For RIAs, networking with others who understand the challenges you face may hold the key to greater independence

As a registered investment advisor, you’re driven by a quest for independence. Serving clients in your own way—using your skills and experience to make a difference in their lives—is likely the reason you got into the business in the first place. 

Yet there’s no question that independence comes with trade-offs. At times, your practice may feel like an island, with every new question a challenge to figure out on your own. But independence doesn’t have to mean going it alone. You may be surprised at the resources and support available from peers and professional consultants you can turn to without sacrificing the self-reliance that makes you who you are.

Tapping into a community of like-minded peers

Advisors attached to a large organization often benefit from informal gatherings and organized events with other financial professionals, as well as programs featuring economic and market insight from established leaders. One trade-off of being on your own is not having that built-in community. 

Networking can be a valuable way to share experiences and challenges and discuss new ideas and best practices with others. But networking from scratch requires time you may not have to spare as you strive to build your business while meeting the demands of your clients.

When evaluating strategic solution providers, ask whether they can help you find your community through:

• Local networking. RIAs looking to form lasting connections with financial professionals in their area should seek out regional events where they can network and check in with peers throughout the year. A helpful platform provider can connect you to events like these—both in person and remote—to build mutually beneficial professional alliances and a sense of community.
• Large-scale summits. Bigger, annual events provide opportunities to learn about industry trends and hear from dynamic speakers on a diverse range of leadership, business, and financial topics. This is something you’ll want to ask prospective solution providers about—specifically, what kind of forums do they offer you to meet with peers and gain access to experts?

Build your business through expert insights

Consultants who understand the needs of RIAs—the unique demands of building a business while serving clients—can help you assess your situation, learn what’s working, and prioritize areas that need the most attention. 

Ask prospective strategic solution providers whether they provide learning opportunities across these critical areas:

• Business strategy and planning. Do you regularly benchmark your business, update your strategic plan, and set and track your business goals? Experienced consultants could help you step back from day-to-day operations and consider your big picture. 
• Empowering your team. Your staff is your most precious resource, and you may wonder at times whether you’re using their time and experience wisely. Consultants can help you create effective compensation and incentive plans, hone your job descriptions, on-board and train new hires, and decide which functions are best handled internally versus outsourced to a third party. 
• Client experience and operations. If you’re like many financial professionals, 20% of your clients account for some 80% of your revenue. Could now be the time to review your client segmentation and review processes, fee schedules, and the technology you use to support clients? Consultants could help sharpen these and other areas. 
• Marketing your business. You’re an RIA, not a marketer. But you can’t grow unless you get the word out about the skills and services you offer. Consultants well-versed in financial marketing strategies and techniques can help you create a marketing plan, generate referrals, profile your ideal clients, and more. 

Whether you’re going independent for the first time or you’ve been running an RIA business for years, it’s a smart idea to find your community and connect with seasoned consultants who can help you create the business you envision.

Find out how AssetMark Institutional community and consulting can help you build the business you envision. Schedule your consultation.