A new platform aimed at revolutionizing collaboration within the wealth management industry has been unveiled. RIA Circle™, a peer-to-peer community designed to facilitate the sharing of best practices among financial advisors, officially launched today. This innovative platform creates a secure and confidential environment for advisors to exchange ideas and strategies, ultimately fostering growth within the industry.
Led by Carolyn Armitage, a seasoned financial services executive with over 35 years of experience, RIA Circle™ is a member-based organization that brings together registered investment advisors, hybrids, and investment advisor representatives. The platform’s core offering is monthly Peer Roundtable Meetings, where advisors can share insights and discuss industry trends. These groups are currently being formed, with the first roundtable meetings scheduled to begin in October.
Armitage emphasized the importance of collaboration in driving growth within the wealth management sector. ‘Growth takes insight and experience, and RIA Circle™ was formed as a vehicle to allow growth-minded advisors and executives to have access to shared ideas to better run their firms and serve clients,’ she stated. This collaborative approach is expected to have a significant impact on wealth management leaders and their firms.
The platform’s structure is designed to maximize value for its members. Accepted applicants are placed into tailored groups based on their specific needs and experience levels. Each group is led by a facilitator, known as a Captain, who guides the monthly discussions. Trey Prescott, an RIA Circle™ Captain and Director at Advisory Services Network LLC in Atlanta, highlighted the timeliness of this initiative, stating, ‘The need in creating industry circles and a support platform is at an all-time high for people to compare and contrast what they’re doing right and wrong.’
Beyond the monthly roundtables, RIA Circle™ offers a comprehensive suite of features to enhance collaboration and knowledge sharing. Members gain access to an Advisor Directory, enabling them to connect with peers across the industry. The platform also includes a bulletin board, discussion feeds, and direct messaging capabilities. Additionally, members can access curated content on industry and economic news and trends, as well as upload their own material for discussion with the community.
To further enrich the member experience, RIA Circle™ has enlisted 20 Strategic Collaborators who will share their expertise through monthly workshops. This initiative is part of the platform’s first phase, with four additional phases planned to enhance the community further.
The launch of RIA Circle™ has already garnered significant interest from the wealth management community. To date, advisors representing $64.7 billion in assets under management have been accepted into the platform. These members utilize a diverse range of custodians and independent broker-dealers, underscoring the broad appeal and potential impact of the initiative.
The importance of this platform extends beyond the immediate benefits to its members. As Armitage noted, ‘The work of financial advisors is important in securing the wealth and future of so many Americans.’ By providing a community that offers the best resources and facilitates the exchange of ideas, RIA Circle™ aims to enhance the ability of wealth managers to serve their clients effectively and fulfill their mission.
The launch of RIA Circle™ represents a significant development in the wealth management industry. By breaking down silos between various types of financial advisors and fostering a culture of collaboration, the platform has the potential to drive innovation and improve client outcomes across the sector. As the community grows and evolves, it will be interesting to observe its impact on industry practices and the quality of financial advice provided to Americans.
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