With an increasing number of financial advisors deciding to take more control of their practice, a new path to independence has been launched by two Los Angeles-based advisors.
With Avise Financial, Katrina Soelter and Leighann Miko aim to provide certified financial planners nationwide with a platform that gives them virtual business administration tools and back-end support, without giving up any equity or control of their firm.
“The financial advising profession is ripe for disruption,” Soelter said. “Recognizing the delicate nature of the succession process and having personally experienced the burnout that comes with running our own RIA business, we were keenly aware of the immense potential that lay before us. As advisors and successors, we saw a remarkable opportunity to make a difference for other advisors and for the future of our industry.”
The co-op approach of the platform gives each member-owner one vote regardless of their AUM or size. The founders are also keen to ensure that their new venture helps address diversity and representation in the wealth management profession.
“Today, too many RIAs pay high fees to vendors and partners to operate their businesses, impacting their bottom line and prohibiting their ability to work with clients that fill their soul,” Miko said. “We’re focused on tapping into that potential by incorporating a residency program in our first year of operation to help improve both diversity and capacity in the industry.”
It’s also hoped that creating a platform used by a community of like-minded advisors will create natural partnerships and successions.
The new route to independence comes as a Department of Labor regulation designed to ensure that companies do not inappropriately deem employees as independent contractors has independent financial advisors worried the measure may jeopardize their business model.
Avise Financial has already signed up its first advisor, David Tassone, principal of Solidi Wealth Advisors.
“Leighann and Katrina have the perfect combination of industry experience and passion to support me on my journey, and I am confident they are the right team to help me better serve my clients and grow my business,” he said.
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