FA Magazine September 2025 | Page 37

Before you join an RIA, ask yourself: What is the firm’ s ownership structure? Is it truly independent or is there a private equity investor? In the latter case, how much control does the private equity partner exert? What is that firm’ s strategy to exit its investment? Is the RIA firm currently independent but speaking to private equity for potential future investments?

Your best chance at independence will be joining an RIA that is independently owned. But if you are interested in a firm with PE backing, be sure to test for the backing firm’ s agenda, influence and time horizon. to generate new business entirely on their own. That’ s a challenge by itself— but it also diverts their attention from serving their existing clients.

A firm with an established marketing and business development team, by contrast, will take that burden off its advisors. A well-built marketing engine uses various channels— from content to ads to public relations— so that the firm not only generates leads but grows its name recognition, positions its team as thought leaders, and stands out in a crowded landscape.

When interviewing, look for RIAs with these advantages: ulations of the Securities and Exchange Commission and state-level regulators, maintaining accurate documentation, establishing policies that protect client data, and acting in a fiduciary manner.

Unlike advisors at large firms, those in independent practices may not have dedicated compliance departments, and that makes it vital to ensure that the RIA you are considering has the right compliance infrastructure.

When interviewing with a firm, you should ask whether it has:

• An in-house compliance team;

• Regular policy updates and trainings;

A Robust Tech Stack— Not Just Lip Service

Advisors at big banks and wirehouses often take their enterprise-grade technology stack for granted. But once they join an RIA, they may find themselves underwhelmed by the thin or clunky tech of a small firm.

In today’ s digital-first world, a cuttingedge tech stack isn’ t just nice to have but absolutely required. Advisors need more than just portfolio management software— they need tools that help them save time, deliver a superior client experience and empower their growth.

If you’ re interviewing with a new firm, ask about its tech stack. Ask whether it has these things:

• Real-time portfolio reporting;

• Integrated financial planning software;

• AI-driven automation and client insights tools; and

• Mobile client dashboards and secure communication channels.

It’ s not enough to talk about the technology— ask if you can see it in action.

Your best chance at independence will be joining an RIA that is independently owned. But if you are interested in a firm with PE backing, be sure to test for the backing firm’ s agenda, influence and time horizon.

• They have a sleek digital presence on websites and social media;

• They boast thought leadership content and media coverage;

• They have invested in lead-generation programs;

• They have targeted outreach to clients, prospects and other influential professionals who make referrals;

• They boast industry awards for themselves and their advisors; and

• They host unique events and experiences that stand out from the usual wine-and-cheese gatherings most firms continue to lean on.

You’ ll want to join a firm that acts as a partner to help you grow, one that will help you hit the ground running and build sustainable momentum.

• Tech for automated supervision and recordkeeping; and

• SEC and state-level registration support.

Needless to say, joining an RIA with robust compliance resources will help you avoid fines, reputational damage and legal risk— and thus the firm will help you grow with confidence.

Choose Carefully

Advisors go independent seeking freedom, flexibility and better alignment with their clients, but they often find themselves disillusioned.

So when you’ re thinking of joining an RIA, don’ t just focus on salary and bonuses. Look deeper— at its ownership structure, its tech stack, its marketing and business development and its compliance— to make sure your next move is a launchpad into the career you’ ve always wanted.

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