To remain competitive in today's financial advice industry, broker-dealers must recalibrate their relationships with their advisors, according to a whitepaper released by Pershing LLC, a BNY Mellon company
The financial advice industry is rapidly evolving, presenting broker-dealers with an opportunity to prosper by recalibrating their relationships with their advisors. Successful and ambitious advisory firms are emerging across the country, and they’re poised to be the future of the advice industry. These larger, multi-professional teams (“ensembles”) have a great track record—they’re growing faster than their solo-practitioner peers, they’re achieving better financial results, and they attract superior clients while consolidating smaller, aging practices. Broker-dealers can recruit these ensemble firms or retain large in-house teams, but either way they’ll be positioned to flourish if they offer the sophisticated advice services demanded by high-quality clients.
“Ensemble teams are already controlling a significant percentage of the revenue of broker-dealers, growing faster than the average practice, servicing a higher-net-worth client base, and offering better careers.”Pershing
Today, roughly one third of all advisors already belong to a team1—and with good reason. Large ensembles grow faster, achieve superior financial results and attract bigger client portfolios than solo practices.2 The trouble is, many affiliation models still revolve around individual reps. How can you position your firm to become the broker-dealer of choice for fast-growing teams?
Why Teams Are the Clients of the Future for Broker-Dealers chronicles the growth and success of advisor ensembles. It also offers a roadmap for broker-dealers looking to attract and retain elite teams—from building stronger cultural connections to placing a greater emphasis on thought leadership. The study discusses:
1 WealthManagement.com 2013 Compensation Survey
2 Investment News Financial Performance Study, Pershing LLC, Sponsor, 2014.
The whitepaper has been designed for informational purposes only. The services and information referenced are for investment professional use only and not intended for personal individual use. Pershing and its affiliates do not intend to provide investment advice through this whitepaper and do not represent that the services discussed are suitable for any particular purpose. Pershing and its affiliates do not, and the information contained herein does not, intend to render tax or legal advice. The accuracy, completeness and timeliness of the information contained herein cannot be guaranteed. Pershing and its affiliates do not warranty, guarantee or make any representations, or make any implied or express warranty or assume any liability with regard to the use of the information contained herein. Pershing and its affiliates have no duty, responsibility or obligation to update or correct any information contained herein.
©2015 Pershing LLC. Pershing LLC, member FINRA, NYSE, SIPC, is a wholly owned subsidiary of The Bank of New York Mellon Corporation (BNY Mellon). Trademark(s) belong to their respective owners. For professional use only.
Chief Relationship Officer, Pershing, a BNY Mellon company
Jim Crowley is the Chief Relationship Officer and a Managing Director for Pershing, a BNY Mellon company. Jim provides senior client relationship leadership, working with a team of professionals, all personally invested and aligned with our clients. Based on long-standing relationships, the team provides insights and innovations to support and transform our clients’ businesses. Jim oversees Pershing’s broker-dealer business in the United States, Latin America and the Asia-Pacific region. He is a member of Pershing’s Executive Committee and BNY Mellon’s Operating Committee.View Profile