Broker-Dealer Breakups: Alanah Phillips on Transitioning to RIA Models

The Rainmaker Multiplier On-Demand Podcast

Broker-Dealer Breakups: Alanah Phillips on Transitioning to RIA Models

In This Episode

As the numbers and ranks of advisors at broker dealers continues to decline while the number of RIAs grow, * maybe it’s time to consider if you’re in the right space to serve your clients and conduct your business.

Join guest host Kirsten Schlumbohm, Vice President, Head of Annuity Sales at C2P, as she speaks with Alanah Phillips, MBA, a recruiter and speaker who specializes in helping financial advisors transition from broker-dealers to Registered Investment Advisors (RIAs). Known as the “broker-dealer breakup artist,” Alanah shares her insights on the growing trend towards RIA independence and how advisors can navigate this significant career shift.

Key Topics Discussed:

  • The Shift to RIAs: Alanah explains the reasons behind the increasing transition from broker-dealers to RIAs, including greater flexibility, control, and potential for growth.
  • Broker-Dealer vs. RIA: A comparison of the pros and cons of staying with a broker-dealer versus transitioning to an RIA, helping advisors understand which model might be best for their practice.
  • Transition Obstacles: Alanah discusses common challenges advisors face when considering a transition, such as fear of change, operational concerns, and business structure issues.
  • Signs It’s Time for a “Breakup”: How to recognize when your current firm no longer aligns with your goals and vision, using relationship metaphors to illustrate the process.
  • Finding the Right Fit: Alanah shares her process for helping advisors identify their ideal business structure and find the right partnership or independent model for their practice.
  • Aligning Business Structure with Goals: The importance of ensuring your practice’s structure matches your risk tolerance, capacity, and long-term objectives for serving clients.

Tune in to gain valuable insights on how to evaluate your current situation and potentially take your advisory practice to the next level through a transition to the RIA model.

*Source

Resources:

Broker-Dealer Breakups: Alanah Phillips on Transitioning to RIA Models

About the Host:

Kirsten Schlumbohm is the Vice President, Head of Annuity Sales at C2P. She has over 15 years of industry experience, in which she has served as an insurance and annuity wholesaler, sales trainer and leader, and financial advisor. In addition to her life and health insurance licenses, she holds her Series 66 and a degree from Iowa State University.

Kirsten is committed to empowering people and helping them reach the retirement finish line. She believes in optimizing processes to build strategies out of silos and encourage tighter collaboration. When she isn’t busy helping her advisors, Kirsten can be found running trails in the great state of Oregon, watching Iowa State Football, and changing the world by rescuing one senior dog (or two) at a time with her husband Jeff.

About the Guest:

Alanah Phillips is a respected figure in the financial services industry, known for her dedication to nurturing the next generation of advisors and helping financial advisors break up with their broker-dealers. With seven years of experience as a national Director of Recruiting, she founded Advisor Launch Lab in 2023, providing outsourced training for growing advisory teams. Phillips co-chairs The American College of Financial Services’ Next-Gen Advisory Taskforce, hosts the “Nextgen in 10” podcast, and initiated Project Inspire in 2017, mentoring over 200 college-aged women about financial services careers.

Known for her progressive approach, Phillips leverages new media to enhance transitioning advisors’ skills. She currently runs Break Up With Your Broker-Dealer, helping advisors navigate career transitions and build independent practices. Phillips holds an MBA from California State University San Marcos, a bachelor’s degree in mass communication/media studies from Arizona State University, and various industry certifications including Series 7.