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First RIA co-operative platform for financial advisors launched

On Behalf of | Jan 22, 2024 | Firm News

Two Los-Angeles based advisors announced that they have launched the first RIA co-operative platform for financial advisors, reports InvestmentNews.

Katrina Soelter, CFP® and Leighann Miko, CFP®, said they co-founded Avise Financial as a way to put ownership in the hands of advisors. Soelter and Miko said Avise will be a virtual platform that streamlines business administration so advisors can better support clients and diversify their impact, while still retaining full ownership of their firm.  It will be made available to Certified Financial Planners™ nationwide.

“The financial advising profession is ripe for disruption,” shared Soelter. “Recognizing the delicate nature of the succession process and having personally experienced the burnout that comes with running our own RIA business, we were keenly aware of the immense potential that lay before us. As advisors and successors, we saw a remarkable opportunity to make a difference for other advisors and for the future of our industry.”

The founders of Avise noted Cerulli’s U.S. RIA Marketplace 2023 report which found that 37.3% of advisors at RIAs anticipate retiring or taking a major step back from their businesses within the next 10 years.  Soelter and Miko also stressed the importance of increasing diversity and representation in the industry.

“Today, too many RIAs pay high fees to vendors and partners to operate their businesses, impacting their bottom line and prohibiting their ability to work with clients that fill their soul,” added Miko. “We’re focused on tapping into that potential by incorporating a residency program in our first year of operation to help improve both diversity and capacity in the industry.”

According to the two advisors, only allow highly qualified planners who have made it through a rigorous screening process will be able to be on the platform.

The first advisor on the platform will be David Tassone, principal of Solidi Wealth Advisors, who said, “Leighann and Katrina have the perfect combination of industry experience and passion to support me on my journey, and I am confident they are the right team to help me better serve my clients and grow my business.”

Avise platform users will become member-owners who are afforded one vote each, regardless of their AUM or size.

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