Rossby Financial, a newly launched registered investment advisor (RIA) based in Melbourne, Fla., has recently onboarded three female-led wealth management practices, collectively managing approximately $150 million in assets under management (AUM). These practices, all previously affiliated with Cambridge Investment Research, were drawn to Rossby's innovative subscription fee structure.

Among the new additions is Red Oak Advisors, led by Jennifer Szeklinski, operating in the greater Milwaukee area and focusing on financial coaching and generational wealth building. Additionally, Rossby welcomed Life Strategies Financial Partners, headed by Kelly Renner in Augusta, Ga., providing financial planning services tailored for small business owners, widows, retirees, and military personnel. The third addition, EViE Financial Group, led by Melissa Reaktenwalt in Upper Marlboro, Md., specializes in socially responsible investing.

Founder Andrew J. Evans told WealthManagement.com that he created Rossby in response to perceived shortcomings in the industry's technology and pricing models. Evans aimed to offer advisors greater flexibility in selecting and paying for tools and services essential to their practice's success. He envisioned a paradigm shift akin to burning down outdated systems and rebuilding anew to meet modern needs.

The RIA's fee structure resembles cell phone contracts, with a base access fee covering essential services like recordkeeping and regulatory tools, supplemented by data costs for additional tools and client accounts. This model allows for customization and scalability, akin to a menu of technology tools, without the burden of unnecessary expenses. Rossby's approach, influenced by Evans' forward-thinking philosophy, aims to revolutionize traditional fee structures, offering a more tailored and cost-effective solution for advisors.

By attracting diverse and forward-looking practices, Rossby Financial is positioning itself as a disruptor in the wealth management industry, emphasizing adaptability, innovation, and inclusivity in its approach to serving advisors and their clients.

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