brad has nearly 20 years of industry experience, including direct RIA related roles in Compliance, Finance and Business Development. He has an MBA and has held the 4, 7, 24, 63 & 65 licenses. On his website (TransitionToRIA.com) he has a large catalog of free videos, whitepapers, as well as other resources to help advisors fully understand the RIA model and how it would apply to their unique circumstances.