Podcast Summary: Jill on Money with Jill Schlesinger

Episode: Do You Need a Registered Investment Advisor?
Date: January 9, 2026
Host: Jill Schlesinger, CFP®
Guest: John Beatty (Head of Schwab Advisor Services)

Overview of the Episode

This episode explores a pressing question for many listeners at the start of a new year: do you need a registered investment advisor (RIA)? Host Jill Schlesinger welcomes John Beatty, Head of Schwab Advisor Services, to shed light on the role, benefits, and evolving landscape of independent registered investment advisors. The discussion gets to the crux of fiduciary duty, the independence of RIAs, evolving business models, and how financial advice is becoming increasingly accessible and tech-forward.

Key Discussion Points and Insights

1. Understanding Registered Investment Advisors (RIAs)

• What is an RIA and What Sets Them Apart?

  • RIAs are independent professionals who own their firms and are not tied to larger corporate structures ("wirehouses").
  • Independence allows for objective, client-first advice and access to a broad array of financial solutions.
  • RIAs are legally bound by fiduciary duty—they must act in the best interest of their clients.

• Quote (John Beatty, 04:12):

  "Advisors, these advisors, they own their own companies...they have access to the full breadth and depth of financial services across the whole industry and they can go wherever it's necessary to take care of their clients."

2. The Power and Culture of Independence

• A Collaborative Community

  • Independent advisors often work collaboratively, sharing best practices rather than treating each other as direct competition.
  • Independence extends to solutions: RIAs can select, hire, or fire asset managers solely based on client needs.

• Quote (Jill Schlesinger, 06:31):

  "The power of being independent is that you also have independence of solutions for your clients."

• Quote (John Beatty, 07:21):

  "There's very little competitiveness within the community...they look out at the world as a profession and want to extend...that fiduciary model to more American investors."

3. Shifts in the RIA Landscape (Mergers, Private Equity)

• Consolidation and Succession

  • The RIA industry is seeing an increase in mergers and private equity involvement as founding advisors look toward succession.
  • Growth is also driven by clients demanding comprehensive services, such as tax planning and even college counseling.

• Quote (John Beatty, 09:20):

  "There is M and A activity happening at an accelerated pace in the RIA space...Many of these firms were started 10, 15, 20 years ago and are going through what any business would go through, which is succession."

• Example (10:10):
  Some RIAs are now hiring college counselors to help clients navigate educational planning.

4. The Entrepreneurial Shift Among Advisors

• RIAs as Small Business Owners

  • More advisors are breaking away from large firms to start independent practices, drawn by the entrepreneurial freedom and ability to offer truly personalized service.
  • Firms like Schwab support this independence by providing scalable custody and operational support.

• Quote (John Beatty, 11:52):

  "We're very focused on delivering brilliant experiences from a custody solution capability to independent advisors...We really are the wind in the sail of RIA firms to help them go to market and compete."

5. When Should You Consider an Advisor?

• Market Conditions and Self-Management

  • During bull markets, DIY investors often feel self-assured, but advisors prove especially valuable in volatile or declining markets by managing not only portfolios but investor psychology.
  • Advisors help investors maintain a long-term focus and navigate market cycles.

• Quote (John Beatty, 13:36):

  "Independent advisors do their best work in difficult markets because they're able to keep their investors’ attention on the long term...It's equally as important to have the right risk tolerance and psychology."

6. Democratization of Financial Advice

• More Accessible Than Ever

  • The financial advice industry is evolving; it's no longer just for the wealthy.
  • Emphasis is on comprehensive planning for people at all income and asset levels.

• Quote (Jill Schlesinger, 14:55):

  "Now we've really come into a period...that is democratizing financial advice and also making people aware that your world is more than your investing world."

7. The Role and Promise of Technology—Especially Artificial Intelligence

• AI as a Tool, Not a Replacement

  • Technology and AI are quickly being integrated to improve efficiency, streamline planning, manage risk, and enhance client experience.
  • Many independent advisors are eager for these innovations rather than anxious—seeing AI as a tool for personalization rather than a threat.

• Quote (John Beatty, 17:58):

  "It's a winning combination of people and technology that will help investors achieve their financial dreams...AI can be a great risk management tool, whether that's in the portfolio or fraud risk."

• Quote (Jill Schlesinger, 17:06):

  "Sometimes the big firms get a little bit fearful and the independent ones are saying, you know, hey, I can use this. This can be a tool..."

Notable Quotes & Memorable Moments (With Timestamps)

• On Fiduciary Duty:
  John Beatty: "Fiduciaries are bound to do what's in the best interest of their clients as it relates to the legal term." (04:21)

• On Independence:
  Jill Schlesinger: "They're not forced into presenting a certain format for their clients...You have to go this way. So I have found...a lot of the power of being independent is that you also have independence of solutions for your clients." (06:32)

• On Market Cycles:
  John Beatty: "Advisors do their best work in difficult markets because they're able to keep their investors’ attention on the long term...investing is as much emotional as it is technical in so many ways." (13:36, 17:57)

• On Technology and AI:
  John Beatty: "We think it's a winning combination of people and technology that will help investors achieve their financial dreams." (17:58)

• On Industry Risks:
  John Beatty: "The continuation of educating people of all walks of life on investing is the mission and the purpose here. Anything that distracts us from that is a risk." (16:00)

Important Segments and Timestamps

• Introduction and main topic: 02:07–03:22
• What makes independent RIAs different: 04:11–05:49
• Collaborative culture of independent advisors: 05:49–07:18
• Consolidation and M&A in the RIA space: 08:42–11:25
• Breaking away: starting an independent RIA: 11:25–12:46
• When to seek professional advice: 12:46–14:53
• Democratization and accessibility: 14:53–15:51
• Industry risks and the role of AI: 15:51–18:50
• Final thoughts on people, technology, and passion in financial advice: 18:51–20:04

Takeaways for Listeners

• A Registered Investment Advisor (RIA) is particularly valuable for those seeking holistic, unbiased, client-focused financial advice with flexible solutions.
• Advisory services are no longer just for the wealthy—anyone can benefit, especially as the industry embraces tech advancements and broader planning services.
• Technology will continue to enhance, not replace, the advisor-client relationship—ensuring better, more efficient, and more personalized financial planning.
• Ongoing education and a thoughtful approach to financial decision-making remain key, whether you're a DIY investor or working with a professional.

For more information on finding an independent advisor:
Visit findyourindependentadvisor.com
Or head to jillonmoney.com to ask questions or get a second opinion on your advisor.