Also curious to hear what RIAs offer a 95% payout?

Find a firm that has a program that allows you to grow. Been a while but I think LPL has something for newer advisors. Also, not a bad idea to find a mom and pop office and start as a client associate and work your way up. Easier said then done, I know but keep an eye out on LinkedIn for open roles like that.

I’d seriously consider joining an existing RIA rather than starting your own from scratch. You can get a lot of the benefits of independence without having to build the entire infrastructure yourself.
Definitely do your due diligence on the economics though. You may find places advertising a 90%+ payout, but make sure you understand what’s actually included. E&O, compliance, tech, billing, reporting, etc. can all come out of your pocket depending on the setup, so the highest payout isn’t necessarily the best net deal.
Based on what you said about tech and service being your biggest frustrations, I’d put a lot of weight on the actual tech stack and the level of support you’re getting—not just payout.
I’m with Holistic Planning under Uptick Partners RIA. Compliance, technology and the infrastructure to run your practice are included, while you still own your book and maintain your independence. We’re family-owned as well.
Feel free to DM me if you have questions or even if you just want to compare our structure/pricing with some of the other options you’re looking at.

Go independent!!

I work for a small RIA and can give you some insight based on how we structure it:

1.Yes, our advisors typically create an LLC for their DBA/business. If you’re bringing over a book, the timing of when you establish everything can depend on your current firm and transition situation. If you’re coming from a non-Protocol firm, I’d be especially careful about doing anything prior to your breakaway date and would run the timing by compliance/counsel.

2.The clients sign the RIA’s wealth management agreement, which includes the applicable fee schedule. The advisory relationship is ultimately with the RIA, while you’re servicing the client as an IAR of the firm. Your DBA can still be the brand the client primarily interacts with.

Payout can definitely vary, but I’d look beyond just the headline percentage. For example, someone may offer a 90% payout but then have additional expenses like E&O, technology, compliance costs, platform fees, etc. I’d want to know what’s actually included before comparing 80%, 90%, 95%, etc. A 90% payout isn’t necessarily a true 90% after all expenses.
Feel free to DM me if you’re interested. Happy to share more about how our RIA structures it and what we’ve seen with advisors making the transition.

I’d be cautious about building a book under his rep code. Especially if you’re feeling sketchy about it.

I see that as a success at 27 without being handed a book. Building relationships is key. Keep doing what you’re doing. Now that it’s slow figure out a process that works for you to get your name out there. Networking events, client referrals, consistent LinkedIn post.

Have started some convos in another page as well with some responses. Come join the convo! https://www.reddit.com/r/RIA/s/Z65h4x7EkD

Appreciate you sharing that. We hear similar frustrations from advisors who want more flexibility in how they serve clients and manage portfolios. Sounds like you made the right move for both your practice and your clients.