There are many benefits of working with an RIA. For instance, they charge financial planning fees for their advice on comprehensive financial planning and implement solutions like portfolio management or purchasing securities without earning commissions on the products they select.
Many experts believe one of the benefits of working with a Registered Investment Adviser (RIA) is that it can eliminate conflicts of interest.
In the 1990s and early 2000s, the industry began an evolutionary process as professionals moved into a more financial advisor services model to get away from the commission-based model of broker-dealers.
Eventually, this turned into the full-service RIA model that we see today.
What are the Key Benefits of Working with an RIA Fiduciary
Many advisors report feeling like they are just another cog in the machine. Some broker-dealers are massive operations, with tens of thousands of advisors. This causes many advisors to get lost in the shuffle. One solution for financial advisors is to work with a Registered Investment Advisor.
“Five, six, seven years ago, there were hardly any alternative investments or insurance products offered through the Registered Investment Advisor that were easily accessible. So, a lot of advisors got in the comfort zone of what they’ve always done: utilize commissionable-based products through their broker-dealer. But there has been a huge evolution of product design. Almost all the products that are available at a broker-dealer are now also available through a Registered Investment Advisor. The only difference is instead of getting a commission to sell them, the advisor would charge an advisory fee to offer those products.”
–Dave Alison, CFP®, EA, BPC, Owner of Alison Wealth Management
Advisors often choose to maintain their relationship with their broker-dealer because they haven’t been made aware of the scale and scope of the product offerings in today’s market.
- 529 Plans
- Structure Notes
- Private Equity
- Hedge Funds
- Fixed Rate Annuities
- Indexed Annuities
But what are the benefits of working with an RIA?
What solutions for financial advisors do they provide?
Get Compliance Support for Your Marketing
The goal of marketing strategies for financial advisors is to guide each potential client through the buyer’s journey from prospect to paying customer. Marketing educates the client with timely, relevant content and advertising materials.
The turnaround time for marketing materials from a large broker-dealer firm could take weeks or months. By the time it gets approved, it isn’t even relevant anymore—more timely news has taken its place.
Advisors want to turn financial advisor marketing materials around quickly to present to prospects and clients. One of the benefits of working with an RIA is that boutique Registered Investment Advisors still have financial advisor compliance capabilities, but often with a much faster return time.
Financial advisor compliance is critical because small mistakes can lead to large fines.
Improve Your Bottom Line with a Registered Investment Advisor
It may be easier for a financial advisor to focus on stocks, mutual funds, and designing investment strategies. However, ignoring the insurance, tax, Medicare, or other profitable business lines can leave their clients vulnerable to a severe income gap during critical situations.
Are you ready to expand your profitable business lines to support your clients and generate new revenue streams for your business?
- What does your company look like today?
- What profitable business lines do you want to add to your portfolio of client offerings?
- How do you want it to look in the future?
- What solutions for financial advisors can you implement into your processes?
- What if you could acquire new customers almost instantly?
One solution for financial advisors is to incorporate a variety of profitable business lines into your client offerings.
Be In Control of Your Planning
Holistic financial planning takes a 360-degree look at the client’s situation to understand their short-term and long-term goals.
Nearly every event in clients’ lives can influence them economically.
A holistic financial plan offers financial advisor solutions to any individual’s economic puzzle. Advisors develop a one-of-a-kind proposal to maximize their clients’ wealth, health, and happiness while minimizing potential tax pitfalls and managing gaps in the market.
This type of planning combines retirement, estate planning, taxes, Medicare, insurance, etc., into one comprehensive financial plan, while wealth management typically only focuses on stocks and bonds.
Create Measurable Marketing Results
Many believe that brand is just another word for logo, but smart financial advisors know their brand is much more. What makes your investment advisor marketing different than the rest? What problems do you solve better than any other firm?
Once you’ve built a lead nurturing system, you are ready to increase your financial advisor marketing and launch your brand in the digital marketing world. Employing the proper solutions for financial advisors like Search Engine Marketing (SEM) strategies will help you build the proper digital engagements with new leads that start their customer journey on the right foot.
You can analyze your efforts to see lead conversion results. Metrics are crucial to learning what worked and what did not, so you don’t waste your financial advisor marketing budget on things that don’t bring in any new business.
Schedule a FREE consultation with one of our business development representatives to learn more about the benefits of working with an RIA.
Financial Professional Use Only
The information provided in this presentation is not intended as investment advice or legal advice. The information provided is for informational and training purposes only. The information in this presentation was accurate as of the time of the material was created. Tax laws and rulings can frequently change. Please discuss the client’s current situation with an accountant or tax advisor.