Build a plan to transition your business
Making a successful transition to the RIA model requires a proven customized approach executed by the right people.
Over the past 20 years we’ve helped more advisors start their own firms (or join existing independent RIA firms) than any other RIA custodian. Our experience has shown us that advisors are served best by a team of experts who are dedicated to ensuring a smooth transition, led by a single point of contact using a well-tested process for creating a comprehensive strategic transition plan.
A single point of contact, consultative approach and customized transition plan
Whether you are investigating options for independence to better serve your clients or are ready to start your own firm, once you contact us to learn more, you are assigned your own Business Development Officer (BDO) to help you think through your options, the process and determine if starting or joining an RIA firm is right for you. If you determine you want to move your business to Schwab Institutional, your BDO’s role is to consult with you to build your customized plan and then help you coordinate all other aspects of your transition.
Overview of the process once you decide to make the transition
First, your Schwab BDO will get to know you in order to create a business plan that considers all aspects of how you want to do business:
- How you envision your new business: We’ve helped advisors of all sizes and business models move to the RIA model. Your Schwab BDO can help you with common areas of business planning, and recommend solutions and resources from our suite of in-house and third-party services to address the immediate challenges of starting a new business.
- What sorts of products you want to offer – we’ll help you assess what you provide now that you’d like to keep, as well as what you’d like to add.
Next, using this information, your BDO will use your input and consult with other specialists at Schwab Institutional to build a detailed plan that helps define:
- Which specific solutions (Schwab Institutional or third-party) might be appropriate for you
- What you might expect the costs of your new business to be and how you can meet them
- How much you might expect to earn, based on revenue forecasts and financial models
- What the concrete steps are to implementing the recommended solutions
- How long it might take to make the transition, including a detailed schedule
Once the wheels are set in motion, your BDO remains in contact with you, tracking progress through to the day you open your doors for business and beyond through ongoing, post-transition support.
(0608-0613)
