Originally Posted by jboussea
Got it .. RIA's from what I understand it could be someone like myself if I decide to get a 65.. but if I don't want the liability of being an RIA ..I can be an IAR operating under an RIA. I was just confused by when KT said .. "RIA, the fund" .. he must have been talking about RIA's managing their own fund.
Now as far as being able to sell insurance. I thought both RIA's and IAR's would be allowed to sell insurance and get paid commissions but that's what they call a "fee based" .. but the fee only RIA's/IAR's are the ones who get paid by AUM or flat fees.
The RIA is the advisory FIRM. Is just that if you want to go through all the compliance, costs, etc to set up an RIA firm you can do that - or if you don't own the firm, you would become an IAR of a firm.
As SC mentioned, there are a number of RIA's that do set up their own proprietary funds... though most don't from what I've seen.
IAR's can certainly sell insurance and they can earn commissions. They can also sell Fee Based planning as well. RIA firms sometimes also have a sister entity that does the insurance & annuities. Some also have a BD channel that does that business. Hope that helps.