Summit's Hybrid RIA |
Whiter Paper on being a Hybrid Advisor |
At Summit we embrace the Hybrid Advisor. If you are interested in maintaining your own RIA, while at the same time continuing to generate commissions, Summit's hybrid RIA solution may be right for you. Summit's hybrid solution allows advisors to benefit from the flexibility of having their own independent RIA, while at the same time leveraging the resources of Summit and its multiple clearing platforms to process their securities transactions.
We allow you to have complete platform flexibility and choose the custodian for your client's RIA assets. In addition, if you don't have a custodian, you have access to Summit's expertise in helping you choose a custodian that is best for you and your clients.
Current custodian relationships with RIAs include:
| TD Ameritrade | Schwab | Pershing | Fidelity |
| BNY Mellon | Penson | JP Morgan | Trade - PMR |
Compare the different Hybrid RIA models
| IAR of IBD | Hybrid RIA | |
| Advisor Profile | Advisor does commissions-based business and is not fee-only | Advisor does commissions-based business and is not fee-only |
| Status | Advisor is independent contractor of IBD | Advisor starts or joins an independent RIA and is an indepepndent contractor of the IBD |
| Registration | Advisor is a Registered Representative with the IBD and an IAR with the IBD's corporate RIA | Advisor is Registered Representative with the IBD and an IAR of the independent RIA |
| Commissions | IBD fee schedule applies to brokerage business | IBD fee schedule applies to brokerage business |
| Custody | IBD chooses the custodians for both advisory- and brokerage-based client assets. | Advisor can choose the custodians for advisory client assets and IBD chooses the custodians for brokerage-based client assets. |
| Compliance | IBD manages all functions, including both advisory and brokerage business. | Advisor is completely responsible for advisory business functions; IBD responsible for brokerage business and has some supervisory responsibility for advisory business. |
| Products | IBD manages both the brokerage and advisory products | IBD manages the brokerage products, advisor must select all advisory products |
| Technology and Support | IBD provides infrastucture and support across both brokerage and advisory business | IBD provides infrastucture and support to brokerage business and advisor must select vendors for advisory business |