A conversation with Louis Diamond
Independence allows advisors to create an unlimited menu of innovative value-add services for their clients. And as the industry landscape expands, employee advisors are finding ways to get in on the action. Learn specific examples of the various services offered by some of the industry’s leading independent firms.
NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation.
About this episode…
Advisors are attracted to the independent channel for many reasons: Business ownership, superior ongoing economics, autonomy and control, and the ability to build a brand and legacy.
But one of the more exciting aspects of an independent business is the wide range of additional value-add services that can be offered to clients. Services such as tax preparation, bill pay, and even investing directly in barrels of bourbon and RVs are some of the many ways top independent firms drive their unique value. That is, in continually creating a new and often unique roster of capabilities to serve ever-growing client needs.
And the results show in their bottom line.
The good news is that in this evolved landscape, you don’t need to start your own independent firm to tap into these additional lines of business. Many multi-family offices, large national RIAs, and boutique firms have the scale to offer an expanded roster of services. And even some supported independent platforms enable advisors to white-label services for use with their clients.
In this special Industry Update episode, Mindy Diamond and Louis Diamond break it all down, including:
- Going beyond financial planning and investment management—and why advisors are getting more innovative when it comes to client service.
- The imaginative ways the most successful are satisfying their clients’ needs—and how doing so is impacting growth.
- Access to bespoke services in employee models—and what limitations these advisors might encounter.
- The benefits of scale—and how some firms are thinking creatively when expanding their roster of capabilities.
- Understanding the economics—and how to determine if your practice is ready to expand into new areas.
- The benefits of adding services beyond planning and management—and what some might view as potential risks.
Plus, they share specific examples of the various services offered by some of the industry’s leading independent firms.
Undoubtedly, it’s critical to focus on getting the basics right first. Still, for those ready for next-level strategies, this is one episode to listen to—whether you’re a business owner or an employee-advisor.