Formerly, he worked as an independent microfinance and SME consultant. The information contained in this site must under no circumstances be construed as a solicitation to buy or sell shares in these funds.
From a knowledge perspective, educated consumers are aware of the shift of assets out of banks and brokerage houses into independent custodians.
However, statistics alone oftentimes are not enough evidence to provide comfort to a transitioning financial advisor. Advisors need to understand exactly how the service model their clients have come to expect will be able to be replicated.
This service model needs to span the deliverable spectrum, from access to investment products to the utilization of human capital for estate planning or insurance solutions.
The beauty of the independent advisory movement is its tremendous level of flexibility, which can create a far superior client experience. Here are some of the common myths around independence and a few of the most frequently asked questions during the discovery phase of the transition to independence.
The reality is that the evolution of financial services has created an open architecture distribution model versus a proprietary captive one.
Steve Schwarzbach, co-founder and partner of Icon Wealth Partners states: Now we have an even broader, more robust set of investment solutions than at our previous firms.
There are also a wide variety of human capital solutions from estate planning specialists to family wealth coaches that can be employed to provide expertise to end clients. Finally, the flexibility around how to charge clients for various services makes it easier to cater to a wider variety of client types compared to rigid institutional pricing structures.
Further, the only startup aspect of the majority of newly minted registered investment advisors is the legal entity formation in other words, paperwork.
Additionally, if advisors have been proponents for third-party money managers for investment management, they will have as large if not an even larger line-up of managers to choose from in the independent environment. Brian Buckley, founder of Buckley Wealth Management in Las Vegas, explains the importance of the custodian in the following way: Having a third-party custodian solidifies our ability to act as a fiduciary, giving us far less restrictions from a products and services stand point.
I will just do it myself. What cannot be sold is the fire required to start a business. Assuming one can be great at everything related to business is a dangerous risk. We live in an outsourced business model world within the RIA community.
The strength of this model is that it allows financial advisors to focus on core competencies like investment management, relationship management and financial planning, while shifting responsibilities for things like technology, compliance and bookkeeping to other professionals.
Blake Pratz, co-founder and managing partner at Icon Wealth Partners helps to put things in perspective: In the end, true do-it-yourselfers end up with less time to focus on their clients. One of the drivers for financial advisors to evaluate the independent space is the recognition that technology is rapidly becoming a crucial part of the overall value proposition.
Large financial institutions have dual issues with technology that prevent them from fully extracting the value of the progression of technology: However, technology alone does not make anything better.
They automate as much of their practice as possible. They find new and creative ways to allow their clients to visit with their money and strengthen their brand recognition by white-labeling the solutions. To sum it up, the independent space does provide financial advisors with the ability to serve the needs and interests of their clients.
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