The Agili team, RIAIn an article for Financial Planning magazine, Michael Joyce tells financial advisors who are making the move from wirehouses to starting a Registered Investment Advisory firm (RIA), like Agili, that as a fiduciary they must keep their clients’ interest in mind 24/7. “It’s definitely a different mindset from working in the wirehouses.”

He also cautions those making the move that they may be surprised by how much time they will spend in the administrative, compliance and marketing areas of their new business.

The cost of meeting an ever-expanding array of clients needs is another consideration many newbies don’t consider, Joyce says. “When I talk to people who have made this move, they often say they didn’t realize the amount of time they’d have to spend on admin, compliance and even marketing,” says Joyce, whose practice oversees roughly 300 clients and $850 million in AUM. “You have to have a strong bench of people that are basically cost centers — they’re not profit centers, but it allows you to do the things you need to be successful.”