RIA Launch: Before, During and After the Leap

Advisors interested in launching an RIA firm seek independence for a variety of reasons. However, the journey to independence isn’t always a simple one. To streamline this process, it is beneficial to have a strategic partner.

Before their business idea evolved into Inlet Private Wealth, Ted Furniss and Vicki Peaper had many years of experience as financial advisors working with their ultra-high net worth clients at large corporate firms. They were finding it increasingly difficult to serve their clients’ needs due to the onerous processes which were designed to cover the “lowest common denominator” within the corporate structure. This led them to consider starting their own RIA firm. They weren’t exactly sure where to start but one thing they did realize – the process would be quite challenging while maintaining their duty of loyalty to their existing employer and continuing to provide the highest service level to their valued clients.

That’s our cue: When partnering with TruClarity Management Solutions, an advisor is able to remain employed with their current firm while our Solutions Team works behind the scenes to execute the tasks necessary to launch a new RIA. This allows the advisor to move seamlessly from one firm to another. After discussions with our professionals, Ted and Vicki felt confident that TruClarity Management Solutions could help them to overcome the obstacles to privately launch their business.

Upon partnership, our Solutions Team began working with Ted and Vicki in creating a detailed business proforma to carefully curate a plan specifically designed to meet Ted and Vicki’s visions and goals.  From there, we coordinated all of the numerous factors and details that go into starting a customized RIA such as custodial matching, marketing and branding, transition project planning and implementation, finding the ideal office space, liaison with legal and regulatory counsel, a customized Fintech solution as well as technology installation and setup. In regard to the technology infrastructure, Inlet mentions that they were very impressed by how robust the Fintech solutions are that TruClarity Management Solutions guided them in building and that clients have been equally as pleased by the online reporting tools that are available to them.

Although there are many factors over the course of Inlet’s launch that exceeded Ted’s and Vicki’s expectations, they were especially blown away on their first day of business. They left their previous institution and were able to walk into a decorated office with fully-operational tech platforms already setup, business cards and other various collateral pieces available on their desks, and a branded website up and running all on the same day. Ted states, “It was an unbelievable first day.”

TruClarity now supports Inlet by handling their back-office needs and is an important extension of their operations department. This ongoing support in most cases eliminates the need for an RIA to hire additional staff. Inlet utilizes TruClarity for tasks such as paying bills, producing monthly financial statements, preparing annual operating budgets, hiring vendors, IT support and many other day-to-day office needs. This frees up a large portion of time for the Inlet team to focus on their clients.

Ted and Vicki founded Inlet Private Wealth, located in Jupiter, FL, in 2018 and are enjoying life as independent advisors. They take pride in the flexibility to offer unique advice and custom products to their clients. Vicki states that without TruClarity’s support, Inlet’s strong reputation and timing of launch would have certainly been impacted.

Looking to start your own RIA? To learn more about what your journey to independence could look like, visit our services or contact us page today!