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Not Your Father’s Broker Dealer

Top Broker Dealers bringing more to the table

My father and I often talk about the differences between the broker dealers of his generation and of today. As part of the second generation of our family broker dealer recruiting business, I have seen more changes in the broker dealer landscape over the past few years than ever before. Particularly over the past few years, we see top broker dealers serving as partners to their advisors, investing profits back into the business into areas such as technology, practice management and marketing to help their advisors grow and do business with more ease.

Consider the recent case of an advisor we worked with who was close to retirement and realized if something were to happen to him, there was no plan for his business that would protect his clients, or his family. He asked his broker dealer for help with succession planning, but they had nothing to offer. We were able to help him find a broker dealer that had a formalized program in place to help advisors create and implement succession plans. Top Broker Dealers that are attracting advisors today tell us that investing in such services for their advisors is a win-win for both advisor and broker dealer alike. There are a host of services and departments in today’s broker dealers that in my opinion turn broker dealer affiliations into invaluable partnerships. For example, broker dealers are helping to make their advisors’ practices more efficient, allowing advisors more time with their clients. They’re helping with acquisitions and succession planning. They’re offering networking and educational opportunities as well as help with organic growth through practice management and marketing.

Being an independent advisor no longer means that you are on your own. In my next article in Investment News, we discuss how many broker dealers today act as partners in growing their advisors’ businesses, recognizing that investment in services for advisors is the ultimate investment in their own bottom line. Broker dealers today are offering services that were unheard of in broker dealer generations past, and advisors who take advantage of these services are reaping the rewards. Read Full Story Here!

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