Advocates of consolidation have had their day in the spotlight. A new story is getting its due attention from advisors and the trade press: emerging RIAs (AUM < $300MM) no longer need to sacrifice their independence to compete in this increasingly complex and competitive business. There is a robust ecosystem of outsourcing solutions designed to support independent advisors.
We have been talking about this new trend at Pinnacle for the last 2-3 years. Earlier this year, Paula Vasan at OnWallStreet picked up on the theme in her article titled “How Outsourcing Could Save Small RIAs from Extinction” and last week Charlie Paikert at Financial Planning added considerably to the conversation with his article titled “Small Advisors: Regional RIAs Want You“.
As you are thinking about the future of your practice, do not overlook the growing number of outsourcing solutions now available that can provide you the economies of scale to compete against large firms without asking you to give up ownership or control. To hear how our outsourcing solutions jumpstarted one advisor’s practice click <here>.