Broker/Dealer Evaluation Services
Finding the right Broker/Dealer can be time-consuming and complex. At Bridgemark Strategies, we have experience working with both financial institutions and financial advisors performing comprehensive Broker/Dealer evaluations. We leverage our experience to synchronize and prioritize the needs and wants of the financial institution with that of the financial advisor, narrowing down a list of potential Broker/Dealer partners. We then assist you in performing the required due diligence on the selected Broker/Dealers to select a best fit partner.
How Can We Help?
Whether you’ve been in business for years or you’re doing this for the first time, Bridgemark Strategies can help you with Broker/Dealer evaluations. Our financial institutions consulting team has the knowledge and experience to find you the right match. A sample list of areas we can evaluate include:
- Service and Support
- Compliance support and requirements
We can also help you choose between practice management or standard broker dealer services and can help you understand the benefits and drawbacks of hybrid models.
Practice Management, Standard Broker/Dealer, or Hybrid Model
It’s important to understand your options when seeking out the best Broker/Dealer for your needs:
Practice Management Firms
Also known as “value-added” Broker/Dealers, practice management firms are growing in number because they’re more of a turnkey solution. Their back-office handles much of the day-to-day functions and processes for the financial advisor.
The standard IBD model typically only processes the business and provides supervision. Newer advisors often opt for the standard model to give them the ability to sell commissionable products.
Hybrid models are for those who want to maintain some independence yet still have the ability to sell annuities and insurance products. The hybrid model requires the advisor to be an RIA and a Broker/Dealer that is open to dual registration.