Added on April 2011 in Join an RIA
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Summary: The Broker and Advisor Sentiment Index Survey by Fidelity reports that more brokers and financial advisors are looking to make more money and have more control over the type of clients they serve and the investments they recommend and they continued to flood the independent channel at a swift pace in 2010. Culture and community fit are important to them. Brokers and Advisors on average brought over 70% of their client assets when they did make a change.
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Summary: LPL’s number one advisor, Ron Carson, wants to manage the assets of other non LPL advisors and buy other advisory firms, but deals always got hung up because the advisors couldn’t custody assets at any other firm if they joined Carson. Carson coaches 800 advisors through his Peak Advisor Alliance where 58% are not affiliated with LPL.
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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.
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Summary: Some advisors downsize their practices for work-life balance versus revenue maximization.
Added on March 2011 in Join an RIA
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Summary: Before changing firms and or business models thinking, planning and strategy are required. First of all, review your needs If you are with one of the major firms that has signed the Broker Protocol (note to yourself – find out if yours has) there are certain rules by which you must abide, or risk being sued by the firm you’re leaving. Look for firm with the right culture fit for you, and culture fit does not mean payout. When you decide what is right for you you’ll have the time of your life!
