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What Is The Most Important Software For A New RIA?
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I'm Brad Wales with Transition To RIA (TransitionToRIA.com). This is episode #87 of my question and answer series where I answer RIA related questions I get from advisors just like you.
If you transition your practice to the RIA model there are a LOT of variables to consider, and decisions to be made.
What technology to use is one of the most important of them.
Within the technology "stack," your Customer Relationship Management ("CRM") tool is arguably the most important component.
In this episode of the Transition To RIA question & answer series I explain why the CRM is so important, and how you should consider implementing it with your practice.
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.
RESOURCES & LINKS
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🔹 Transcription of video:
What is the most important software for a new RIA? That is today's question on the Transition To RIA question and answer series. It is episode #87.
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 of the resources I make available. This entire series is available in video format, podcast format. I have articles, I have whitepapers. All kinds of things to help you better understand the RIA model. Again, TransitionToRIA.com.
On today's episode, we're going to talk about if you were to transition into the RIA model, and there's lots of things you need to be thinking through that I talk about on these episodes, but what is the most important piece of software that you need to be thinking about to make that transition?
As I alluded to, there are several variables and decisions that go into transitioning into the model. You first need to decide whether this is even something you should be considering in the first place, whether the RIA model meets the needs of your practice. Does it make sense for you to make that transition?
But let's say you've gone through that exercise - that is something I help advisors understand and think through; does this make sense to be doing?
Let's say you've gone through that exercise, it makes sense to transition into it. In its simplest form, a transition is an exercise of identifying what your current firm provides for you now, and how you will replicate that on your own. Ideally for less money, and of course, the goal is with more flexibility.
I have a one-page checklist that identifies those variables. Feel free to reach out to me. TransitionToRIA.com has contact information. If you'd like the checklist, shoot me an email, I'll send it to you.
One of the variables is the technology that your new practice will need in the RIA model. This is often referred to as a tech stack. I did an episode on what is a tech stack, if you want to dive further into the topic. But solving for technology is an important part of it.
Now, there's different ways into the model. I talk about this frequently. You can start your own RIA and piece all these things together yourself, including each of the technology pieces. There are also different kinds of bundled solutions, that have already been bundled up for you.
There are solution providers who say, "We understand you're going to need to put all these pieces together. We've bundled up what we feel is best-in-breed." And there's different ways they go about offering that to you.
However you approach it, whether it's going to be via a bundled solution or you're going to piece the individual parts together yourself, technology is very important.
So, today's episode, the question is, out of the entire technology universe that you could pull from - which has expanded now in the RIA space to include hundreds of different FinTech vendors; there's all kinds of great tools and resources to potentially implement with your practice and your clients - which one is the most important?
Now, of course, that's a subjective question. My answer is my opinion, but a lot of people answer it the same.
The most important piece of software is the CRM, the customer relationship management tool. Con't.....
If you transition your practice to the RIA model there are a LOT of variables to consider, and decisions to be made.
What technology to use is one of the most important of them.
Within the technology "stack," your Customer Relationship Management ("CRM") tool is arguably the most important component.
In this episode of the Transition To RIA question & answer series I explain why the CRM is so important, and how you should consider implementing it with your practice.
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.
RESOURCES & LINKS
___________________________________________
🔹 Transcription of video:
What is the most important software for a new RIA? That is today's question on the Transition To RIA question and answer series. It is episode #87.
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 of the resources I make available. This entire series is available in video format, podcast format. I have articles, I have whitepapers. All kinds of things to help you better understand the RIA model. Again, TransitionToRIA.com.
On today's episode, we're going to talk about if you were to transition into the RIA model, and there's lots of things you need to be thinking through that I talk about on these episodes, but what is the most important piece of software that you need to be thinking about to make that transition?
As I alluded to, there are several variables and decisions that go into transitioning into the model. You first need to decide whether this is even something you should be considering in the first place, whether the RIA model meets the needs of your practice. Does it make sense for you to make that transition?
But let's say you've gone through that exercise - that is something I help advisors understand and think through; does this make sense to be doing?
Let's say you've gone through that exercise, it makes sense to transition into it. In its simplest form, a transition is an exercise of identifying what your current firm provides for you now, and how you will replicate that on your own. Ideally for less money, and of course, the goal is with more flexibility.
I have a one-page checklist that identifies those variables. Feel free to reach out to me. TransitionToRIA.com has contact information. If you'd like the checklist, shoot me an email, I'll send it to you.
One of the variables is the technology that your new practice will need in the RIA model. This is often referred to as a tech stack. I did an episode on what is a tech stack, if you want to dive further into the topic. But solving for technology is an important part of it.
Now, there's different ways into the model. I talk about this frequently. You can start your own RIA and piece all these things together yourself, including each of the technology pieces. There are also different kinds of bundled solutions, that have already been bundled up for you.
There are solution providers who say, "We understand you're going to need to put all these pieces together. We've bundled up what we feel is best-in-breed." And there's different ways they go about offering that to you.
However you approach it, whether it's going to be via a bundled solution or you're going to piece the individual parts together yourself, technology is very important.
So, today's episode, the question is, out of the entire technology universe that you could pull from - which has expanded now in the RIA space to include hundreds of different FinTech vendors; there's all kinds of great tools and resources to potentially implement with your practice and your clients - which one is the most important?
Now, of course, that's a subjective question. My answer is my opinion, but a lot of people answer it the same.
The most important piece of software is the CRM, the customer relationship management tool. Con't.....
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