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Choosing a Broker Dealer

Over the past 24 years we have helped thousands of advisors change broker dealers.  One of the major things we have learned through all of these transitions is just how important it is to align with a broker dealer that suits your specific niche.  It is absolutely true that broker dealers are not all “one size fits all” and that a lot of broker dealers specialize / focus a specific sector of the securities business.  Finding a firm that matches your niche can make for a wonderful relationship.  Here are some examples of niches broker dealers have chosen to focus their attention on.

  • Alternative investment focus 
  • The retirement space/403 B marketplace
  • Insurance focus while provide Securities as a compliment to their services
  • Advisory/hybrid focus
  • Practice management driven broker dealers

Not every broker dealer is focused on a specific niche, just as not every advisor has chosen to focus their practice in a specific manner.  But, if you are an advisor that has a targeted audience, it’s important to know if you are with a broker dealer that gets your business and is in a position to help you get your practice to new levels.

Ensuring you are affiliating with the appropriate broker dealer for your practice is crucial.  Several steps can be taken. 

  • First and foremost (and we are obviously bias on this point) find an experienced third party recruiting firm.  This gives you an unbiased outside perspective on the best broker dealer for your needs.
  • Once you have narrowed down your search, make sure you talk to reps that are affiliated with the potential broker dealers- ideally reps that have a similar focus as yours.  Ask those advisors specific questions about their transition and the ease of doing business at the potential broker dealer.

Choosing a broker dealer that is tailored to your business is crucial for your long term happiness and for the growth of your business.  It’s important to choose your broker dealer wisely.

For a broker dealer directory guide please click below.

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