Start a High Net Worth RIA Firm

1. 1

   Get the license and registration path clear

   An RIA principal typically passes the Series 65 exam (or holds a qualifying credential), then registers with the state below roughly $100 million under management or with the SEC above roughly $110 million. Registration means filing Form ADV through the IARD system, adopting compliance policies, and accepting fiduciary duty. State reviews commonly take 30 to 45 days, and the full launch typically runs 4 to 6 months.

2. 2

   Choose the high net worth focus deliberately

   Serving wealthy households changes everything: higher minimums, fewer clients, deeper planning, and access to alternatives and estate coordination. Decide your minimum relationship size and the specific client you serve, such as business owners approaching a sale, executives with concentrated stock, or retirees with complex estates. A focused promise is what justifies premium service and wins referrals.

3. 3

   Set up custody, technology, and compliance

   Client assets sit with a third-party custodian, not with you, so establish a custodial relationship, then select portfolio management, planning, and CRM software. Build your compliance calendar or engage a compliance consultant, because as a fiduciary your filings, disclosures, and marketing rules are not optional. Getting this backbone right is what lets you take clients safely.

4. 4

   Design the fee schedule honestly

   Most advisors charge around 1 percent of assets under management, with common ranges of 0.75 to 1.5 percent tiering down as assets rise, and some add flat retainers or hourly planning at $200 to $400 per hour. Publish the schedule and be ready to explain value against low-cost alternatives. Fee clarity is itself a selling point with sophisticated clients.

5. 5

   Fund the runway and plan the transition

   Expect $10,000 to $50,000 to launch plus $20,000 to $30,000 in first-year operating costs, and 6 to 12 months before fees replace a prior salary. If you are leaving an employer, take legal advice on your agreements and handle client transitions correctly. A rushed, non-compliant exit can sink the firm before it starts.

6. 6

   Win the first ten households

   The first clients come from people who already trust you: existing relationships you can lawfully serve, referrals from CPAs and estate attorneys, and your professional community. Ten substantial households at roughly 1 percent can be a viable practice. Serve them with depth the big firms cannot match, and document the experience your next referrals will hear about.

7. 7

   Deepen services as assets grow

   As the practice matures, add the services wealthy clients actually need: coordination with their tax and estate professionals, equity compensation planning, charitable structuring support, and consolidated reporting. Every added layer increases retention and referral strength. Depth per client, not client count, is the growth path in the high net worth lane.

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Best for: Experienced advisors and finance professionals ready to own their book under a fiduciary flag

Not for: This is not for anyone unwilling to register and carry fiduciary duty, and it is not a quick side hustle, since registration alone takes months and fees build slowly. It is also a poor fit for advisors without existing relationships or a credible path to their first wealthy households.