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  • How to Find the Best RIA Services for Your Business

  • Published By:
  • Category: Finance
  • Published Date: February 17, 2023
  • Modified Date: February 17, 2023
  • Reading Time: 4 Minutes

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Businesses need to have a solid marketing game plan to be successful. RIA stands for Registered Investment Advisers. RIAs are investment advisers who work with individuals and businesses by providing advice on managing their investments. This can include various services, including assistance in setting up retirement accounts and financial advice on investment portfolios.

Consider the Size of Your Business

Most RIAs have minimum requirements that they’ll accept as a client. The first thing to look at is whether your business fits into the category of a small business or a large one. Many of the services offered by RIAs are aimed at creating an investment portfolio primarily for individuals who have $100,000 or more invested in those funds. If you don’t have a lot of money to invest, it might not be worth paying for an RIA. If your business is larger than that and has a higher-end clientele, look for an RIA experienced in big companies.

Determine What You Need from an RIA

When looking at different types of RIAs, you’ll want to think about how they can help your business. The primary goal should be how they can manage the portfolio of your business. If you own a small business with a handful of employees who each have an investment account, what kind of service the RIA offers is minor. However, if you’re a larger company with thousands of employees who need to ensure all their investments are being used, you’ll want someone knowledgeable about that division.

Learn About the Different RIA Services Available

The majority of RIAs provide the same services. They look at the overall portfolio of a business and then make recommendations for investments that can guarantee high growth in addition to low risk. Some RIAs will offer investment advice for individuals who want to open their investment accounts, but most will not. Some RIAs also have connections with specific companies and may recommend that those are the best places for businesses to invest their money. The best RIA custodians offer one-on-one personal service to their clients and often have offices in many different locations, with the ability to invest money in a global market. Check whether an RIA has these qualities before you hire them.

Look at the Cost of an RIA

When searching around for the best RIAs available, some are more expensive. Remember that you get what you pay for. You don’t necessarily want to rule out RIAs that cost less immediately. Still, if you can find one with high service standards and a comprehensive package at an affordable rate, it’s the right choice for your business. The more you pay for an RIA, the more services you’ll get. You need to look specifically at what you’re paying for, not just the general cost. For example, some RIAs include research for potential investments in the package; others will provide more advice on managing your existing investments.

Network With Businesses in Your Field

Another great way to find good RIA is to network with other businesses in your industry. Many times another business owner will refer their RIA because they had a good experience with them and think you would, too. Word-of-mouth advertising is the best kind, but this can be pretty tough if you know someone who has used an RIA. Many RIAs offer a referral program in which they’ll pay you a dollar amount, or even a percentage or commission, of any money you bring in as a result of their recommendation.

Ask Financial Advisors You Know

RIA licenses are only required in some states. Some states only allow RIAs to be registered, not licensed; those are called “registered investment advisers.” As a result, some RIAs choose to operate under this kind of license instead of getting one from their state. Not all RIAs limit themselves to working with a select few clients. Many financial advisors have a network of people they refer businesses to, so they may know other local advisors in your area. You can start with these advisors and ask them for advice and recommendations on the best RIA for your business and what services they offer.

An RIA can be a great asset to your business, but only if they fit your company’s needs. The best way to find an RIA to help your business is through networking with others in your industry. If you know anyone else who has hired an RIA for their business or other financial advisors in your area, ask them for a referral. The easier you make it for your clients to save money, the better they’ll think of you.

Maggie Bloom

By Maggie Bloom
– graduated from Utah Valley University with a degree in communication and writing. In her spare time, she loves to dance, read, and bake. She also enjoys traveling and scouting out new brunch locations.

Member since November, 2021
View all the articles of Maggie Bloom.

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