AiK2 works closely with RIAs and independent financial firms, and we have a uniquely qualified position to answer the question: What are the five things that well-run wealth management firms do to compete and win. In our recent video series, The Five Things, we look at one of these differentiators in each episode.
A great way to bolster your business for future growth is to round out the services you offer to clients. Today’s clients are looking for a one-stop shop for their investments and financial needs, and we think the future for independent financial firms will look a lot like the wirehouses they broke away from, with access to a wide variety of products and subject matter experts. This consolidation of service offers has some key benefits for firms, including:
- Makes clients more loyal and less likely to leave your practice
- Drives revenue
- Allows you to deliver better outcomes for the customer, which results in happy customers
How do advisors get there?
As firms move to become more diversified and offer more services, advisors must do more to consolidate services available. Using various platforms and websites, you can seamlessly access a plethora of services and products that are outside of your area of expertise, including lending, life insurance, property & casualty insurance, and a full line of business services for their clients, and many more.
The advisor stays at the center
Finding and accessing services that can round out your offerings is the main challenge now and getting it right can have a substantial impact on your business. When advisors build portfolios for clients that include supplementary products, advisors continue to be at the center of the equation. These enhanced offerings actually serve to elevate the advisor.
The fiduciary debate rages on
Many firms assume they can’t outsource to partners for specific product needs because they are a fiduciary. We believe that what defines a fiduciary is acting in the investor’s best interest. As such, offering trusted products to meet the client’s needs is very much in line with fiduciary duty. It can also make the client more loyal and their portfolio more successful.
Outsourcing products and services to round out your offerings is a great tool for today’s RIA; you have lots of choices. At AiK2, we understand that maybe that volume of choices might overwhelm you, and we are happy to be a partner and work with you to navigate your options. Reach out today!