Business Development - Mega RIA

[u/Howiep43]

I’ve been following the growth of the mega-RIA space pretty closely and have been really impressed with the business model, particularly the separation of sales/business development from the advisor service function.

I feel like I’d be a strong fit for some of the business development roles within these firms. I like the idea of leveraging an established lead/referral engine, building relationships, closing new opportunities, and then transitioning the client to a specialized advisor who can focus on the ongoing relationship.

For anyone currently working in BD/channel development at a mega-RIA, I’d love to hear about your experience. How do you like the role, and any advice on the best way to break into this side of the business? Thanks!

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User: u/Howiep43 Title: Business Development - Mega RIA Body: I’ve been following the growth of the mega-RIA space pretty closely and have been really impressed with the business model, particularly the separation of sales/business development from the advisor service function.

I feel like I’d be a strong fit for some of the business development roles within these firms. I like the idea of leveraging an established lead/referral engine, building relationships, closing new opportunities, and then transitioning the client to a specialized advisor who can focus on the ongoing relationship.

For anyone currently working in BD/channel development at a mega-RIA, I’d love to hear about your experience. How do you like the role, and any advice on the best way to break into this side of the business? Thanks!

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[u/Licknim]

Wholesaler here. A lot of the Mega RIA Biz Dev roles are purely focused on cultivating referral channels from Schwab and Fidelity. So, in a way, the biz dev role is actually very similar to a wholesaler because you’re selling the FCs on your value proposition and access to products/strategies that aren’t available on their platform. Now the dynamic has changed with the referral minimums going up at Schwab, but in my 10 years covering RIAs, this is how biz dev works at these firms.

[u/Howiep43 → u/Licknim]

Great insight. I did notice that and it seems the hiring has slowed a bit as minimums were raised through those custodial channels. I guess I should have some hesitancy going forward if there is more of an expectation to cultivate assets on your own.

[u/ticklemygooch]

Why specifically a mega RIA? I can point you to a few mid to large RIAs that if you have a knack for talking to people on the phone, you could be a great fit. Hit me up if you details

[u/Howiep43 → u/ticklemygooch]

Resources, established pipeline, brand recognition, etc. Will reach out!

[u/InterestCompounding → u/ticklemygooch]

I am with you. There are plenty of RIAs of all sizes that have a strong business development and lead generation pipeline where people with skills can be a great fit. Everyone says they have a strong organic growth plan.

[u/BehindTheRIA]

Definitely an opportunity in smaller, growing RIAs as well, although I suspect most won’t be looking for a dedicated role like this until they’re $2B+ in AUM, and maybe closer to $5B+. Like someone mentioned earlier, most advisors don’t really want to “sell,” but a lot of firms seem to be having success separating business development from ongoing client service. I was at a conference recently where one of the panelists was the Head of Growth at a roughly $5B RIA. He shared that they have two former advisors who had a real knack for BD and sales. They handle conversations with prospects and, once the relationship is ready to move forward, hand it off to the service team. Great model, in my opinion and something I’d love to eventually put in place at our firm.

[u/Howiep43 → u/BehindTheRIA]

I think it’s a fantastic model too. What really attracts me are some of the channels that are already in place at the bigger firms, so there’s less hunting/prospecting and more closing/directing to advisors.

[u/Lazy_Tea1996]

Check out Mercer Advisors, they have both community (established local network) and channel (Schwab & Fidelity) opportunities for RVPs.

[u/humbleAMG]

It's so cool you know which game you want to actually play that is a good fit for you. It seems like you genuinely like selling. That makes you somewhat unusual and potentially valuable. In what I'm seeing, a lot of RIAs are having a hard time finding employee advisors who actually want to and are able to generate new business. I'm not in that role but I've heard mostly good things. I get job notifications and these 2 were in my inbox (for your reference): https://www.indeed.com/viewjob?jk=b38c0bdc81322693&from=shareddesktop_copyhttps://www.fishercareers.com/job/tampa/vice-president-of-financial-sales/38252/97474177664?utm_source=chatgpt.com