Q84 - How Much Does It Cost To Start An RIA?

How much does it cost to start a Registered Investment Advisor ("RIA") practice?As often occurs with the advice that financial advisors give their own clients, the answer is "it depends."For new advisors first entering the industry who plan to run a virtual practice, the cost might be as little as a few thousand dollars. For a large team catering to HNW clients, who plan to transition their practice from an existing broker/dealer firm, the cost could potentially be $100,000+.There are several variables that go into the total cost equation. Some of the variables have static prices, while others provide a wide range of options for advisors to choose from.In this episode I explain what the main cost variables are and how you can start to pencil your own start-up estimate.Come take a listen!P.S. Prefer video? You can find this entire series in video format on Youtube. Search for the TRANSITION TO RIA channel.Show notes: https://TransitionToRIA.com/how-much-does-it-cost-to-start-an-ria/About Host: Brad Wales is the founder of Transition To RIA, where he helps financial advisors understand everything there is to know about WHY and HOW to transition their practice to the Registered Investment Advisor (RIA) model. Brad has 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. The Transition To RIA website (TransitionToRIA.com) has a large catalog of free videos, articles, whitepapers, as well as other resources to help advisors understand the RIA model and how it would apply to their unique circumstances.