The independent RIA life: Unscripted

Real talk with real investment advisors

Meet the investment advisors from the video series

Eric Rosel, CFP®, CIMA®

Founding partner of Morgan Rosel Wealth Management

From working for a family-run oil field to working for international wirehouses, Eric Rosel brings a unique perspective to financial services. He’s been through many business and investment situations clients are facing. He also has three kids with his high school sweetheart, so he enjoys the work-life balance independence has created for him.
Sarah Keys, J.D., M.A.

Founding partner of Cardan Capital Partners

Diverse experience is one of many strengths Sarah brought with her as she helped start Cardan Capital Partners. She has 12 years in wealth management under her belt and practiced law for four years prior to that. Exceptional service is one thing she won’t sacrifice in her career, which is a big part of why the RIA model appeals to her.

Growth—relationships and surprises

Sarah and Eric were told to expect growth in the independent space. They didn't realize how much. Join them as they share what happened and where they found success.

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Watch video: Unscripted: Growth

Relationships are the cornerstone of any investment advisor's business. Eric Rosel and Sarah Keys reveal how their client relationships evolved and how that translated into growth for their firms.

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A lot changes when you go independent. Like most investment advisors, Eric and Sarah worried about how clients would react, if they would have access to the tech they needed, or how they would establish their own culture. Hear how it all played out when they broke free.

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Watch video: Unscripted: Clients

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Watch video: Unscripted: Culture

Work-life balance can be hard for investment advisors to achieve. By shifting to the independent RIA model, Sarah Keys and Eric Rosel were each able to shape their own firm’s culture.

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The independent RIA life: Unscripted
What's going independent really like?
Two advisors discuss the culture of their firms.
Eric Rosel
Founding Partner
Morgan Rosel Wealth Management
ERIC ROSEL: So being out on your own, you get to create the lifestyle to a bigger extent than you did before. Speaking directly about your firm, how has your firm and the culture of your firm been influenced by this freedom to create… be more creative to do what you want to do?
Sarah Keys, J.D.
Founding Partner
Cardan Capital Partners
SARAH KEYS: I think in terms of our corporate culture and how we've tried to develop the feel of the firm for clients has been a lot more relaxed than maybe it was before. And I think that's really appropriate here in Denver because that's a little bit more the culture, right? You know, men tend not to wear suits, people come a little bit more casual, they're, you know, maybe hopping on their bike or going for a run at lunch. And it's allowed us to, I think, more fully embrace the local culture here in a way that we didn't feel like we could. And so the way in which… I mean, even just to have casual day. Every Friday during the summer is casual day, and we close the office at 3:30. And we made that decision because we were all working really hard, and really enjoying it, but as a way to just kind of recognize that we were in this environment where we could make our own decisions about, you know, things from what you wore to the office to what the hours were, and really develop that around who we are and where we live and what's more appropriate for this particular environment.
How about you? Have you… it's been a year and a half, so maybe you're still in the process of developing that, but do you have any thoughts on how your corporate culture will reflect this new environment?
ERIC: Yeah, I think to your point, the work-life balance that a lot of these companies are figuring out that is very beneficial to productivity of the employees, again, was something that's very difficult to implement on the other side of the fence here. But, with us, just a few weeks ago, our operations staff came to us with a proposal to work every other Friday yet get all the work done. And I have zero issue with that. Without a doubt, I think that that work-life balance you can certainly execute on to a bigger extent on this side.
SARAH: Yeah, I agree.
Watch video: Unscripted: Access

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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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.
Watch video: Unscripted: Rewards

What would you do differently if you could create the client experience you want? Investment advisors Eric Rosel and Sarah Keys took control to make the most of independence.

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The independent RIA life: Unscripted
What's going independent really like?
Two advisors discuss why they love it.
Eric Rosel
Founding Partner
Morgan Rosel Wealth Management
ERIC ROSEL: So the alarm clock goes off. It's your own business. What do you get excited about or not excited about as you get dressed and head on out to work?
Sarah Keys, J.D.
Founding Partner
Cardan Capital Partners
SARAH KEYS: I feel a lot of pride in the quality of the service that we can deliver now. I feel a lot of excitement about the potential for growth, the various avenues that you could potentially go in because we run our own portfolios. Could we do some sort of asset management in addition to the wealth management? And those options in the world that we're in now in the directions you can go, whether it's bringing an attorney in-house or a CPA in-house or an insurance agent, as you have, to a certain degree, and service clients that way. Having that totally open to you and having that flexibility makes the move and the profession even more exciting to me, and knowing that this is ours, that I just couldn't get before, right, because you kind of felt like you were working for the man and you were meeting somebody else's revenue objectives.
How about you? How do you feel in the morning when you get up?
ERIC: Well, how I feel in the morning when I get up, I live about five minutes from my office.
SARAH: Yeah.
ERIC: So when you live in a city like this, that… to be able to control your… I mean, as basic as that sounds, your office location. I mean, the increase of enjoyment you get and time you get with your family. I'm in the car 10 minutes a day instead of an hour and a half a day.
SARAH: Yeah.
ERIC: I mean, what is that worth?
SARAH: Right.
ERIC: Right? As silly as that may sound, I mean…
SARAH: No, it's truly priceless.
ERIC: It's truly priceless, right? I mean, there's so many books on tape that you can listen to, right?
SARAH: Yeah.
ERIC: I mean, it's when you're home in five minutes and you're playing catch with your kids, or I'm able to make these plays that my kids... my daughter, she's sang in a talent show at, you know, 10:30 in the morning. I never would have been able to do that if… you know, at my previous firm, driving 45 minutes each way. I… you know, I could set my own schedule, and there's not a corporate meeting that I'm… you know, that I didn't call.
SARAH: Yeah.
ERIC: Right? So I… I get to make those important things. So, to me, I mean, from a lifestyle perspective, you know, is one of many components of what makes this so great.

The transition—first steps to final calls

The day you leave your firm is one you’ll never forget. Eric and Sarah share very different experiences in the steps leading up to their transition and the big day itself.

Watch video: Unscripted: Pathway

Two investment advisors compare the paths they took to independence and the choices they made when planning the move. Discover why each chose the RIA model.

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The independent RIA life: Unscripted
What's going independent really like?
Two advisors discuss the paths they took.
Eric Rosel
Founding Partner
Morgan Rosel Wealth Management
ERIC ROSEL: So, Sarah, it's in your mind, you made the decision, you're moving. So talk to me about the process you went through to decide where your clients' assets were going to be, how you were going to manage your trading, your compliance, things like that. So what was the due diligence process like and how difficult was it?
Sarah Keys, J.D.
Founding Partner
Cardan Capital Partners
SARAH KEYS: Right. Well, to be totally frank about it, we actually didn't make the decision until we decided on the route because we wanted to have confidence that our quality of resources, what we had access to, would not be sacrificed, that we would still be able to deliver the same level of service that our clients had been accustomed to and that we took a lot of pride in delivering. And so we spent about two years talking with other broker-dealers, looking at hybrid solutions and then looking at the various independent routes, whether it was through like an independent branch through a broker-dealer or just totally independent. And once we really felt solid, and, in the fact, and it did… took two years, that by going the independent route and utilizing Schwab as our custodian, that we were going to be solid. Our clients were going to be solid. Everybody was going to be well taken care of, and we didn't need to worry about what resources we were going to have access to. And it's played out beautifully.
How about you? What was your process like?
ERIC: Well, like you, I think the most important thing and fear in our mind was what's the client's perception going to be? So, for us, we wanted to make sure that we partnered with, of course, the biggest and the best, but we also wanted to partner with someone who is perceived in the eyes of the public as someone who is fighting for the client. So, like you, going through the due diligence, we wanted first and foremost to have someone that had our client's interests first. So, obviously, there's some big boys that come to mind, but at the end of the day, Schwab was the clear leader in our regard. So, you know, once we had that decision made, as you mentioned, the resources that they're able to bring to us to help put the other pieces together was there.
SARAH: Were you always going to go totally independent…
ERIC: Yes.
SARAH: ...or did you look at any of the hybrid options?
ERIC: Well, we did look at all of the other options, the hybrid models, whatever it may be. But, for us, at the end of the day, we felt that we wanted to chart our own path, from the compliance all the way down. We wanted to be the one that said, yes, this marketing is approved in the best interests of our clients, not someone else who, who knows what's going to happen or change at the leadership of their company…
SARAH: Right.
ERIC: …what compliance officer do they bring in. We know we have our clients' best interests at heart. No one knows more what our clients need than us, right? That's why we chose to go that path.
SARAH: Yep. I would agree with that.
ERIC: I'm sure you probably found that, as well.
SARAH: Yep. Yep. There were moments that felt scary, but, yeah, looking back on it now, it was… you know, it was just the natural nerves that you would have, I think, going through such a big change.
ERIC: That's right.
SARAH: But, yeah.
ERIC: No different than other major milestones, I guess, in your life, right?
SARAH: Exactly. Yep.
ERIC: You just go to do it.
Watch video: Unscripted: Transition

The day advisors leave their previous firm is one they never forget. Eric Rosel and Sarah Keys share their different experiences leading up to their transitions and the big day itself.

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The independent RIA life: Unscripted
What's going independent really like?
Two advisors discuss their transition.
Eric Rosel
Founding Partner
Morgan Rosel Wealth Management
ERIC ROSEL: So during a transition, we're reliant on... when you leave, you're relying on some of these other folks for help right?
SARAH KEYS: Yes.
ERIC: So can you speak to that feeling of loneliness as you leave, as well as the people that came in to help in your experience with the various folks that you chose to help you launch your new business?
Sarah Keys, J.D.
Founding Partner
Cardan Capital Partners
SARAH: Yeah. You know, there was a lot of adrenaline going that day and while we sat anxiously waiting for Legal to call us and tell us that we were okay and we could start making phone calls, and some clients were already reaching out and telling us they had received an email from the broker-dealer that we were at, and… you know, there were a lot of things going on, and what really helped us kind of just stay grounded and focused and start doing what we needed to do, which was mostly just calling clients, and then for the next, you know, month, calling, meeting, completing paperwork was that people from Schwab that we had helping us organize our paperwork so that we could present it to clients in an efficient way, because, right, we weren't familiar with all of the paperwork, and having them there to compile it, make sure that we had gotten everything we needed to do so that it was just a matter of submitting it once to get the accounts opened and the assets transferred. They just really helped kind of keep us sane, help us process the paperwork and in those first few day… not even few days, few weeks. That's all you're thinking about, right, is talking to your clients and… and making them feel reassured that they're in good hands. And Schwab went really... I think they went really far to give our clients that reassurance that they needed, and us, because there was a… there was a lot of nerves going on.
So you made the transition in three days?
ERIC: Yeah, we did.
SARAH: Can you tell me a little bit more about that? What was going on?
ERIC: Sure. So we had made the decision that we were going to do this several months prior just from a timing perspective. It decided… it was fate, whatever you want to call it, it was decided that it wasn't going to be on our timeline, which such is life, right?
SARAH: Yeah.
ERIC: Such is life. And we got the notice that if we're going leave, under the existing rules of the industry, the protocol so to speak, that that was mainstay in our industry, we needed to leave. So the very first phone call was to my representative over at Charles Schwab, and the feeling in that moment of… the loneliness associated with I've got three days and I know I'm leaving and starting my career, you know, immediately that representative at Schwab, I'll forever be grateful to him and the entire rest of Charles Schwab for what they executed on over the next 48 hours. They get on the phone and they… we picked our compliance consulting company, got on the phone with them and they orchestrated... it's no short of a miracle what they orchestrated to get us out in three days and off on our own. And was a flawless? It was not flawless. It was… there were certainly some bumps, you know, over that… not just those three days…
SARAH: Sure.
ERIC: …but weeks to follow because of that, but they got it done.

Going independent

The RIA model gives you the control to draft your own blueprint for the future. Discover greater opportunities for growth and the flexibility to serve your clients the way you know is best.

Learn more
Choosing the right path

There are many ways to go independent. Explore the options, and learn the important questions you should ask to find the path that’s best for you and your clients.

Explore the options
Making the transition

Moving to the independent RIA model can be an incredibly rewarding process. We’re there to support you at every step.

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Connect with a Schwab Business Development Officer to learn how our innovation, insights, and resources can help you own your future and better serve your clients.

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The independent RIA life: Unscripted

Meet the investment advisors from the video series

Eric Rosel, CFP®, CIMA®

Sarah Keys, J.D., M.A.

Growth—relationships and surprises

Candid conversation—challenges and rewards

The transition—first steps to final calls

Going independent

Choosing the right path

Making the transition

Plan your move

The independent RIA life: Unscripted

Meet the investment advisors from the video series

Eric Rosel, CFP®, CIMA®

Sarah Keys, J.D., M.A.

Growth—relationships and surprises

Candid conversation—challenges and rewards

3 videos

The transition—first steps to final calls

Going independent cards

Going independent

Choosing the right path

Making the transition

Plan your move