• The whitepaper serves as a guide for advisors to deploy the best technology solutions at every step of the breakaway process and identifies common denominators driving advisors to the independent RIA space
• Workplace offers a packaged solution ideal for a breakaway broker, complete with enterprise-class systems up and running on day one, as well as access to an RIA-ready library of business and financial software
New York, NY – May 9, 2016 – Workplace, a provider of unified cloud computing solutions to financial services clients, today announced the release of a whitepaper titled Choosing The Right Approach As A Breakaway RIA written for advisors seeking to make a successful start-to-finish transition from a wirehouse to a fully compliant RIA.
The whitepaper is specifically designed to identify the most common challenges breakaways face, and provide a guide for advisors on how to deploy the best technology solutions at every step of the process – including a step-by-step checklist to get them started. Increased consumer expectations for customized solutions, continued negative publicity for wirehouses stemming from the financial crisis, and growth and ease of access to technology are among the factors listed by Workplace as driving advisors to make the leap into the independent RIA space.
“Breaking away has never been more complicated, particularly due to IT, compliance and cybersecurity considerations,” says Sam Attias, Managing Director, Financial Services, Workplace. “Our offering for breakaways is unique in that it offers advice on technical concerns first and can comfortably counsel and connect on all the other needs an advisor will have.”
Given the explosion of advisors seeking to go independent since 2008 and the increased security and regulatory requirements, Workplace has created a single, reliable location for resources and information to ease the transition of advisors into independence. Workplace is uniquely positioned to assist advisors in getting the support they need to navigate the technological, legal and other complex and unconsidered concerns that they need to address before they consider making a move on their own. Workplace walks breakaways through a spectrum of independence options, from working with major aggregators and broker-dealers in the market to complete independence, assisting with application selection and making industry referrals when necessary.
“From the moment an advisor has the urge to break away from a wirehouse to the time the new entity is up and running, advisors have to successfully navigate myriad obstacles including compliance, client communication, and operations,” adds Attias. “This whitepaper provides a functional roadmap for advisors as well as specific tips on how to make the transition both seamless and manageable.”
Advisors at wirehouses are unaccustomed to shouldering the responsibility for a firm’s IT, and when considering a breakaway, must quickly determine how they will ensure their firm’s IT infrastructure works effectively from day-one. Firms tend to either delegate IT responsibilities to employees or contractors not well versed in the unique needs of an RIA, which can set up a firm up for trouble. In fact, Workplace identifies outsourcing IT tasks to uninformed contractors as one of the biggest threats to cybersecurity – a threat it mitigates through custom-built solutions ranging from setting up the technical infrastructure of the newly formed RIA, to cybersecurity and compliance solutions, with Workplace’s highly secure and compliant cloud desktop platform at its core.