Featuring guest host Louis Diamond
Not every wirehouse advisor who moves to independence makes the break in one move: Sometimes, the road involves a series of smaller steps. Such was the case for Alex Goss, President of Goss Advisors (now NewEdge Advisors),* a $6B hybrid-RIA based in New Orleans. His path began in the wirehouse world, which he left for the independent broker dealer space before launching his own firm—now one of the leading platforms for prospective advisors.
Louis Diamond hosts this episode and discusses with Alex:
- The insider’s perspective on key differences between the Independent Broker Dealer (IBD) and Registered Investment Advisor (RIA) models.
- How to assess the importance of drivers like economics, flexibility and service before making a move.
- How to think about the transition packages offered by many broker dealers. (Hint: It’s not “free money.”)
- The economics of a traditional employee model vs. the IBD space vs. owning your own RIA.
- And much more.
Is it worth it to move to independence first via the broker dealer route, or should you just head directly to the RIA space? As Alex explains, running an RIA takes a lot of work, but for advisors willing to act as their own contractor and build their firm from scratch it also provides a great deal of rewards. With first-hand experience spanning the landscape of our industry, Alex offers invaluable insights that you don’t want to miss.
*In November of 2020, Goss Advisors became NewEdge Advisors. Learn more about NewEdge Advisors…
Podcast: Play in new window | Download (Duration: 36:21 — 33.3MB) | Embed
Subscribe: Apple Podcasts | Google Podcasts | Spotify | Amazon Music | Pandora | iHeartRadio | Stitcher | Podchaser | TuneIn | Deezer | Anghami | RSS
About Alex Goss:
Alex Goss, President of Goss Advisors (now NewEdge Advisors),* is a Certified Financial Planner™ practitioner. After graduating with honors in business administration from Louisiana State University, he moved to New York City where he worked for the startup iSeatz.com. As director of Business Development, he negotiated partnerships with Fortune 100 companies including MasterCard and CitiGroup. Alex then went on to co-found adverCar.com, headquartered in San Francisco. Alex helped bring adverCar from an idea to raising over $2 million in venture capital; and he gained valuable experience in running a business, understanding business owners’ needs and challenges, and staying competitive even in the most adverse business cycles and economic environments.
Alex was one of only a few advisors from Wells Fargo Advisors in Louisiana to obtain the Certified Financial Planner™ designation in 2012. Alex adopted Jerry’s client-first philosophy, and the conviction that a custom investment plan for each client forms the foundation for long-term success. He now focuses on developing tailored investment plans for his clients and assisting his father in portfolio construction and strategy.
Alex sits on the BREC Foundation Board, supporting the Recreation and Park Commission in its efforts to enhance the quality of life for all citizens of East Baton Rouge Parish through the conservation and preservation of green spaces, recreational programs and park facilities. Alex lives in New Orleans and enjoys playing golf, hunting and fishing.
Why a $5B UBS Breakaway Team Set Out to Build the “Boutique Firm of the Future”
Ex-UBS $5B advisors, Rob Sechan and Jeff Kobernick found that servicing their UHNW clients became difficult at the wirehouse and wanted more than other firms offered. So they built RIA NewEdge Wealth with EdgeCo Holdings and other UBS veterans. Listen ->
Why Advisors and Their Affluent Clients are No Longer Looking the Other Way When it Comes to Independence
As advisors make the move to independence, their high net worth and ultra-high net worth clients reap the benefits of a more personalized approach. Read->
The Path from Wirehouse to Independence: One Step Away…or Maybe Two
Not every breakaway makes the leap all at once. Read->
Are You a Breakaway DIYer or Delegator?
How to determine if you should build an independent firm on your own or get help from a third-party service provider. Read->
How to Maximize Growth When Adding One Client at a Time No Longer Seems Like Enough
Advisors with their sights set beyond what organic growth delivers find greater opportunity in the independent space. Read->
IBD vs. RIA Revisited: Two Independent Pathways for Advisors to Consider
When it comes to freedom and control, there are key differences amongst the independent broker dealer (IBD) and registered investment advisor (RIA) spaces that every advisor should be aware of. Read->
Also available on your favorite podcast app and other media sites