NEW YORK, NY--(Marketwire - May 26, 2010) - RIA In A Box (www.riainabox.com), a consulting business aimed exclusively at efficient creation of registered investment advisory firms, has added more RIA registrations in the last year than any other year since its founding five years ago, according to CEO Zachary Gronich. The economic uncertainty of the last 18 months has resulted in more financial advisors taking the step to register as RIAs on their own.
"It is remarkable to watch how in today's continued poor economic climate and with the huge legislative changes now being considered that we are seeing such a big spike for us in RIA registrations," Gronich said. "I think my clients are anxious to take more control of their own future, not be tied to a broker/dealer, and are ready to evolve, grow and become more self-sufficient. We know that once someone chooses to go this route and set up their own business, they want to do it quickly. That's where we provide the best possible service."
RIA In A Box works with all 50 states and the SEC to complete the required registration materials in five to seven days and then submits them to the appropriate governmental organizations. Most of Gronich's newly-established RIAs will be under state oversight based on the criteria in the legislation now being debated in Congress.
According to RIA in a Box's research, many advisors start the registration process, but fewer than half actually follow through to file with the government and get the approvals. "Although there are a large number of people who initiate registration, fewer go all the way through the process. For those who decide to move forward and take the step, we make the process easy and fast. The quicker they are registered, the faster they can start generating business," Gronich commented.
A recent study by the Aite Group reported that despite the recession and market slide, RIAs experienced growth since 2007, with new money flows to wirehouses dropping about 3 percent. "This data suggests that RIAs may be better at catching assets from other sources and with more RIAs coming on board, they are all very focused on competing for the business. It's a very competitive business and it's essential to get up and running efficiently," Gronich said.
One recently established RIA, Manning Herr, CEO of the Virginia-based Alpha Strategies Corp., exemplifies the type of seasoned professional who is moving to the independent route. "I'd been in the financial advisor business for 30 years, but decided it was time to become an RIA myself," Herr said. "I had previously outsourced the execution and reporting of trades, but realized that as an RIA I could take all those services in-house and manage the whole business for my clients."
"Once I made the decision to go independent, I did my research and found Zachary Gronich and RIA In A Box. He understands the business inside and out and knows all the details instantly. He is responsive, informed and really gifted in this field," Herr continued. "I gave him everything he needed and then he took care of getting me registered the most quickly and for the lowest cost by far. I got my registration faster than I could have even imagined and can now give 100 percent attention toward helping my clients."
About RIA In A Box
RIA In A Box is a consulting firm specializing in preparing RIA registration materials for the creation of registered investment advisory firms most efficiently, submitting the requirements to the states and SEC in only five to seven days. Since its founding by Zachary Gronich, PFS, in 2005, RIA In A Box has helped over 830 advisory firms get registered quickly and correctly the first time. RIA In A Box works with all 50 states, Washington, DC, and the SEC. The firm is headquartered in Manhattan. For more information, visit www.riainabox.com or call (866) 611-7638.
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