: Required for firms with over $100 million in AUM.
: Confirm you meet licensing requirements. While the Series 65 is standard, professional designations like the CFP or CFA may offer exemptions depending on state regulations. 2. Legal and Regulatory Setup This phase transforms your idea into a regulated entity. : Required for firms with over $100 million in AUM
: Generally for firms managing under $100 million in client assets. : Required for firms with over $100 million in AUM
: Select a brokerage firm like Schwab Advisor Services or Fidelity Institutional to hold client assets and execute trades. : Required for firms with over $100 million in AUM
: Model your revenue against operating costs (E&O insurance, technology, healthcare) and set measurable goals for assets under management (AUM).