As an independent advisor, you know that your investment skill is only part of the package you bring to the table to provide the best client service. You also serve as your own marketing, billing, and compliance department, a source of important news, and an expert resource. Maintaining excellent client relationships is at least as important as the actual investment work you do, and keeping on top of the latest in client services solutions is a top priority for breakaway advisors.
However, the marketplace is absolutely saturated with client service options, and it can be tough to know what choices to prioritize, especially if you have recently started thinking about going out on an independent advisor path. Here we break down three client service solutions breakaway advisors need as we head into 2022.
Customer Relationship Management Software
When your independent advisory practice is small, it may seem like a spreadsheet with your clients’ relevant information or a folder where you keep notes is enough to manage your client relationships. And it is true that a lot of advisors start out with a fairly simple system to keep track of client interactions. However, using a dedicated CRM system for your client service needs has undeniable benefits, and putting a system in place early can help you set up the kinds of workflows that make it possible to scale and expand your business more easily.
CRM software allows you to manage a number of different marketing and client services functions all in one place. From your CRM, you can log each client contact, with notes, store research about your clients, and assign clients to different categories to allow you to segment your email marketing campaigns to appeal to their particular needs and tastes. Your CRM should include, or be compatible with, your email marketing software, to make automated email contact easy to manage and to schedule. For example, for prospects who are new to investing, you can set up a series of “introductory” emails, profiling your philosophy of investing and providing valuable information about investment strategies. For clients on the cusp of retirement, you can customize a series of emails that outline common things retirees need to know.
Your CRM allows you to never be caught off guard by a client’s call. With a few clicks, you can pull up information about your client’s portfolio, preferences, and even personal details that will allow you to answer any questions and make any necessary changes. And, as you scale your advisory business and add additional team members, CRM software provides a central location so client contacts can be tracked from one team member to another.
Custodial Services
Where you custody client assets may not seem like a client service solution, but it can have everything to do with how you market your firm and approach existing and prospective clients. RIAs depend on these qualified custodians to put the client’s plan into action, and the custodian you choose will be interacting with your clients. As a result, you’ll want to select a custodian whose investment philosophy aligns with your own, and who will put your clients’ needs first. There are Independent firms and RIA firms of all shapes and sizes — from those who work with individuals getting ready to retire to those who manage major investments for individuals and organizations. Custodians are no different, specializing in different types and sizes of investment, and covering a broad range of areas of focus. Interviewing a number of potential custodians, and understanding what they can offer your clients, is a major component of creating a successful independent practice.
The breakaway broker transition is not an easy one. At Terrana Group, we can help you navigate the maze of independent broker dealer models, including hybrid and pure RIA platforms. Having assisted countless independent brokers and advisors, we can also help with setting up your own RIA.
Ongoing Marketing And Educational Services
As a breakaway advisor, your goal is to become a trusted counselor to your clients, ensuring that they are confident in your expertise. Providing periodic educational content to your clients and prospects can be a great way to reinforce your marketing and make sure your clients think of you as a source for reliable information that fits their needs. Terrana Group has helped countless other Advisors find their way to independence, and we can help you select the right marketing, educational, and ongoing support systems to make sure your breakaway journey is seamless and successful.
Want to Keep the Conversation Going?
Going independent is more complicated than ever, and the right partner can make all the difference. At Terrana Group, our experienced and knowledgeable professionals welcome the opportunity to consult with you to determine the right platform for you going forward — one that satisfies your long term objectives and is also best for your clients!
Over the course of nearly 30 years, we have helped facilitate thousands of professional placements for Advisors, with client assets transferred exceeding $67 billion dollars. We have completed placements in most every major city throughout the United States, while building deep relationships with the advisory world’s most sophisticated and notable firms — including major Wall Street brokerages, most Regionals, Boutiques, Banks, Independent Broker Dealers, RIAs and Custodians. We have a broad knowledge of the deals that are currently being offered and will ensure that you are being presented with the offer which will be best for you.
Confidentiality, professionalism, and respect are protocol to our practices and beliefs; we handle each and every step of the placement process with complete communication, keeping you informed while making the process smoother from beginning to end.
We are proud to always be considered as a great asset by our clients because of our proven expertise, many years of knowledge, and acute attention to detail. Financial Advisor Recruiting Services are not all created equal; we guarantee that the TG experience for clients and candidates is always world class.
We are based in Chicago, with a nationwide reach. Let us know you are interested by contacting us today. To get the conversation started, email info@terranagroup.com or give us a call at 312.655.8380 today.
