QUESTION
What is an advisor’s top marketing challenge when building a high-net-worth investor client base? How can those challenges be overcome?
Marketing Professional, U.S. West
When you go independent, a lot of advisors think this means giving up the support they’re used to. But soon they realize that they’re part of a larger community, one that’s often centered around the technology they’ve chosen to use.
I just returned from the Laserfiche Institute Conference, where nearly 1,000 customers, resellers and staff gathered together for three days of sessions and hands-on labs. This is my third conference, and again I was struck by the sense of community. People who had never met each other before took the time to share ideas for increasing efficiency and profitability. There’s a real sense of support, and I know that attendees learn so much from talking to other advisors who are – or were – in the same situation.
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When considering the various technology applications you need to set up your new RIA business, it’s important to begin with a key understanding of what services you will provide, which custodians you’ll work with, what type of investments you’ll manage, and what kind of financial planning you’ll provide. You also should understand the basic “infrastructure” technology your business will need to run efficiently.
As a small business owner myself, I’d like to introduce this new Forum for advisors considering going independent with a hearty welcome and encouragement for taking this big step! After a 15 year career both with Merrill Lynch and Schwab Institutional, I can vouch for the angst, confusion and nervousness for leaving an established position to building your own business. But, as with most big steps, once you’ve made the leap to going on your own, you are quickly going to realize that there is a vast world of opportunity out there. In fact, according to a recent survey, over 98% of advisors who’ve recently gone independent gladly report that they would do it again, given the chance.
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