How do you become an elite advisor? Answers to that question are among the items discussed at TD Ameritrade Institutional’s Elite Summit this week. The first step is to adopt the registered investment advisor (RIA) model. The model frees advisors from the conflict of interest thought by RIAs to be inherent in wirehouse relationships where advisors may too easily get wrapped up in selling product and increasing shareholder value of their firms.
This Website Is For Financial Professionals Only
Advisors also need to run their businesses more like a business. This requires an operational focus as well as a service model focus. Technology is a big piece of creating operational efficiency and the better advisors get at using it, the more streamlined the service model can become.
Streamlining that model—or creating scalability—is also different with elite advisors. Instead of creating turnkey processes that depersonalize client service, these advisors have instituted a standard approach indigenous to that firm’s culture. This enables the firm to train new advisors, create career paths which attract higher quality people, and create a viable succession plan.
Finding a niche is another important ingredient. This allows you to follow your passion as you deliver high level service to your clients within the structure of an operationally efficient business model. Establishing minimums so that you can attract your ideal clients and keep fees associated with various asset levels
consistent will also help you attract those clients willing to pay more for higher value.
Other advisors reduce fees to get the clients they want, thinking that’s what clients are most focused on. In reality, clients want value and if you can show them that, you’ll find they are also willing to pay for it.