The next step in
Registered Investment Advisor (RIA)
2020 is going to be a momentous year for our practice as we take the final step to join the Thrivent Advisor Network (TAN) Registered Investment Advisor (RIA). We anticipate that many of you will have questions about this change, so we have created a video and a list of Frequently Asked Questions:
Registered Investment Adviser (RIA) is a person or firm that is engaged in the business of providing investment advice to others or issuing reports or analyses regarding securities for compensation. RIAs are a fiduciary to every client and must act in the best interests of each client at all times. The confidence and trust placed in the RIA by clients is something we value and endeavor to protect.
As the first word of their title indicates, RIAs are required to register either with the Securities and Exchange Commission (SEC) or state securities administrators.
Yes, Piton Wealth will be joining the Thrivent Advisor Network, which is the RIA formed by Thrivent Financial and is a separate legal entity from Thrivent Financial.
Clients will be signing transition paperwork in late January and early February, and the transition to TAN will occur late February.
In the long-term, the new platform will give our practice the ability to be even more focused on providing advice-based solutions for our clients in a comprehensive financial planning capacity. We believe that this change will allow us to continue to elevate our service to our clients in ways such as technology access and proactive client communication (i.e. serving you better & better!).
In the short-term, the most significant impact will be our transition from National Financial Service to Fidelity as the recommended custodian. Fidelity is the parent company of National Financial Services, so while this will be an internal transition, it will involve signing *paper* applications, which will be pre-populated with your information and have sign here tabs in place to make it as simple as possible for you. We will coordinate with local clients to have the paperwork signed in the office and with out-of-town clients to have the paperwork overnighted for signatures.
Our investment models will not be changing with the RIA transition, so the same models (largely exchange-traded fund, or ETF, based) we put into place a few years ago will continue. For this reason, there is very little, if any, tax implication involved in the transition for most clients.
Piton Wealth and the Thrivent Advisor Network will bear any of the costs associated with the transition. Our goal is to keep expenses from increasing, and in some cases, to reduce overall expenses for our clients post-transition.
We invite you to follow us on social media by clicking on the icons below.
You can also follow our hashtags: #ServeWell #PitonWealth #PitonSummit