Startup RIA, could use feedback

Discussion in 'Professional Trading' started by Mr.Wahdy, Aug 27, 2015.

  1. Mr.Wahdy

    Mr.Wahdy

    Hello traders,

    I recently started an RIA and planned out three phases:
    1- Offer wealth management (financial planning, portfolio management, etc.)
    2- Establish a hedge fund.
    3- Offer ECM/DCM services.

    The first part is to help cover fees and to provide basic revenue and support for the second item. I have the RIA business up and running, am working with a few clients already and things look good. However, setting myself up for something bigger is my real challenge since I don't know the logistics of the other steps. I have my licenses (7, 66), worked briefly in M&A and then trading for a GWIM desk at a major BB, and have the core competencies of a financial professional.

    But there's still a lot to learn and starting my own business from scratch is definitely a great teacher. I'd love to get input, advice, feedback, and guidance from those of you with professional experience either starting your own firm, or in senior/managing positions in other firms. I'm sure there's some tidbit that anyone can offer that can help me in some way.

    Some basic questions I have are this:
    1- What's the best way to aggregate all client account/portfolios/positions? I have a Bloomberg terminal, and know that there's an integration tool on PORT, would that do it?
    2- What are the steps I should take to start putting together my application for b/d?
    3- What are some good software tools to use for wealth management/RIA/client reporting/account management/etc.?
    4- What should I spend money on? I am funding the business with my bonus checks, and while I've kept opex pretty lean (besides the BBG), I know that I need to spend to grow. But on what?
    5- Any other bits of info you could pass on to me would be greatly appreciated!
     
  2. rmorse

    rmorse Sponsor

    A lot of this would be better over the phone.

    #1: We offer Silexx OEMS: http://www.silexx.com/ This will enable you to execute and view risk over many accounts. We use it for equities and options.
    #3- We have a contract with Nirvana Solutions. The basic reporting is free and an upgrade is available for a fee. The fee would be less than going directly.

    Send me an email directly with your name, email and phone number if you would like to discuss your plans and our services. We are Introducing Brokers and provide professional Brokerage to Hedge Funds, CTAs, RIAs, trading groups and active traders. We focus on equities/options and futures/options.

    Bob