Client Agreements and Investment Policy Statements

The Rules of Engagement.

Advisors transitioning to a fee-based advisory practice have many decisions to make. No single decision is as important as the selection of your custodian and whether to maintain a broker-dealer affiliation. Some of the key questions you must ask yourself include...

  • How can I best serve my existing clients?
  • Will my existing clients want to work under an asset-based fee structure?
  • What types of clients do I want to attract? Both affluent and smaller clients?
  • What level of support will I need? Back office, compliance, etc.
  • How much oversight do I prefer? Can I tolerate?
  • Do I want to select and manage my own technology?
  • Am I willing to have input and possibly restrictions on my strategic vision?

The value of your advice and your business vision are unique. Choosing your business partners is critical to the long-term success of your practice. Don't take this decision lightly. Remember, your clients expect you to perform the necessary due diligence and provide them with the best possible service.

MainStay and its principals have-depth knowledge of the services provided by the numerous custodians and independent broker-dealers. We can assist you in determining whether to form your own RIA practice, become an Investment Advisory Representative of the corporate RIA of an independent broker-dealer (IAR) or to develop a hybrid business model.

For a free consultation and to learn more about our qualifications, please Contact Us.