The most consequential decision an advisor will face is transitioning to a new broker dealer. It will affect the products they can sell, the service their clients will receive, the support they will have in running their practice, and ultimately how they will be compensated. My guest today will discuss how those transitions are being navigated by advisors who are seeking better outcomes for their clients.
Last year, Commonwealth Financial Network introduced the Brand Studio to help advisors establish a name, logo and website – all the fundamentals to get marketing off the ground. Brand Studio provides advisors with resources and services in a centralized portal and serves as the engine for strategic advisor marketing support. My guest today, Sarah Howes, oversees that effort.
Advisors must embrace financial planning as a core service. It gives them an edge against competition, provides a diversified revenue source and deepens their relationships with clients. But there is no universal process for planning, and my guest today, Justin Duft, will discuss how advisors need to customize their approach to fit their client base. He will also highlight how his firm, Commonwealth Financial Network, has embraced planning and how it supports its advisors.
As an advisor firm grows, it will face a series of inflection points: when it transitions from a solo practitioner to a more leveraged business model; as it moves from a co-operative practice to an ensemble; and in the transition from a multi-advisor firm to a large-scale enterprise. Here to talk about those inflection points at the unique challenges they present is Kenton Shirk.
Commonwealth Financial Network opened its doors in 1979 as a small Massachusetts broker/dealer with big aspirations. While remaining privately held, it has grown rapidly, along the way establishing itself as a pioneer in advancing practice management and in leading the way for fee-based advisor business solutions. It now operates in all 50 states, empowering more than 2,000 independent advisors who manage over $200 billion in assets, with a home office staff of 770 professionals.
Want to make the most of year-end planning conversations with clients? This checklist outlines 10 key points to get you started, including new tax and retirement changes in 2020 due to the pandemic. Use this easy reference guide to help your clients get a jump on planning.
Commonwealth Financial Network® offers a range of affiliation models for wherever you are—and wherever you're going—in your business evolution. Learn about the vast infrastructure, the people, and the indispensable service that are here to support you and your clients, whether you choose to maintain a mix of fees and commissions or you decide to operate as a fee-only advisor.
Institutional-quality research for you and your clients. Guidance on investment management programs, equities, fixed income, and alternatives. A dedicated SRI/ESG resource. Direct access to our chief investment officer. That’s the value-add you get from Commonwealth Financial Network’s Investment Research team.
Some advisors today are rushing to sell their practices after very little forethought, and they could be leaving money on the table. If you want to get what your practice is worth, focus on four key tenets—business, management, financial, and market—to demonstrate your value to potential buyers.
Growing your business through practice acquisition is a good goal, but it's a long-term strategy that can take years to accomplish. How can you meet your growth objectives in the meantime? By focusing on these client-facing activities that are proven revenue drivers.
Adopt a rainmaking mind-set to boost revenue. Download our free template outlining the 20-point system that can help you stay focused on revenue-generating activities. Learn practical strategies and techniques you can start implementing today to increase referrals, optimize strategic alliances, network more effectively, market to clients and prospects, and hold yourself accountable for your own success!