When considering the various technology applications you need to set up your new RIA business, it’s important to begin with a key understanding of what services you will provide, which custodians you’ll work with, what type of investments you’ll manage, and what kind of financial planning you’ll provide. You also should understand the basic “infrastructure” technology your business will need to run efficiently.

An important concept to realize is that the key to success is up front planning. For example, consider my golf game. While my tee shot may start out straight in the beginning, often, it can land one or two fairways over despite my best efforts. The same thing can happen when starting your investment advisory business.
At Laserfiche, we’ve had experience helping more than 2,000 financial advisors with their technology needs.

Some of the key lessons we’ve learned are:

1) Start with a plan.
2) Select best-in-class providers.
3) Enlist professional help.

The planning process is extremely important and something you should devote full attention to. To help you with this process, check out the industry resources tab on this Website, which is full of best practices, industry information, guides, white papers and other useful tools.

Selecting a best-in-class solution is extremely important. You want to work with firms that understand your business, your industry, and the challenges you face on a daily basis. Leading firms like the ones on this site have a deep knowledge of optimal ways to structure an independent advisory business.

Lastly, we firmly believe in partnering with a local technology solutions provider that can be your onsite resource, freeing you up to spend time on the broader strategic issues you face in developing your new business. Due to the regulatory nature of providing investment advice, it is critical to begin with a document management system that can make you more efficient and ensure your regulatory compliance. An experienced solutions provider can help you start out on the right foot.

At Laserfiche, we enthusiastically support new efforts and welcome your questions and comments, and we would be happy to connect you to a local solutions provider who can help you get up and running quickly. To learn more log on to www.laserfiche.com/ria.

Best of luck as you begin your new business!

Posted on Thursday, January 22nd, 2009 at 9:59 pm under Advice on Going Independent
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Marcel Tsai is a Financial Market Analyst for Laserfiche based in Long Beach, CA. He is responsible for the overall management, guidance, and direction of the Independent Financial Advisor marketplace. Marcel joined Laserfiche in 2006, serving as the company’s International Marketing Specialist. Marcel graduated from the University of Southern California with an MBA in Marketing.