Brian Hamburger, President and CEO for MarketCounsel, joined Julie Cooling, Founder and CEO of RIA Channel, to discuss the questions and needs that advisors have when building, operating, or transitioning an RIA firm.
MarketCounsel and its affiliated Hamburger Law Firm work with advisors and wealth managers at all stages of their lifecycle. The firms can help advisors discover what it means to be an independent RIA and assist in framing their goals and objectives. Hamburger can help establish a new RIA firm, transition advisors from one firm to another, and handle transactions, including acquisitions, succession planning, and exits. Hamburger can also represent advisors in disputes with regulators, customers, or partners.
Many advisors work with MarketCounsel as they are leaving a wirehouse or larger firm and transitioning into a role as an independent RIA. Both technology and private equity are continuing to play larger roles in RIA firms. Data is a key asset, especially as advisors are leaving firms with the goal of maintaining a prior track record or client list.
Hamburger notes that asset managers have recently discovered that the RIA channel is a key new market for distributing alternative investment products. This is causing RIAs to play defense against the increasing inbound calls, as it is more difficult for them to play offense and carefully seek out and diligence investment solutions.
MarketCounsel is in the change management business. The questions advisors are seeking assistance with may not be the most important ones they need to address at a given time. Rather than simply filling a request for a document, Hamburger engages with advisors to understand their goals and objectives and what is truly important for their business. The questions advisors are constantly evolving, with questions recently focused on cybersecurity, cryptocurrency, marketing, and custody. Advisors are also keen to understand the implications of how the regulatory focus of the SEC might change in the current administration.
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