Advisor Creates Annuity Solution For Breakaway RIAs
April 27, 2021 by Jacqueline Sergeant
When Grant Johnstone began his journey to open his registered investment advisor, Johnstone Financial Advisors, in 2015, he did what many breakaway advisors do—turned over the annuities and mutual fund products that could not be ported onto a fee-based RIA platform to a “friendly broker-dealer.”
That solution, Johnstone explained, is commonly used by breakaways who can no longer maintain commissionable income if the goal is to be a pure RIA. The friendly broker-dealer or a dual-registered RIA still holds a Series 7 license and can continue to do broker-dealer business.