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The Path to Independence in Two Steps … or One


Featuring guest host Louis Diamond

Not every wirehouse advisor who moves to independence makes the break in one move: Sometimes, the road involves a series of smaller steps. Such was the case for Alex Goss, President of Goss Advisors, a $6B hybrid-RIA based in New Orleans. His path began in the wirehouse world, which he left for the independent broker dealer space before launching his own firm—now one of the leading platforms for prospective advisors.

Related: Push vs. Pull: The Key Drivers Behind a Move to Independence

Louis Diamond hosts this episode and discusses with Alex:

  • The insider’s perspective on key differences between the Independent Broker Dealer (IBD) and Registered Investment Advisor (RIA) models.
  • How to assess the importance of drivers like economics, flexibility and service before making a move.
  • How to think about the transition packages offered by many broker dealers. (Hint: It’s not “free money.”)
  • The economics of a traditional employee model vs. the IBD space vs. owning your own RIA.
  • And much more.

Is it worth it to move to independence first via the broker dealer route, or should you just head directly to the RIA space? As Alex explains, running an RIA takes a lot of work, but for advisors willing to act as their own contractor and build their firm from scratch it also provides a great deal of reward. With first-hand experience spanning the landscape of our industry, Alex offers invaluable insights that you don’t want to miss.

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