Top 4 Things Newly Registered RIAs Must Get Right to Succeed

Top 4 Things Newly Registered RIAs Must Get Right to Succeed | Elevate CPA Group

When you’re launching a new RIA firm, there’s much to think about. You’re learning a new role while working hard to secure clients. You’re building a business and a brand. You’re living out your dream. The experience is thrilling, but it can also feel overwhelming.

To help you find your rhythm as a new RIA firm, here are four things to focus on getting right.

1. Back-office support

Most newly registered RIA firms are unable to fund a back office on day one. If you’re in this boat, resist the temptation to step into these roles. Instead, consider outsourcing your legal, accounting, and compliance needs to professionals who know the financial services industry. This allows you to stay focused on ROI-driven activities such as landing new clients, marketing, and establishing your firm’s operations.

Regarding compliance: Your compliance firm should provide a compliance package that specifically covers your RIA firm. It should be modified to your RIA and what you do—and should never be “canned.”

2. Marketing

It’s important to get the word out about your new RIA firm. But not just any word—your marketing efforts should follow a carefully crafted marketing strategy. At a minimum, your marketing should leverage the medium your clients prefer.

For instance, if you’re targeting medical professionals, be sure your messages resonate with this group. The more refined your marketing can be, the better.

3. Technology

Your RIA firm relies on technology to execute several functions, including tracking client investments, managing client relationships (i.e., CRM), accounting, and securely exchanging documents. Finding the right technology is critical to establishing efficient and accurate operations. Don’t settle for the cheapest or easiest technology options. Diligently shop software packages to find what will work best for your firm.

4. Peer support

One of your most valuable resources when starting out is another RIA firm. Consider joining an organization or association, such as a financial planning association, comprised of RIA firms. You’ll likely connect with others who have started an RIA firm, giving you opportunities to get valuable advice. To find a local group or chapter, conduct an Internet search or ask your attorney or CPA for a recommendation.


As you begin your journey as a new RIA firm, know you’re not alone. At Elevate, we can act as your outsourced CPA or fractional CFO to help you get and stay on track. Contact us today to learn more about how we can partner with your firm.