In many ways, the financial crisis of 2008 was the greatest thing to ever happen to the RIA industry. High net worth clients began to value the open architecture, transparency, and conflict-free business models offered by independent advisors.
Once clients began asking for it, advisors began flocking in droves to the independent channel. Most, if not all, of these advisors had never set up or run their own business before, so a cottage industry evolved helping these teams enter the independent channel. The typical advisor thought, “I want to go independent, but I just want to focus on my clients. I don’t want to worry about running my own business.” They were flocking to plug-and-play solutions, regardless of the cost. They just had to get out of the shackles of the wirehouse world, and they needed to do it quickly.
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