Phoenix, AZ-headquartered SureVest, an independent registered investment advisory firm, is targeting advisors with $15-50 million in assets under management as it creates a partnership of investment representatives.

"Most RIA firms are run by solo practitioners or small offices of less than five advisors. These smaller firms are finding it increasingly difficult to compete due to mounting regulatory complexity, administrative burdens and higher client expectations," said Jeremy Kisner, who co-leads SureVest with Robert Luna.

"Larger RIAs that are trying to recruit advisors to their platform have shunned those with under with $100 million in assets," Kisner said. 

The idea is that joining advisors take on the SureVest brand and have access to the firm's marketing materials, compliance, money management and back-office services, meaning they have more time to concentrate on client growing assets. 

End-clients are typically investors or retirees with $3-10 million in investable assets. SureVest said its share of the fees billed to the end client range from 55 – 75 bps depending on the advisor's total AuM with the firm.

"Most of the IAR’s that we will be working with are not building and managing their own portfolios prior to joining us. Therefore, they are using third-party money managers. As a result, the advisors are already used to a revenue share arrangement and are likely currently paying more than 55 – 75 bps," the firm told this publication.

SureVest's philosophy is similar to that of Beacon Point Wealth Advisors, which offers joining firms access to its brand, investment resources and reporting capabilities, as well as marketing and public relations support and a built-in succession plan.

"What we do is try to take a lot of the complexity and the non money-making activities off of the advisor’s plate and let them focus on what’s most important: serving their clients, the relationship with their clients and finding more clients," Matt Cooper, president of Beacon Pointe, said earlier this year in an interview with Family Wealth Report.

It's about giving smaller RIAs that feeling of control and autonomy so they still feel like they're running their own business, Cooper said.