Ask Brad: What Minimum AUM Do You Need to be Your Own RIA?
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This is the latest installment of a regular column to answer questions from advisors who are considering transitioning to an RIA model. To see Brad’s previous articles, click here. To submit your question, please email Brad here.
For those of you with more than one child, which is your favorite one?
Impossible question to answer, right? At least not without providing context, which most likely involves a nuanced answer explaining how one child excels in certain areas while another stands out in others, etc.
What if we ask your children the question? Which of them is your favorite? We are almost assured to hear “I am” from each.
We are asking the same question in both scenarios. In one capacity, it is impossible to provide a black-and-white answer. In the other, a definitive answer is returned to us instantaneously.
I’ve been observing a lot of this lately within the advisory profession in response to the question: What is the minimum assets under management (AUM) needed to be my own RIA?