Prospera Financial Services is an award-winning independent boutique independent firm based in Dallas, Texas. Founded in 1982, Prospera embodies the advisor mindset of freedom with a focus on service and innovative offerings. Built by advisors, for advisors, Prospera understands advisor challenges, concerns, and opportunities – and offers a variety of ways to run, grow and protect your business. And while they remain steadfast to their size – true to their Texas roots, they believe some things are better when they’re big – like independence, flexibility, and support.
Michael Terrana: Tell me a little about Prospera. You’re a boutique independent wealth management firm, what does that mean?
Tarah Williams: We are intentional about that definition. To us, boutique means selective, with high-touch, personalized, special products that you can’t get everywhere else. It means a maximum advisor-to-home office ratio of 2.5:1 so that you are never a number, and we understand what makes your business unique.
We take the definition of an independent wealth management firm very seriously — ownership, control, freedom, agility, non-bureaucratic, able to not just speak about gold standard service, but measure it and achieve it, while having the products and services that are required and expected of a full-service wealth management firm. We call it the best of both worlds, full service AND independent.
Michael Terrana: What is a key differentiator for Prospera versus the other independent firms in the space?
Tarah Williams: A primary differentiator is our commitment to “Success Your Way.” When I think about us vs other IBDs, there’s just no comparison. We value our Advisors’ freedom to do what is best for their clients. We’re often told it’s refreshing and that we’re the real deal.
At Prospera, we offer the best of both worlds — big firm resources with gold standard, high touch service. And to me it boils down to a choice: you can go big or you can go better, and at Prospera, we’re confident in what we offer to advisors: products, services, service. In a nutshell, it’s supported independence with the Advisor at the reins.
Michael Terrana: You’ve won several awards — what are some of the ways Prospera is innovating and revolutionizing the industry?
Tarah Williams: The premise of this is that we base everything we do on our Success Your Way™ program. We listen to our advisors through vehicles like our President’s Advisory Council, the Chairman’s Forum, and our Service Associate Council. They’re our secret weapon, guiding our development of valued products and services that Advisors and support staff need, that may not be out there or at least aren’t out there in the robust fashion in which we have them.
Launch Your Way, Marketing Your Way, Succession Your Way, our gold standard service approach, Virtual Service Associate, and our Continuous Improvement Program are just a few of the elements that differentiate Prospera from other broker-dealers.
We learned long ago not to assume — we ask. It sounds obvious, but we are hearing that very few firms actually take the time to listen and give Advisor feedback the strength it truly deserves.
Michael Terrana: There is a sea change taking place in the industry right now, how is Prospera positioned to take advantage of that disruption?
Tarah Williams: We are a different breed of firm, with a highly unique combination of full service and independence. We have a next-generation leadership team that is in the enviable position of learning from our founders and respecting our history while having the freedom to refine and grow from there.
We’re also active in the Financial Services Institute, so we have our finger on the pulse of the industry and what the future holds. We’re forward-thinking and innovative, and we take the time to hire the best team in the business. We are intentional in every single decision or step we take to put quality over quantity.
Michael Terrana: You’ve had tremendous growth over the past few years. Why are Advisors flocking to Prospera, and what are your plans for growth over the next couple of years?
Tarah Williams: Yes, we have had tremendous growth, but it’s also selective growth. We could have grown even faster, but there is a non-negotiable dedication to attracting the right people. For us, our growth must focus on quality over quantity, which means we’re more selective and not “growth at all costs.”
At Prospera, we deliver the best of both worlds — Advisors can enjoy traditional wirehouse-level resources with high-touch boutique service. An invitation to Prospera is reserved for Advisors and support staff who embody this value proposition.
Michael Terrana: If you had only three words or phrases that describe Prospera, what would they be?
Tarah Williams: The core values that dictate everything we do: Care, Character, and Competency.
Michael Terrana: What’s the best way for an Advisor to get to know Prospera?
Tarah Williams: Talk to us! We’re all about relationships, so we certainly want to start a conversation and learn more about you, while you also get to know us. If we’re aligned in our approach and culture, we’d love to host you in our home office.
We call this a Home Office Visit and it’s where the rubber meets the road. You can kick the tires and get a feel for our culture. There’s nothing that replaces getting to meet someone eyeball-to-eyeball. Hear about what makes them tick, what’s important, what’s not important, and why they’re even in the business in the first place. It’s equal opportunity learning about the Advisor and them learning about us. Just like a marriage, we want it to stand the test of time.
Keep the Conversation Going
Thinking about making the leap to independence, but not sure if it’s right for you? At Terrana Group, we welcome the opportunity to help you determine the right way to move forward — one that satisfies your long-term objectives and is best for your clients.
For over 31 years, we have consulted on and closed several thousands of professional placements for Advisors in cities throughout the United States, with client assets transferring nearly $100 billion.
We’ve built deep relationships with the advisory world’s most sophisticated and notable firms — including Wall Street brokerages, Boutiques, Banks, Independent Broker-Dealers, RIAs, and Custodians. Our broad knowledge of those firms and the deals that are currently being offered will ensure that you are being presented with a spectrum of options and opportunities.
Confidentiality, professionalism, and respect are the protocols we live by. We handle every step of the placement process with comprehensive communication, keeping you informed while making the process smoother from beginning to end.
We are proud to be considered 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, and we guarantee that the TERRANA GROUP experience for clients and candidates is always world-class.
We are based in Chicago with a nationwide reach. If you’re ready to make a move to independence, contact us today to learn more!
