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RIA Collective
Are you a financial advisor stuck with a firm that no longer serves your needs, fits your ideals, or gives you the flexibility to serve your clients as a true fiduciary? That is a tricky place to be, but rest assured, you’re not alone. RIA Collective Podcast is created with you in mind. We interview leaders at Registered Investment Advisory firms to learn from their wisdom and experience. It is our goal to take the fear and mystery out of going independent.Most of the industry leaders we talk with were in the exact same place you find yourself today. They too saw themselves as entrepreneurs. They became an advisor to create flexibility in their lives and help many others create financial security and peace of mind. Like you, those professionals become stifled by their captive environment. Sales quotas, proprietary products and services, the firm’s agenda, compliance, and other factors can make it difficult to grow and to act as a true fiduciary to your clients. RIA Collective podcast is hosted by Charlie Van Derven, an industry veteran who has been serving the advisor community for almost 25 years. During his time working in Financial Services, Charlie has seen trends come and go. One trend that continues with no end in sight, is the migration of advisors from the captive wire-house space to independence.The move to independence can go smoothly, or it can be a battle. Tune in to RIA Collective podcast to learn from industry leaders how to set your practice up for a smooth transition. Learn important things to consider and actions to take 3, 6, 12, or 18 months ahead of your move. Learn how to solidify key client relationships so you can retain the assets you’ve built.If you are an advisor considering a change or an industry leader who is building their firm and has wisdom to share, we would love to talk to you.Visit RIAcollective.com for more information or reach out to Charlie directly on LinkedIn. Thanks for being here.If you'd like to be a guest or connect directly with Charlie, visit https://www.riacollective.com.
RIA Collective
RIA Collective: Damian Lo Basso | Why RIAs Need a CFO Before They Think They Do
Use Left/Right to seek, Home/End to jump to start or end. Hold shift to jump forward or backward.
Most RIAs don’t think they need a CFO… until they realize they do.
In this episode of RIA Collective, host Charlie Van Derven sits down with Damian Lo Basso, Founder of My RIA CFO, to discuss the financial blind spots that hold advisory firms back during transition, growth, and scaling.
Damian brings a rare level of experience to the RIA space. After working in investment banking and M&A, he helped build Dynasty Financial Partners’ OCFO program, launched one of the industry’s first outsourced CFO firms, and later served as CFO for multi-billion-dollar RIAs before launching My RIA CFO.
Together, Charlie and Damian discuss:
- Why many RIAs wait too long to professionalize financial operations
- The hidden risks advisors overlook during transition
- Why bookkeeping alone is not enough for growing firms
- How RIAs should think about forecasting, hiring, and scaling
- Why fractional leadership is reshaping the independent advisor space
- How advisors can access institutional-level support without institutional-level overhead
- The growing ecosystem helping RIAs thrive after leaving wirehouses
Damian also explains why many firms mistakenly believe “money in the bank” means the business is healthy, while missing the larger strategic picture hidden inside the numbers.
This episode is especially valuable for:
✔️ Advisors considering independence
✔️ RIAs preparing to scale
✔️ Firms evaluating outsourced leadership support
✔️ Advisors navigating M&A or transition decisions
In addition to this conversation, Charlie and Damian recently joined forces with other industry leaders for a webinar focused on how RIAs can leverage fractional leadership to grow more efficiently without adding massive overhead.
The webinar covers:
- Fractional CFO, CMO, COO, and CIO support
- How outsourced leadership creates leverage for RIAs
- The economics of scaling smarter
- Common mistakes advisors make during growth and transition
🎥 Watch the webinar replay here
https://youtu.be/khHHwwMrvHs
🎧 Watch now and subscribe to RIA Collective for conversations that help independent advisors grow, adapt, and build stronger businesses.
🔗 Connect with Damian Lo Basso
🌐 Website: https://www.myriacfo.com
📧 Email: dlobasso@myriacfo.com
🔗 Connect with Charlie Van Derven
🌐 Social Advisors: https://www.social-advisors.com
💼 LinkedIn: https://www.linkedin.com/in/charlievanderven/
⏱️ Chapters
00:00 – Why RIAs are evolving
02:00 – Damian’s background in M&A and CFO work
05:00 – Why RIAs underestimate financial operations
08:00 – The future of independent advisory firms
11:00 – Why outsourcing leadership roles works
14:00 – Transition mistakes advisors make
18:00 – What the SEC is looking for during audits
21:00 – Why bookkeeping is not enough
24:00 – Scaling an RIA the right way
