Financial advisors have a wide breadth of choices when it comes to where they work. Some choose to work for large companies that may house up to 500 other advisors in one location, while others choose to go the boutique route. Boutique financial advisory companies may have a dozen or so employees. […]
When properly implemented, client segmentation has the potential to significantly improve the growth rate and bottom line of an RIA. Client segmentation even has the potential to bolster RIA efficiency and client retention. The challenge lies in determining and implementing client segmentation the right way. Let’s delve into the process and benefits of client segmentation for financial advisors. […]
Finding the optimal consultant for the sale or movement of your business should not feel like mission impossible. Finding the right advisor takes research and time. We’ll go in-depth about what characteristics your advisor should have, how to choose the right consulting firm, and more, so you’re better prepared when selling or moving your business. But don’t feel like you have to do this alone. The consultants at Bridgemark Strategies are here to help you every step of the way. […]
The ongoing consolidation of RIAs through mergers and acquisitions (M&A) is shaping the landscape of the industry in ways that might not be fully understood for years to come. Statistics from recent months indicate industry M&A activity has picked up, especially when compared to the same months in previous years. In particular, M&A transactions in the summer months spiked to heights not seen since Fidelity Investments started tracking the data more than half a decade ago. […]
Financial advisors often wonder whether it is better to establish a business partnership or remain completely self-reliant. Going solo is beneficial in that it allows for autonomy; however, opting for a business partnership can give you financial support and access to more resources. […]
Looking for the right custodian for your firm comes with hurdles and possible setbacks, so it’s important to consult an expert to help you in your search. Bridgemark Strategies is here to provide insight and guidance registered investment adviser (RIA) firms need when searching for the optimal custodian. Here’s a quick look at why RIAs need a custodian and what to hone in on during the search. […]
There is a common and understandable misconception that clearing firms and custodians are one in the same. In reality, clearing firms and custodians are distinctly different entities with unique roles. Here’s an in-depth look at the differences between clearing firms and custodians. What are Clearing Firms? Clearing firms, also referred to as clearing brokers, are members of exchanges that serve as a bridge between broker dealers and investors. The role of a clearing broker is to guarantee trades are properly settled and transactions prove successful. Furthermore, clearing brokers are tasked with maintaining the paperwork associated with the clearance and execution of transactions. How Clearing Firms Work Clearing firms are essentially the security markets’ supportive pillar. A broker dealer works in tandem with a clearing firm to ensure the trades are executed and transferred exactly as they should be. Part of the difference between clearing firms and other broker-dealers is the fact [...]
Often advisors ask us how to find the next generation of talent. While this isn’t something we focus on, there are some learning we can pass along. This blog will help provide ideas for those advisors looking to grow their firm. The manner in which you approach recruiting new talent largely dictates whether the individuals you bring on board prove to be “rainmakers,” client servicers, closers, or a combination of all three. Below, we highlight some of the best recruiting channels for financial advisors to find their next generation of support, along with some tips that will help you find the best talent. […]
The financial advisor industry is rife with pitfalls that many financial advisor professionals may be unaware of. If you aren’t careful, you’ll make one or several of these crucial mistakes, lose clients, and possibly even alter your career trajectory for the worse. Let’s take a look at the top mistakes financial advisors must avoid in order to retain clients and grow their business. Mistake 1: Letting Prospecting Grind to a Halt If you stop prospecting or even slow your prospecting, your pipeline will become depleted. Continue to prime the prospect pump and you’ll gradually move that many more opportunities through the sales funnel and convert them into clients. Most financial advisors are experiencing an aging client base and a maturing book of business. Both of which can have a negative impact on enterprise value. Don’t be lulled by the fact that your revenue is growing every year. If you’re clients are [...]
Your business may greatly benefit from switching broker dealers, yet you might not notice the need for a change unless you pay attention to the telltale signs that indicate it’s time to make the shift. Switching broker dealers will require some research and work, yet it will also lead to a litany of benefits that advance your bottom line, setting the stage for continued success. The most common response from advisors who finally switch firms is they should have done it sooner. […]
