Financial Advisors Want to Know: Is Going RIA the Right Move for You? Ep. 81: Shelby Nicholl

Welcome to the Financial Advisors Want to Know Podcast, I’m Catherine Tindall a CPA with Dominion where our focus is helping financial advisors navigate income tax planning and compliance for their firms.

About Shelby Nicholl:
Guiding Financial Advisors to a More Fulfilling Future: If you’re feeling stuck or underwhelmed at your current firm, let’s talk. We help you envision your dream practice, explore your options, and launch the practice you truly deserve. Specializing in helping advisors break away from firms like Edward Jones, Merrill Lynch, and large RIA conglomerates.

Host of the Kick It Open podcast: We interview top advisors and corporate leaders in wealth management who are excelling in both business and life. It’s time to open the doors to advisor success.

Founder of the Muriel Network Community: After reaching top leadership ranks at two broker-dealers and often being the only woman in the room, I founded Muriel Network. It’s a place for women in wealth management to connect, inspire, and build confidence. Let’s break open doors to women’s success.

Fun Fact: The name "Muriel" honors Muriel Siebert, the first woman member of the NYSE and the original Fearless Girl, who broke away to form her own firm when others wouldn’t pay her what she was worth.

5 Key Podcast Takeaways:
Understand Your Practice’s Needs: To determine whether going RIA is right for you, start by evaluating your functional, financial, and personal needs. This includes identifying what services you need, your current financials, and your own values and goals.

Tech Stack and Compliance Are Key: The foundational elements like your tech stack, custodians, and compliance partner are essential to getting the transition right. Sticker shock can be a reality, but understanding these costs upfront will help with decision-making.

When to Go RIA: While you can technically start your own RIA with minimal assets, a practice typically becomes ready when you have over $100 million in assets, allowing you to register with the SEC and simplify the process.

The Importance of Team Engagement: If you're transitioning with a team, involving them early in the decision-making process is crucial. Change can be overwhelming, and ensuring your team feels part of the journey will help with smoother integration and retention.

The Emotional Component: Advisors may struggle with the emotional attachment to the broker-dealer model, especially when giving up long-held industry credentials. It’s important to recognize the emotional side of the transition and be ready to embrace the future.

Connect with Shelby:
https://www.linkedin.com/in/shelbynicholl
https://www.murielconsulting.com/

Connect with Catherine:
https://www.linkedin.com/in/ctindallcpa/

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admin@dominiones.com

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