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: Required for firms with over $100 million in AUM.

Before filing any legal paperwork, you must define the core identity of your practice. : Required for firms with over $100 million in AUM

: Select a brokerage firm like Schwab Advisor Services or Fidelity Institutional to hold client assets and execute trades. : Avoid being a generalist; instead, focus on

: Avoid being a generalist; instead, focus on specific client profiles such as tech executives, physicians, or small business owners to build specialized expertise. Transitioning and Launching

: You must file this multi-part document via the IARD system . Part 1 provides structured data about your firm, while Part 2 (the "Brochure") describes your services and fees in plain English. 3. Operational Infrastructure

: As a fiduciary, you must appoint a Chief Compliance Officer (often yourself in a solo firm) and maintain a written compliance manual and code of ethics. 4. Transitioning and Launching