After 9 years, at the age of 29, I quit. I left my cold, soulless corporate advisory position and started my own wealth management company/RIA. It literally feels like a thousand pounds has been lifted off my shoulders.
My company message stems from the pandemic, as my plan is to pass the real estate savings down to clients and focus on multi-generational wealth. I am not focused exclusively to families, however, as I have a discounted robo/digital advisor priced at 0.25%, along with a traditional service priced at 0.75%. Clients and prospects visit my site, and get to choose between the two.
I am curious of your thoughts on a business being set up this way. I have not seen it offered by many RIA's, unless we include the notorious double dippers which I am sure you all are aware of.
Congrats! Good to see good news in light of everything that's happening.
Honestly this seems to be the time to do it. Fees will compress faster at the big companies, and veterans are retiring, which means the young employees will now be doing double the work for the same pay. Needed to strike while the iron is hot.
Don't have any real insights to contribute but would love to hear some high level details as to how you actually did this. Like are you building your own robo advisor or outsourcing that? For non-robo option, are you just managing your own fund and selecting securities? Or are you advising and buying mutual fund products from third parties on behalf of the client giving you money? How did your corp advisory background prepare you for this?
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