The Perfect RIA
The Real Cost of Loyalty: A Financial Advisor's Road to Independence with Guest Carmine Corino [Episode 298]
Mar 3, 2025
Join Carmine Corino, author of 'Broken Dealer' and CEO of Cornerstone Planning Group, as he shares his journey from the broker-dealer world to establishing his own RIA. Discover the challenges he faced, including the allure of recruiting incentives and the impact of private equity on the industry. Carmine emphasizes the importance of aligning professional choices with personal values over mere financial incentives. His reflections on loyalty and independence provide valuable insights for those considering a similar pathway in their financial advisory careers.
28:07
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Quick takeaways
- Carmine Corino's transition from the broker-dealer world to founding his own RIA highlights the challenges and risks involved in seeking independence.
- The conversation emphasizes the critical need for advisors to assess recruitment offers carefully, weighing immediate financial incentives against long-term client service and fiduciary duty.
Deep dives
The Journey to Independence
Advisors are encouraged to consider the benefits of becoming independent rather than remaining in traditional broker-dealer environments. Many advisors, including the speaker and guest, began their careers in the wire-house or insurance sectors, experiencing various restrictions that would later motivate them to seek independence. They highlight the gradual build-up of frustration due to increased product demands and a lack of autonomy in decision-making. A pivotal moment often leads to this transition, such as significant changes in company policies or personal reflections that reveal the limitations of their current positions.
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