What should we be reading about the RIA industry?
Each morning, like so many of us do, I grab my morning coffee, scan the daily news, and look for trending topics to stay up to date on the markets. Then, before opening my inbox to check emails, I read through some key sites focused on the RIA space. The most common topics I see are advisors moving firms, firms buying/merging with others, and technology trends that impact the industry.
Reading through the many articles every day, I’ve noticed a pattern. Rather than seeing perspectives that are truly relevant and improve our business, they seem to be products of PR firms earning their fees. We are getting current news, but the topics being covered are missing some key elements. As we look to improve the industry, I feel we need perspectives that influence change, deliver vision, and provoke thought.
It's time we had some media criticism of our own. Knowing what’s happening is important but knowing why something is happening is even more crucial. Did last year's success turn into this year’s failure? Were recent decisions good ones? Are firms truly succeeding or just saying that they are? Are the advisors recruited from 12-24 years ago doing well? We hear the top line stories, but it’s tough to differentiate between the impactful news and the PR noise.
It's time we begin judging ourselves as an industry. What are the recruiting trends in terms of payouts and transitions dollars versus retention? Are we trending towards oligopolies in our technology and aggregation space? If we are, is that necessarily bad? These are just some of the questions I’d love to see explored rather than surface level news. We need more voices that force our industry to look in the mirror, challenge the incumbents, and create real change.
Let's read the news, but let's not let the news lead us. We are here to create, build, and deliver great solutions so advisors have the opportunity to serve their clients in the best way possible. If we focus on selflessness and less on self-promotion, we can truly achieve great things in this business.
F3 Logic, LLC
Where Fiduciary Freedom is First
Advisory services are offered through F3 Logic, LLC, a registered investment advisor.