What happens when the traditional wirehouse model no longer gives you the freedom to invest and serve clients the way you believe is best?

In this episode of RIA Collective, host Charlie Van Derven sits down with Haren Bhakta, CFA, to discuss his journey from selling insurance to building a book at Merrill Lynch and Morgan Stanley, launching his own RIA, and eventually creating his own investment index and ETF.

Haren entered financial services during the 2008 financial crisis, when opportunities in the investment industry were difficult to find. What started in insurance ultimately taught him how to communicate, sell, handle rejection, and build relationships with high-net-worth clients.

His career eventually took him to Merrill Lynch and Morgan Stanley, but Haren wanted greater freedom to pursue investment opportunities outside the constraints of the traditional wirehouse environment. In 2017, he made the move and started his own RIA.

In this episode, Charlie and Haren discuss:

• Starting a financial services career during the 2008 financial crisis
• What Haren learned from Merrill Lynch and Morgan Stanley
• Why persistence can matter more than personality in building a book
• What ultimately pushed Haren toward independence
• The benefits advisors often underestimate about working at a wirehouse
• The compliance and operational responsibilities that come with independence
• Why losing the community of a large firm can be one of the hardest parts of going independent
• How RIA aggregators can help recreate community and support
• The idea that led Haren to create the Inside Ownership Index
• How Warren Buffett and Berkshire Hathaway inspired his investment thesis
• Haren's journey from RIA owner to launching an ETF

Haren also shares an often-overlooked reality of independence: freedom comes with responsibility.

At a large firm, advisors have infrastructure, compliance support, colleagues, management, and built-in accountability. When you go independent, much of that becomes your responsibility.

For advisors considering the move, understanding both sides of that tradeoff is critical.

Later in the conversation, Haren explains how an idea that came to him while attending Berkshire Hathaway's 2024 annual meeting eventually led to the creation of the Inside Ownership Index and an ETF based on the concept.

His career is a great example of just how many paths exist within financial services when you're willing to keep learning, take calculated risks, and build something of your own.

🎧 Watch the full episode and subscribe to RIA Collective for conversations with advisors and industry leaders helping shape the future of independent financial advice.

Connect with Haren Bhakta
🌐 Inside Ownership: https://insideownership.com
📧 Email: haren@insideownership.com
📰 Newsletter: Available at InsideOwnership.com

Connect with Charlie Van Derven
🌐 Social Advisors: https://www.social-advisors.com
💼 LinkedIn: https://www.linkedin.com/in/charlievanderven/

Chapters

00:00 Introduction
01:30 Starting in financial services during the financial crisis
02:30 Learning to build a book of business
05:30 Why Haren started his own RIA
07:30 The advantages of staying at a wirehouse
09:00 The hidden loss of community after going independent
10:30 Accountability and independence
12:30 From RIA owner to creating an ETF
13:00 The Warren Buffett insight behind the Inside Ownership Index
16:00 Where to learn more about Inside Ownership
17:00 Persistence, personality, and succeeding as an advisor

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