Q: Why leave a successful Independent Broker Dealer (IBD) career to become a fiduciary at a Registered Investment Advisor (RIA)?
A: It’s all about my clients. They want my advice on their investments, planning and all aspects of their financial lives. IBDs are often more focused on what sells, instead of what serves. I always put my clients first.
Q: Why join AdvicePeriod?
A: Again, it’s about my clients. AdvicePeriod focuses on what really matters to my clients. Their people, process, and technology simplify my life as an advisor, and more importantly, the lives of my clients.
Q: What was the hardest part about moving from an IBD to an RIA?
A: I had a substantial practice advising ERISA plans. That was easy with an IBD and it was nearly half of my entire business based on revenue. But I left it all behind. That’s how much I believe in what we’re doing at AdvicePeriod.
Q: You left half of your revenue behind to join AdvicePeriod? Are you mad?!
A: I don’t think so. ERISA plans are very complicated and not my passion. I want to focus on helping families. That is my mission. AdvicePeriod will allow me to do that.
Q: How have your clients reacted to the news you joined AdvicePeriod?
A: My clients could not be happier. Over two-thirds of my clients transitioned with me within the first month, with more on the way. They are as excited for me as I am.
Q: How will AdvicePeriod support you in serving your clients?
A: AdvicePeriod emphasizes comprehensive planning. That has already opened up new conversations with existing clients. When I told a long-term client about how I can now help them as part of AdvicePeriod, I learned the family has 20 times the net worth I thought they did. Amazing!
Q: What advice do you have for others in the IBD world thinking about making a change?
A: IBDs are dying a slow death. You can either be the last person on a sinking ship or do what is right for your clients. I always want to look ahead and focus on what really matters to my clients.