Broker Dealer Evaluation Services: Experience Matters

Financial Institutions have a fiduciary obligation to evaluate their vendors on an ongoing basis. For Financial Institutions with an investment offering, their Broker/Dealer partner is one of these vendors that need to be evaluated. Larger Financial Institutions, typically those with more than $5b in deposits, will hire a consultant to go through a formal RFP process. The Financial Institution will be responsible for paying what could be tens of thousands of dollars to this consultant for this analysis and the end result is the Institution doesn’t make any changes.

Smaller institutions with less than $3b in deposits will typically use a senior advisor or program manager to contact a few Broker/Dealers and request some information to be sent and then with a cursory review of the information make their decision.

At Bridgemark Strategies, we have experiences working with both Financial Institutions and financial advisors. We leverage that experience to synchronize and prioritize the needs and wants of the Financial Institution with that of the financial advisor. We use this prioritized list in addition to our experience to narrow down a list of potential Broker/Dealer partners. We then assist you in performing the required due diligence on the selected B/Ds to narrow down to a best fit partner.

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