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How to Win Loyalty (And Potentially Assets) From Breakaways

How to Win Loyalty (And Potentially Assets) From Breakaways

Posted by Mindy Diamond

FUNDfire

By Danielle Verbrigghe

As breakaway advisors continue to migrate to independent channels, asset managers that can prove themselves a valuable partner to transition and recruiting teams may be poised to win loyalty, and potentially assets.

The independent channels, encompassing RIAs, dually registered advisors, and independent brokerages, have expanded in recent years, as advisors have trickled away from wirehouses and other captive environments. The independent channels may grow to represent 38% of asset marketshare by 2016, up from 35% in 2012, according to Cerulli Associates. This growth, in turn, makes those channels a more important distribution focus for asset managers.

Independent advisor networks, independent brokerages, and other boutique wealth shops can provide a scalable way for managers to tackle the somewhat scattered independent channel. “Being on the ground floor of a HighTower, or Dynasty or other emerging boutique can be a great place to get long-term traction,” says Cerulli director Scott Smith. “But it’s not a quick sale.”

One way managers can build loyalty with these firms, and their advisors, is by going beyond traditional contacts with product or research divisions, and connecting with transition and recruiting teams, industry professionals say. While many wealth shops offer their own practice management, business building and research support programs, there is still a need for value-added content that complements a firm’s own programs, distributors say.

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About Mindy Diamond

CEO – By counseling advisors on how to ask the right questions and “dig deep”, she helps them look at all of the opportunities available to find the one that allows them to reach their full potential. That is, to best serve their clients and live a life that is in sync with their own beliefs and values. Learn more...

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