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Finding the best broker dealers for your practice

Best Broker Dealers for you and your business

With thousands of broker dealers out there, advisors serving a particular niche are often surprised to hear that there is a firm out there that suits their particular business needs to a tee. Broker dealers are far from “one size fits all,” yet I have found that many advisors — even those who are satisfied with their broker dealer — don’t realize that there may be a broker-dealer out there that aligns perfectly with their business, and that may be a better match culturally. When advisors ask, “who are the best broker dealers?” my response is that it is not about who the “best” broker dealer is, but rather about who the best match for their business is.

For example, we recently placed an advisor who does a significant amount of alternative investments business with a firm that specializes in just that. While we’ve seen broker dealers go out of business as a result of regulatory troubles over alternative investment products that were either fraudulent or that went bad, there are still broker dealers out there that specialize in providing alternatives, and that have not had regulatory troubles. In today’s environment, it’s more important than ever for advisors who offer alternatives to carefully evaluate how their broker dealer handles these products as many have pulled back on which companies and on how much of certain products they allow their advisors to sell. For advisors specializing in this niche, joining a firm that understands the role of alternatives and focuses on due diligence can help offer appropriate products while also staying safe from regulatory trouble.

Stay tuned for full story to be featured in Investment News, Finding the best broker dealers for your practice.

In our next article in Investment News, we take a closer look at various niches served by broker-dealers and how for advisors with niche practices, aligning with a firm that best matches their practice can help bring their business to the next level.

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