Unscripted: Access

Submitted by Brian.Lavelle on April 18, 2020

The independent RIA life: Unscripted

What's going independent really like?

Two advisors discuss access to solutions.

Eric Rosel

Founding Partner

Morgan Rosel Wealth Management

ERIC ROSEL:  So one of the concerns we had when we left was access to product, access to investment to implement what our clients need done. A lot of the firms that we had worked for prior, you and I, that was one of their main touting points was access to certain things.

Myth versus reality, if you can just talk about what in your mind you thought it was going to be like post exit, or your concerns related to access to things?

Sarah Keys, J.D.

Founding Partner

Cardan Capital Partners

SARAH KEYS:  Right. Yeah, we had definitely heard that before, as well, and had our questions about what we would have access to for our clients across all sorts of technology questions, and product questions, and things like that, but that was put to bed pretty soon. We found that actually what happened was we had access to more things, not fewer things. So then it became a screening issue, right? You know, taking the time to check out whether it was investment products that we wanted to utilize that maybe we hadn't been able to before or technology platforms that were going to help us run our business more smoothly, more efficiently to help us better service our clients. It's kind of the sky is the limit. There are so many possibilities out there, and it's really a matter of choosing whichever one is best for you.

How about you?

ERIC:  I have to giggle with this question because one of the very first compliance things that came up, when the assets moved over, how we had access across the board to cheaper share classes and everything else.

SARAH:  Yes.

ERIC:  We got a little bitty Morgan Rosel over here in the big scheme of things…

SARAH:  Yeah.

ERIC:  …Right, compared to previous times, and yet, we can get things, same products, similar products, less expense.

The technology thing is dialed in. I mean, the technology we have available, too, to suit our clients, hands-down better than I've had at any previous firm, hands-down, more tailored for the wealth management business. There's no other competing forces that, you know, needs to be reported to. It's our clients and what's in their best interest.

SARAH:  I don't know about you, it was a little bit of a challenge the day that we turned in our resignation and walked down to our office. And I was talking to a client and they wanted to know about like their cap gains for the year. And I was like, ‘I have no idea, actually, how to even use my system to get any of that information.' Of course, we wouldn't have had it on day one, but I remember for the first few weeks learning new systems was a little challenging, but we got it down pretty fast.

ERIC:  Yeah.

SARAH:  So, speaking of technology.

ERIC:  Yeah. I think our previous firm was changing technology it seemed like every six months.

SARAH:  So, you were used to it?

ERIC:  So, I think we were dialed… yeah, it was no big deal. I mean, we were ready for a new challenge because every six months, we got a new challenge…

SARAH:  Right. Right.

ERIC:  …that type of thing. So, yeah.

SARAH:  Yeah, absolutely. We didn't sacrifice anything.

ERIC:  Yeah, nothing.

SARAH:  Yeah.

DISCLOSURES

Information included during this video is intended to be an overview and is subject to change.

The comments, views, and opinions expressed in the presentation are those of the speakers.

Cardan Capital Partners, LLC and Morgan Rosel Wealth Management, LLC are not owned by or affiliated with Schwab, and its personnel are not employees or agents of Schwab. This video is not a referral to, endorsement or recommendation of, or testimonial for the advisor with respect to its investment advisory or other services.

Experiences expressed are no guarantee of future performance or success and may not be representative of your experience.

Schwab does not provide legal, regulatory or compliance advice. Consult professionals in these fields to address your specific circumstance.

Schwab Advisor Services™ serves independent investment advisors and includes the custody, trading, and support services of Schwab. Independent investment advisors are not owned by, affiliated with, or supervised by Schwab.

©2019 Charles Schwab & Co., Inc. ("Schwab"). All rights reserved. Member SIPC. (0120-9XYJ)

Will you be able to access the same products and technology if you leave your current firm? Both Eric Rosel and Sarah Keys found greater access—and affordable options—by launching independent RIA firms.

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