What Is A Registered Investment Advisor (RIA)?

An RIA is a company registered with federal or state regulatory agencies to provide investment advice. In the financial advice space, Registered Investment Advisors stand out for these reasons:. This means they’re obligated to always act in your best financial interest and to offer the lowest-cost products that fit your needs. Non-RIA

RIAs come in various sizes. An RIA might be a giant financial planning firm servicing tens of thousands of clients, or it might be a single advisor operating through their own RIA.RIAs generally charge clients annual fees equal to a percentage of the assets they manage. In 2019,was 1.17% of assets under management . That means that a client with $100,000 in assets managed by an RIA would pay the firm $1,170 per year for their services.

There are some exceptions. If an RIA must register in 15 or more states, it can choose to register with the SEC instead. An RIA can also register with the SEC if their state doesn’t have a statute regulating advisors.Within the financial advising industry, you may see advisor and adviser used somewhat interchangeably. Although it may seem confusing, ultimately there is no difference between the two spellings.

To become an IAR, you must either pass the Series 65 exam or pass both the Series 7 and Series 66 exams. In some states, you may be able to use a professional designation, such as certified financial planner or chartered financial analyst , instead of passing the Series 65.CFPs or CFAs. If you want comprehensive financial planning in addition to investment advice, look for an IAR who is also a CFP. “If I was telling my mom or sister what to be looking for, I would want both,” Zohlen says.

“When I was with a large brokerage company, there was a conflict that kept growing because the company offered proprietary products and had sales goals,” says Freddy Garcia, a CFP with Left Brain Wealth Management in Naperville, Ill. “I decided four years ago to leave and join an independent small RIA.”

Some financial planning associations, like XY Planning Network, specialize in providing access to advisors using low-cost subscription models. Those looking for lower-cost financial advice might also consider robo-advisors, which offer investment advice for much lower fees than conventional RIAs that employ investment advisor representatives.

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