Social media has become a popular source for communicating with friends, following your favorite celebrities, networking and job hunting. Companies are now establishing their own Facebook, Twitter and LinkedIn websites to market their business. With the recent crackdown by federal regulation on the financial services and banking industries, it’s no surprise that there will be more compliance issues with these social media websites.
In a competitive market, broker-dealers are struggling to find innovative ways to attract advisors. Some broker-dealers have found a way to stand apart from their competitors by offering a certain niche. They have figured out what financial advisors really want from a broker-dealer.
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Now that the acquisition of JP Morgan Securities Inc.’s RIA custody channel is complete, RBC Advisor Services is aggressively growing its business by attracting financial advisors to its custodial niche. According to RBC seeks custodial niche on high end, Jed Horowitz states,
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Being self-employed and having complete control of your business is not always as great as it seems. Some independent advisors find themselves limited on the different kinds of products and services they can offer their clients. Having your own business also involves dealing with compliance, human resources, and payroll. These extra tasks can keep advisors from their number one priority; their clients. These reasons are why wirehouses aren’t losing as many brokers as you may think.
Years ago, the majority of high-net worth clients inherited their fortune; however, a new study has found the majority of these clients are now entrepreneurial.
Read more on How to Attract and Serve the Underserved Gen Y Now…