CEO Matt Sonnen sat down with Mindy Diamond to discuss the lessons he learned from launching Luminous Capital 10 years ago, as well as the advice he gives billion-dollar breakaway teams today that are looking at Independence. He paints a realistic picture of what it REALLY takes to build an RIA firm, whether you go it alone, work with a service provider, or hire a consultant. He answers these specific questions:
- What does it take to build an independent business?
- What are the differences between a serial acquirer, a service platform and a consultant?
- How do you access alternatives, research and lending as an independent?
- How do you create a performance report as an independent?
- How do you trade as an independent?
- How long does it take to launch?
- What about marketing and branding?
- How do you handle compliance?
Matt and Mindy also discuss what to expect from life after the launch and address a common concern about the bottom line. That is, how long does it typically take for a breakaway to become cash-flow positive?
Listen to podcast here