Unscripted: Clients

Submitted by Brian.Lavelle on April 18, 2020

The independent RIA life: Unscripted

What's going independent really like?

Two advisors discuss what kept them up at night.

Eric Rosel

Founding Partner

Morgan Rosel Wealth Management

ERIC ROSEL:  So, obviously, when you… thinking about doing this move versus actually, ‘Okay this is going to happen.' Talk to me about the fears that you had. I mean, going… I know I had some very specific fears and… but what were yours? What was going through your mind?

Sarah Keys, J.D.

Founding Partner

Cardan Capital Partners

SARAH KEYS:  Yeah, I'll be curious to hear about yours. But, I mean, I think like a lot of advisors that have been at a particular place for a very long time and had clients… some of your clients have obviously been there the entire time you've been there… it was fear that they weren't going to want to come with us, that their allegiance was maybe to the firm rather than to us. So that became the overwhelming fear. I was more concerned about what clients were going to think about why we were going independent and, you know, were their assets going to be safe, was there some way for us to make our own statements and fudge our performance or, you know, somehow mess with their financial documents, and trying to reassure them of those really kind of more basic things.

ERIC:  Yeah.

SARAH: And that turned out not to be anything that we needed to worry about. I mean, we brought… virtually all of the clients that we asked to come came with us. And they were excited and enthusiastic and supportive, and to a degree that I would never have guessed. So… and I had kind of heard that, but it really actually played out that way.

So… and what about you? What were you afraid of?

ERIC:  I mean, the number one thing on everybody's mind is going to be, ‘Look, are my clients going to come with me?' Without clients, we don't have a business…

SARAH:  A business.

ERIC:  …we don't have a career, right? So that's the number one concern. But it became very obvious, right? You resign, you're making the phone calls through the evening hour, and the response, as you mentioned, is just… was just incredible. It was… you know, we develop respect and trust with a client over a long period of time, maybe even a decade-plus, and those bonds don't get broken…

SARAH:  Right.

ERIC:  … just because you decide to leave one firm. And certainly if you're starting your own, it's almost a… a lot of my clients, you know, I think a few of them said, ‘Well, it's about time.'

SARAH:  Yeah.

ERIC:  Right?

SARAH:  Right.

ERIC:  I think that was…

SARAH:  Right.

ERIC:  …a very common response.

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. (0120-9Y06)

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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