What’s the RIA hype?

I see a lot of posts in this sub from people looking to transition from a BD to an RIA. Many who’ve made the move say it was the best decision they ever made and that they wish they had done it sooner.

As a younger advisor at a large BD, I don’t quite understand the hype around the RIA model. Our team stays incredibly busy with everything that comes with running a practice (client service, planning, managing processes, marketing, annual reviews, etc.). From my perspective, taking on additional responsibilities like health insurance, staffing, HR, compliance, software, payroll, and record keeping would consume what little free time I have and also potentially limit the time I’m able to spend with clients.

I’ve seen some argue that the increased payout makes it worth it, but what does the real net benefit look like after factoring in the costs and administrative burdens of running your own firm? Others pointed to reduced oversight and bureaucracy as major benefits, but is that truly worth the additional headaches? From my experience at 2 different firms, as long as you’re compliant (or not in an FA training program) then management stays out of your way. I also interned at an RIA in college, and from what I saw, they still had plenty of administrative and compliance burdens—ones that didn’t seem all that different from what I deal with at my BD.

To be clear, I’m not knocking the RIA model or those who’ve made the transition. I just want to better understand the appeal. It’s possible that I’ve been fortunate at my current firm and haven’t experienced the frustrations that drive others to leave. But given how many advisors rave about the switch, I feel like I must be missing something.

For those who’ve made the move, what made it worth it for you? What’s the biggest advantage that isn’t obvious from the outside?