In this week’s episode of Advisor Talk, Frank LaRosa sits down with Chuck Failla, CEO and Founder of Sovereign Advisor Solutions and Sovereign Financial Group, as well as the host of the Go RIA podcast, for a candid conversation about one of the most misunderstood decisions in the industry: whether to go RIA – or not.
Drawing on three decades in the business, Chuck walks through his own journey from “cold call cowboy” in the 90s to independent advisor, to launching his own SEC-registered RIA and platform. He and Frank break down why “everyone should go RIA” is an oversimplification, and why factors like AUM, business mix, and personal goals matter far more than industry buzzwords.
Together, they explore practical decision points advisors should consider:
- The real implications of the $100M AUM threshold and the trade-offs between state and SEC registration
- When it may make sense to stay with an independent broker-dealer – especially if more than 20% of your revenue is still commission-based
- Why some RIAs are now “breaking away again” and rolling into larger platforms or supported-independence models
- The emotional and operational realities of dropping a Series 7, and how that can change your flexibility with media, branding, and marketing
Chuck also opens up about Sovereign’s “three doors” approach – including “Sovereign as a Service” – and how advisors can use incubation-style models to learn the RIA world before fully standing up their own firm. Frank underscores a central theme: there’s no universally “right” answer, only informed vs. uninformed decisions.
Resources:
Chuck’s LinkedIn: www.linkedin.com/in/charlesfailla
Chuck’s Websites: www.sovereignadvisorsolutions.com | www.goria.com
Elite Consulting Partners | Financial Advisor Transitions: https://eliteconsultingpartners.com
Elite Marketing Concepts | Marketing Services for Financial Advisors: https://elitemarketingconcepts.com
Elite Advisor Successions | Advisor Mergers and Acquisitions: https://eliteadvisorsuccessions.com
JEDI Database Solutions | Data Intelligence for Advisors: https://jedidatabasesolutions.com
Listen to more Advisor Talk episodes: https://eliteconsultingpartners.com/podcasts/
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