RIA Collective: Damian Lo Basso | Why RIAs Need a CFO Before They Think They Do

Most RIAs don’t think they need a CFO… until they realize they do.In this episode of RIA Collective, host Charlie Van Derven sits down with Damian Lo Basso, Founder of My RIA CFO, to discuss the financial blind spots that hold advisory firms back during transition, growth, and scaling.Damian brings a rare level of experience to the RIA space. After working in investment banking and M&A, he helped build Dynasty Financial Partners’ OCFO program, launched one of the industry’s first outsourced CFO firms, and later served as CFO for multi-billion-dollar RIAs before launching My RIA CFO.Together, Charlie and Damian discuss:Why many RIAs wait too long to professionalize financial operationsThe hidden risks advisors overlook during transitionWhy bookkeeping alone is not enough for growing firmsHow RIAs should think about forecasting, hiring, and scalingWhy fractional leadership is reshaping the independent advisor spaceHow advisors can access institutional-level support without institutional-level overheadThe growing ecosystem helping RIAs thrive after leaving wirehousesDamian also explains why many firms mistakenly believe “money in the bank” means the business is healthy, while missing the larger strategic picture hidden inside the numbers.This episode is especially valuable for: ✔️ Advisors considering independence ✔️ RIAs preparing to scale ✔️ Firms evaluating outsourced leadership support ✔️ Advisors navigating M&A or transition decisionsIn addition to this conversation, Charlie and Damian recently joined forces with other industry leaders for a webinar focused on how RIAs can leverage fractional leadership to grow more efficiently without adding massive overhead.The webinar covers:Fractional CFO, CMO, COO, and CIO supportHow outsourced leadership creates leverage for RIAsThe economics of scaling smarterCommon mistakes advisors make during growth and transition🎥 Watch the webinar replay herehttps://youtu.be/khHHwwMrvHs🎧 Watch now and subscribe to RIA Collective for conversations that help independent advisors grow, adapt, and build stronger businesses.🔗 Connect with Damian Lo Basso🌐 Website: https://www.myriacfo.com 📧 Email: [email protected]🔗 Connect with Charlie Van Derven🌐 Social Advisors: https://www.social-advisors.com 💼 LinkedIn: https://www.linkedin.com/in/charlievanderven/⏱️ Chapters00:00 – Why RIAs are evolving 02:00 – Damian’s background in M&A and CFO work 05:00 – Why RIAs underestimate financial operations 08:00 – The future of independent advisory firms 11:00 – Why outsourcing leadership roles works 14:00 – Transition mistakes advisors make 18:00 – What the SEC is looking for during audits 21:00 – Why bookkeeping is not enough 24:00 – Scaling an RIA the right way