As a professional advisor with your own RIA business, you have more than just client meetings to worry about. You need to run your business. To generate revenue you want to spend time in the most productive way - with your clients. While necessary, the hours spent filling and reviewing forms, talking with the custodian, billing and collecting fees, trading portfolios, and maintaining the technology infrastructure of an advisory practice take time from making money. In addition, these may not be your core competencies.
IAA concentrates on support and administration so you can concentrate on your business model, whether is is pure asset management, financial planning, or wealth management. By utilizing the IAA Turnkey Advisory Program you have the opportunity to grow your business, your RIA, without the need to rapidly increase your expenses or hiring employees. And you need to spend little extra time to scale your business. You can cut costs and become your clients' trusted advisor because you are available to them to provide professional advice, not tied-up doing clerical work.
Hiring an administrative employee is an expensive proposition; not only is there the salary (which can be as much as $65,000 in some metropolitan areas) other expenses such as Social Security, Medicare, disability insurance, health insurance, and retirement plans can add up quickly. In addition, as an employer you have to contend with vacation time and sick days of your employees plus the added costs of providing a workplace and training. Other concerns may be if more than one employee is needed, payroll and benefits administration, and employee turnover. IAA's TAP relieves all these stresses with business outsourcing.
While IAA's TAP with the Managed Portfolios is a TAMP solution, advisors need not commit to that extent of service or expense, as low as it may be. The TAP allows for flexibility to outsource as much or as little as you are comfortable with. Base TAP services include back- office administrative services, custodian liaison, portfolio reporting, the virtual desktop, fee billing, fee collection, and consultation for your business. Also, you will be given direct access to the custodian of your choice. As a middle option, you may have IAA rebalance and trade your client accounts with your model portfolio, with your allocation, on a quarterly or less frequent basis.
RIAs utilizing the IAA TAP are responsible for their own compliance, approved products, and fee schedules.
To get more details please call us at 800-607-3340.