Seven Questions Michael Kitces Has Never Been Asked.

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I'm Brad Wales with Transition To RIA (TransitionToRIA.com). This is episode #100 of my question and answer series where I answer RIA related questions I get from advisors just like you.

On this episode we have special guest Michael Kitces.

Michael has been interviewed hundreds of times, so when he agreed to come on the show, I challenged him that my goal was to come up with 7 questions about the RIA model he has never been asked before. Come take a look and see if I was a first timer on all 7!

#1 – Will we ever see the equivalent of a Chick-Fil-A in our industry (a systematized business with both hugely passionate clients and operators?)

#2 - If you had to choose to run a $50M, $500M, or $5B RIA, which would you choose and why?

#3 - If you were king for a day 20 years ago, and could change one thing about our industry, with no ramifications, what would it have been?

#4 - What do you think the RIA model will look like 30 years from now?

#5 – If you were a mutual fund wholesaler today, how would you try to work with RIAs?

#6 – If you were asked to help invest $100M into the industry, how would you deploy the capital?

#7 – If you had more capacity, is there a business in our industry you would try starting, and perhaps others should be trying themselves?

What I do: At Transition To RIA I help financial advisors understand everything there is to know about WHY and HOW to transition their practice to the Registered Investment Advisor (RIA) model.

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🔹 Transcription of video:

Brad: Seven questions about the RIA model Michael Kitces has never been asked. That is today's topic of the Transition To RIA question and answer series. It is episode #100.

Hi, I'm Brad Wales with Transition To RIA where I help you understand everything there is to know about why and how to transition to the RIA model.

If you're not already there, head to TransitionToRIA.com where you’ll find all the resources I make available, from this entire series in video format, podcast format. I have articles. I have whitepapers. All kinds of things to help you understand the RIA model.

Again, TransitionToRIA.com.

This is episode #100, and that milestone deserves a fun and exciting show. So, for those of you watching on video, you can see we have a guest today, Mr. Michael Kitces. Michael, thank you for coming on.

Michael: I appreciate the opportunity. Congratulations. 100 episodes is an awesome milestone, Brad.

Brad: Thank you. I appreciate that.

You've probably quoted the stats, that unfortunately the average podcast doesn't get past like seven episodes. I like to think if I could get to 50, I could get to 100, and we'll see how far it goes! But I appreciate you participating here in episode 100. We're going to have a fun one here.
When I reached out to Michael, I said, "I got episode #100, would love to have you on, love to talk about the RIA model."

Well, Michael has been interviewed hundreds of times, and probably hears a lot of the same questions. So, I challenged him and I said, "I'd like you to come on if you agree to it. And I have put together what I believe are seven questions about the RIA model, you have never been asked before. Are you up for the challenge?"

And so, I ask you, sir, are you up for the hot seat today?

Michael: I'm up for the hot seat. I'm terribly curious what's coming. Because no joke for anybody who's listening, he has not told me. This is not a rehearsed spiel. I really have no idea what's coming here. So, sure, let's dive in. Let's see.

Brad: He's right, no questions were given ahead of time. And if you could, Michael, if you have a pen or something, don't tell me as we go, but make a note as we go through and let's see at the end how I did. I'm feeling good about seven for seven. We'll see how it plays out, but I'm feeling good about it.

Question #1 – Will we ever see the equivalent of a Chick-Fil-A in our industry (a business with both hugely passionate clients and operators?)

Brad: The first question to put Michael on the hot seat with. I don't know about your neck of the woods of the country, but down here in Florida where I am, people are crazy about Chick-fil-A. Con't....