The Complete Guide to Starting Your Wealth Management Firm in 2025

Starting a new Registered Investment Advisor (RIA) or broker-dealer is an exciting choice for a financial professional. However, it is also very complex. Whether you’re planning a RIA startup, exploring broker-dealer setup, or pursuing a hybrid model, navigating registration requirements, building infrastructure, and ensuring compliance from day one takes more than good intentions.

At Oyster Consulting, we help business owners in financial services. We provide tools, insights, and support for a successful launch. This guide is for firms starting in 2025. It outlines the key steps, challenges, and opportunities you will face. It covers everything from registering your firm to starting operations and planning for long-term growth.

Why Start Your Own Wealth Management Firm?

More advisors than ever are leaving large institutions and building independent firms. The reasons are clear: greater control over your business model, a personalized customer experience, and the freedom to define your firm’s identity and services.

But success requires a strategic plan that integrates compliance, infrastructure, and a strong business plan. Founders must be prepared to comply with state requirements, the Securities and Exchange Commission (SEC), and the Financial Industry Regulatory Authority (FINRA), or other regulatory agencies.

Registering Your Firm the Right Way

The firm registration process varies depending on your firm’s structure and jurisdiction. For RIA startups, registration typically involves filing Form ADV with the SEC or state regulators, preparing policies and disclosures, and outlining services and fee structures.

For broker-dealer setup, the process includes a comprehensive New Member Application (NMA) with the industry regulatory authority FINRA, submission of supervisory procedures, and designating qualified principals.

Startups must also consider:

• The structure of their business operations
• Which forms of compensation they’ll accept (e.g., AUM, flat fee, credit card billing)
• Whether they plan to offer advisory, brokerage, or dual services

Building Your Infrastructure and Technology

Your startup tech stack is more than just tools. It is the base for providing service, meeting rules, and growing your business. Technology decisions made during early stage planning can significantly affect your efficiency and audit readiness.

Key systems include:

• CRM platforms to manage client relationships and workflows
• Portfolio and billing systems that support automation
• Surveillance and archiving solutions to support compliance
• Production marketing integrations for websites, content, and digital outreach

Well-integrated systems also help you protect sensitive data, reduce manual errors, and provide a better customer experience.

Managing Risk from the Start

Compliance is not just about meeting a checklist—it’s about managing risk across every area of your firm. At launch, your exposure is higher. You’re still building internal processes, hiring staff, and implementing systems. Without structure, a single misstep can expose you to regulatory scrutiny or reputational risk.

Effective risk management includes:

• Identifying operational, cybersecurity, and compliance risks
• Designing controls and escalation procedures
• Conducting periodic reviews and testing
• Documenting findings and updates for regulators

This work must be embedded into your business processes to ensure long-term success.

Choosing Clearing and Custodian Partners

Your custodian or clearing partner is a critical part of your operational infrastructure. These firms help you hold client assets, settle transactions, and manage account data. The wrong partner can introduce risk or block growth, while the right one becomes a seamless extension of your service model.

As part of your new firm planning, assess:

• Integration with your startup tech
• Fees and contract terms
• Support for onboarding and service
• Risk mitigation and data security tools

These relationships also affect your regulatory filings and compliance readiness.

Strategic Outsourcing to Support Growth

Startups often don’t have the time or staff to do everything in-house. That’s why outsourced support can be a powerful way to gain senior-level expertise while keeping costs controlled. Firms can temporarily or permanently outsource roles like Chief Compliance Officer (CCO), Financial and Operations Principal (FINOP), and trading supervision to meet regulatory expectations.

Outsourcing can support:

• Your regulatory filings and registration process
• Ongoing compliance oversight
• Financial reporting and controls
• Supervision of advisors and communications

Strategic outsourcing supports startup operations while ensuring that compliance is never an afterthought.

Planning for Long-Term Compliance

Once your firm is launched, the compliance work isn’t over—it’s just beginning. Ongoing compliance includes:

• Annual reviews and compliance testing
• Updates to policies and procedures
• Staff training and continuing education
• Vendor oversight and data security reviews

The best founders create systems that grow. These systems help them teach staff while staying flexible as the company changes.

Final Thoughts: Starting Strong in 2025

Starting your firm is more than a business decision—it’s a leadership move. Founders who focus on planning, technology, and compliance from the start are more likely to attract top clients. They are also more likely to pass exams and grow with confidence.

If you are starting a RIA, launching a broker-dealer, or exploring hybrid options, Oyster Consulting can help you. Our experienced team helps founders launch with clarity, confidence, and full compliance.

Let’s talk about your launch plan. Contact Oyster Consulting to schedule your startup consultation today.