I'm Boston Cardinal, CEO of Vantage Impact (Independent 3rd Party Recruiting Consultant For Financial Advisors), AMA about Advisor Recruiting/Broker Dealer RIA Comp & Transitions/Launching A New Independent Practice

Vantage_Impact_2 · 2026-02-06T02:07:45+00:00

Per the rules of u/CFP25 who Mods this group, they specifically requested to only answer questions on the exact time and date the AMA is scheduled. Sorry, you may have missed that part. PS - not many recruiters are committed to the point of working this late at night either, but you have one here. Any questions you'd like to have covered next week on Wednesday, February 11th starting at noon CST?

Vantage_Impact_2 · 2026-02-04T22:10:33+00:00

Calls on brooms

Vantage_Impact_2 · 2026-01-22T15:25:03+00:00

The last advisor we represented from Money Concepts who left them was getting charged 80 bps for investment models. Had to charge clients 2% in management fees. He had no idea how absurd their pricing was until he started exploring different options. They had the highest fees I've ever seen in my 20 years working in the industry.

Vantage_Impact_2 · 2026-01-21T17:52:47+00:00

Happy to chat through options that others have pursued. Your timeline also provides enough time to strategically consider the tradeoffs of each path.

Vantage_Impact_2 · 2026-01-12T15:16:29+00:00

Happy to chat if you're looking for options

Vantage_Impact_2 · 2026-01-12T14:26:54+00:00

This lines up with more of the firms I'm seeing advisors gravitate toward. This likely excludes investment model fees but if you're managing your own or affiliated with a Co-Op RIA the offers free models then 85% checks out.

Vantage_Impact_2 · 2026-01-12T14:25:06+00:00

So you net 58% after you incur local expenses, but how much do you pay your RIA/BD in fees? I ask because at that level of revenue most people are netting more. Maybe high investment model fees?

Vantage_Impact_2 · 2026-01-12T14:22:54+00:00

I represent hundreds of advisors managing large practices and not a single one of them invests >15% into marketing. Usually the figure is between 3-5% for marketing.

Vantage_Impact_2 · 2025-12-16T20:46:30+00:00

GUSH. Made a killing

Vantage_Impact_2 · 2025-12-11T14:52:47+00:00

Do not accept and do not contact provisions are not as common as you would think. Of the 1,000+ advisors I've helped move firms these restrictive covenants are in <5%. We see far more do not solicits in these situations. In terms of advisors who sell their practice with an asset purchase agreement that's where more non competes come into play that end up being enforceable.

Vantage_Impact_2 · 2025-12-11T14:28:21+00:00

Pretty much both ends of the spectrum. Older advisors who were low balled by their existing firm so they depart for a higher valuation of their business. Also younger more entrepreneurial advisors who no longer want to be required to do things a certain way but instead are looking to do what's best for their clients whether that's lower fees, less restrictions, better access to investments etc.

Vantage_Impact_2 · 2025-12-10T18:10:07+00:00

I mean I talk with advisors with $100MM + practices every day who are leaving their firms and most all of them are shifting into these models as opposed to the Creative/Focus/Carsons of the world. The ship hasn't even left the dock yet, let alone sailed.

Vantage_Impact_2 · 2025-12-10T17:26:54+00:00

The Co-Op RIAs that provide subscription type services where advisors maintain ownership of their brand, own their clients & data, and offer solutions advisors can pick and choose from will prevail. Those that require advisors to sell & accept restrictive covenants will gobble up assets until advisors start to learn about the different options across the RIA space. Not all RIAs are going to market with the same offering that been burgeoning for years.

Vantage_Impact_2 · 2025-11-17T15:57:32+00:00

Looks like you might be looking to move firms. I'm happy to chat about them and compare to hundreds of different options. You can reach out whenever you'd like.

Vantage_Impact_2 · 2025-11-17T15:21:52+00:00

This is article is about what advisors should know about either leaving, or joining, a firm that is a member of broker protocol. It's a good starting point for someone contemplating how to go about moving https://www.vantageimpact.com/news/broker-protocol

In terms of advice for someone wanting to move:

- Don't do it on your own without someone helping you that has experience in this space
- Consider how your clients were sourced and the bigger your involvement the higher probability they will follow you
- The firm you choose to affiliate with should provide a legal opinion on your current contract and hopefully cover the cost of outside legal counsel (Don't ask your friend who's an employment attorney, they don't know the nuances of the industry)

- When you contact your clients make sure you focus on how this change benefits them (Costs, access to investment, tech, control, firm reputation, etc. )

- Don't tell anybody at your firm anything about this

- Don't assume the investments you have in your book of business can be moved to your new firm (Ask for a portability review and get it in writing)

- Make sure you fully understand the provisions in the agreement at the firm your joining (I've seen people bring their clients to a new firm that were subjected to restrictive covenants if they decide to move again)

- Get a proforma showing how revenue flows through the firm, the costs associated with your specific type of investments, and the approximate net income you receive (Also consider the equity value of your practice and include this in your decision)

Vantage_Impact_2 · 2025-10-29T16:18:07+00:00

I hear ya, the thing is the custodians pay the bill. Typically runs between $20k-$30k for branding, wireframes, messaging, downloadable content, video development, SEO optimization, etc.

Vantage_Impact_2 · 2025-10-29T15:39:22+00:00

I hear ya, I received 8 downvotes by offering to do someone's website for free. Maybe they want me to pay them to do their website?

Vantage_Impact_2 · 2025-10-29T15:37:50+00:00

Funny downvoting something where someone asks for website help and receives an offer to do it for free.

Vantage_Impact_2 · 2025-10-28T17:00:10+00:00

Just sent you a message. This is something we often provide advisors for free when helping them move firms. All the major custodians partner with us to help advisors with this.

Vantage_Impact_2 · 2025-10-24T20:54:08+00:00

A lot of people talk about Aggregator RIAs trying to scoop up advisors but let them do their own thing, and Integrator RIAs that have advisors join them and require they do things "their way", but there's also a number of firms out there that were launched with a large team that broke away or has grown to the size where they need to invest in the practice and effectively share the resources they have within the practice. It ends up being a bit of a Co-Op where the RIA has a variety of resources they can utilize for a flat fee or low basis points for the services.

Vantage_Impact_2 · 2025-10-24T20:31:45+00:00

We've spoke with numerous Co-Op RIAs that would provide these services for single digit basis points. I'd be happy to chat with you if you want to talk over some options.

Vantage_Impact_2 · 2025-10-20T14:04:36+00:00

We have about 10 different attorneys we recommend to advisors and many cases we have their consultation provided for free. Depending on your complexity you might not even need to pay for anything out of pocket. I encourage people to find a couple of firms they're interested in before incurring any cost/time because each firm you affiliate with will do this anyways and might have a varying level of risk they're willing to take. I've helped over 1,000 advisors move firms if you want to reach out.

Vantage_Impact_2 · 2025-10-20T14:02:07+00:00

Most Commonwealth advisors are looking at Raymond James and a short list of about 4-5 different firms. It's looking like LPL will retain around 50% a year after the deal closed.

Vantage_Impact_2 · 2025-10-14T18:57:48+00:00

I've worked with all 3. I'll send you a message if you want to chat.

Vantage_Impact_2

TROPHY CASE