Billion-Dollar Wirehouse Advisors
With PFI Advisors, billion-dollar breakaway teams can pursue their RIA dreams with confidence, knowing that they have the right advice and support to build their dream firm, without having to give up hard-earned equity or pay expensive basis points on AUM.
For years, large wirehouse teams have looked at the RIA model as something aspirational, but have held back because of the lack of economic solutions for large teams and the growing complexity of the operational infrastructure for building an RIA. As you can see below, there are many options available to wirehouse advisors who choose to move their business into the Independent channel.
Office Infrastructure
While advisors remain focused on their day-to-day client responsibilities at their current job, PFI will facilitate the buildout of the new office: real estate selection, furniture, computers, phones, disaster recovery/email retention, audio-visual for conference rooms, etc. On resignation day, the advisor will walk into their brand new, fully-operational office.
RIA Infrastructure
PFI will work with advisors to ensure they can offer the same products and services they have provided clients throughout their career and have the proper tools in place to deliver them: custodian, performance reporting, trading, CRM, investment research, client portal, financial planning, etc. We will work with advisors to build their suite of technology solutions, and make sure the proper integrations and workflows are customized and ready to go upon launch of the new firm.
Client Transition
PFI will be onsite to support an advisory team before, during, and after resignation day – working closely with the new custodian to process account paperwork and ensuring their clients the smoothest transition possible. We will also prepare advisors for their client conversations and have them armed with answers to the most common transition questions.
Billing
PFI will make sure client agreements are counter-signed, fee schedules are uploaded, and the first billing cycle is complete in a timely fashion. We will also see that the staff is trained on billing policies and procedures going forward.
Investment Access
Not only will PFI help advisors access the same investments they offered at their old firm, but we will advise them on the countless new investment solutions available to them and their clients now that they are an independent investment advisor.
Compliance Support
PFI will make sure the proper SEC filings are made, the proper disclosure documents are sent to clients, and advisors have a tailored compliance manual and compliance program in place for the new business on Day 1.
Legal
PFI will coach advisors on the ins and outs of a clean transition from their current firm (Protocol or Non-Protocol transition). We can help determine the proper business structure and equity ownership of the advisors’ new firm, as well as facilitate the drafting of all client agreements, employee manual, employment contracts, etc.
Client Segmentation
An important step in the breakaway process is determining which current clients are best served by the new RIA, and which clients don’t fit the advisor’s new service offering. PFI will help advisors examine their book of clients (with no identifying information) and determine how best to allocate resources at their new firm.
Ongoing Support Services
As part of PFI Advisors’ full breakaway engagement, we remain heavily involved with advisors following their transition for several months until they feel they have established themselves and their staff feel comfortable servicing their clients as an RIA. We help new RIAs learn how to manage business responsibilities while maintaining the same level of client service they have always provided.
While many firms engage PFI Advisors simply for transition support during the launch of their RIA, others prefer to keep us engaged for the long haul, providing support and consultation as they grow their firm. Learn more about COO Resource, our long-term, ongoing retainer-based service.