Chuck Failla, Founder and CEO of Sovereign Financial Group returns to the Modern Financial Advisor Podcast to share some updates on the goRIA initiative he launched in partnership with InvestmentNews. Chuck also shares his journey of going RIA and the motivation behind creating goRIA as a media outlet to educate advisors about the benefits of the RIA space.
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If you would like to follow up with Chuck, shoot him an email.
Key Takeaways From This Episode:
The importance of having a high-quality microphone setup for podcasting. Just listen to how great Chuck Failla sounds in this episode.
The motivation behind creating goRIA as a media outlet to educate advisors about the benefits of the RIA space
The value of networking and learning from other advisors at conferences
The need for integration and future-proofing technology in the RIA industry, including the concept of a data warehouse or data lake When choosing an RIA firm, it is important to do thorough research and speak with other advisors who have experience with different firms.
The RIA industry needs to improve training programs to better prepare new advisors for the job.
Succession planning and ownership transition are important considerations for RIAs, and options like minority stakes and internal ownership can be explored.
There is a growing interest in RIAs advising on alternative investments beyond marketable securities.
AI can be used to streamline processes in the RIA industry, such as portfolio analysis and presentation creation.
Resources Mentioned In This Episode:
Chuck Failla on LinkedIn - https://www.linkedin.com/in/charlesfailla/
Sovereign Financial Group - https://www.sovereignadvisorsolutions.com/
goRIA with InvestmentNews - https://inpartners.investmentnews.com/goria/p/1
Modern Financial Advisor Podcast EP75 - When Chuck was just getting RIA Labs off the ground
Modern Financial Advisor Podcast EP108 - With Gauthier Vincent of Deloitte where we discuss end-to-end digital transformation of wealth management
Jeff Benjamin on LinkedIn - https://www.linkedin.com/in/jeff-benjamin-9427728/
AngelSpan - This is the solution Mike Langford mentioned that makes it easier for investors and private companies, like startups, to get structured financial reporting on their portfolio companies.
Beautiful AI - https://www.beautiful.ai/presentations
Saifr - An AI-powered compliance review solution launched by Fidelity Labs
Chapters
00:00 Introduction and The Importance of a High-Quality Microphone Setup
03:27 Educating Advisors about the Benefits of the RIA Space
15:26 Networking and Learning at Conferences
19:07 Integration and Future-Proofing Technology in the RIA Industry
29:22 Choosing the Right RIA Firm
30:18 The Need for Better Training
32:44 Succession Planning and Ownership Transition
38:21 Expanding Services: Advising on Alternative Investments
52:32 The Role of AI in the RIA Industry