November 9, 2020
Louis Diamond Quoted
By Ellen Sheng
Breaking away to start your own firm can be a complicated process. But just as every journey begins with a first step, the process of breaking away can — and should — be broken down into steps.
Before starting any execution or seeking any counsel, it’s crucial to be clear on your goals. Louis Diamond, executive vice president at Diamond Consultants, encourages advisors to think about: “What am I trying to accomplish, and how much work am I willing to put in to accomplish this?”
Starting an RIA takes a certain amount of entrepreneurial enthusiasm. Advisors who aren’t excited about the details of running a business might want to consider joining an RIA or an independent broker-dealer. While rare, “there are definitely some people out there who own their own RIA, who ultimately decide to shut it down … because they just don’t want to deal with a lot of the work of doing it,” says Diamond.
