Matt Sonnen, who previously held senior positions at Focus Financial Partners and Luminous Capital, will lead PFI Advisors, a new consultancy focused on large financial advisor breakaway teams and existing RIA firms in expansion mode, the firm announced Wednesday.
PFI (“Pure Financial Independence”) Advisors will provide a customized consulting model to help billion-dollar financial advisory teams navigate choices of technology, business and RIA infrastructure needed to transition wirehouse businesses into independent firms.
“The reason many billion-dollar teams do not move, or move to expensive platforms that take a piece of their business in some form, is that they look out and see complexity, uncertainty and unfamiliarity in the transition process,” Sonnen said in a statement.
As well, large teams that want to serve their clients as independents have many choices when it comes to making the switch, he said. “Those with a desire to keep 100% of their equity, revenue and control of their financial destinies now have a partner on the path to pure independence.”
PFI Advisors said the perception of many wirehouse teams that the transition to independence is too painful or requires a pre-established platform was incorrect, and its services can help cross the gap.
It will offer new RIAs customized business and RIA infrastructure, on-site transition support and billing setup and processing.