Tom Bradley, Chief Client Officer for Schwab Advisor Services, joined Keith Black, Managing Director of RIA Channel, to discuss how Schwab can help to facilitate advisor growth.
RIAs can only continue to grow as an industry if there is organic growth. The key to organic growth is for advisors to get more referrals from their clients as well as through partnerships with accountants and attorneys. In addition to sourcing new clients through referrals, advisors need to grow the wallet share of their existing clients.
The independent RIA industry has attracted substantial interest, including from private equity firms. Competition is growing, and the industry is becoming more complex. To keep up in a competitive environment, Bradley notes that advisors need to stay on the cutting edge and run efficient businesses while continuing to provide significant value to their clients.
Schwab can assist advisors with their growth through technology, education, and a strategy desk to train advisors on derivatives and hedging strategies. Schwab also offers the iRebal(R) portfolio rebalancing system and the thinkpipes(R) trading platform, which was designed with advisors in mind.
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