An inside view of the growth of the independent space—and what advisors need to do to make their own move successful.
As more and more advisors consider a move to the independent space, they often express concern about the heavy-lifting such a move might require.
In this episode Mindy is joined by Tim Oden, Senior Managing Director for Business Development at Schwab Advisor Services. With his 30-years of industry experience, he offers a great perspective on the ever-increasing movement towards the independent space. Together they explore what’s really behind the momentum, as well as:
- Why even UHNW advisors are moving to the independent space.
- How the RIA space has changed over the past decade.
- The evolving role of custodians in the space (it’s no longer only about the safe custody of assets).
- How the technology available to RIAs contributes to advisors’ efficiency and growth.
- The benefits of independence to clients.
- How changes in the industry (transition deals, the breakdown of Protocol, the possibility of a bear market) will impact the decisions of advisors considering independence.
Tim shares some really sage thoughts about independence, but one valuable nugget stood out for those considering the space: Clients value trust above all else. Having that trust is what’s key to both the success of a move and ongoing growth of your business.
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As Senior Managing Director for Business Development, Tim Oden’s current responsibilities at Schwab Advisor Services include prospect development, staffing, event planning, budgeting, regulatory review and contract negotiation for the business development organization.
Oden joined Schwab’s retail division in 1987 and migrated to its institutional division in 1990. He has held numerous positions including responsibility for the Schwab Advisor Services Trading and Settlement Services departments for over 10 years.
Oden earned a bachelor’s degree from California State University, Fullerton, and a master’s degree in business administration from Arizona State University.
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