Knowledge and Insight > Thought Leadership

Barron's top advisor shares the secrets to his success with rapt RIAs at TD event

Dina Hampton | RIAbiz, June 2011

Summary: Ric Edelman’s view of the RIA world: The key to growing an advisory business into a corporate brand is scalability. Referencing the Starbucks model, he noted that “Clients must be secure in the knowledge that you can resolve issues with the same level of success.” Make sure your infrastructure is in place before you advertise. You will master technology or be crushed by it. Between the potential of technology to increase scale and the aging demographic, the industry can look forward to a massive increase in assets.

You can’t do 10,000 things 10,000 ways for 10,000 clients.”

Ric Edelman, Chairman and CEO of Edelman Financial Services, LLC

Our Commentary

AT $6.5 billion in AUM, Ric Edelman is fast growing an RIA with a national footprint for the underserved mass affluent. This is a market segment that is gaining the attention of the RIA world as The Mutual Fund Store and now Schwab weigh in alongside Edelman. The only way to work witha large number of clients is to create scale through systems and procedures to enusre a consistency of client care, a worthy goal for any RIA but essential for one whose goal is to serve many many clients. The underserved mass affluent is the next frontier and one that the wirehouses should consider as they already have the national footprint and the name recognition. They would just need to get their heads around it which would require a lot of effort. Then they could start rebranding and refocusing and that is the bigger challenge.

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