Vanessa Oligino, Director, RIA Practice Management, TD Ameritrade met with Julie Cooling, Founder & CEO, RIA Channel to discuss the challenges and opportunities for advisors striving to run a better business.
Oligino focuses on how advisors can, “grow their business, better manage people, and better manage risk.” In order help to RIAs understand where they fall in the advisor marketplace, and provide tools that inspire action, TD puts out an annual benchmarking survey. Going beyond the typical revenue and asset tracking, the study aims to get an in-depth look at different factors attributing to overall business health. Advisor participants gain valuable insight on, “how they’re stacking up, as well as other standouts in their peer group,” explains Oligino.
Some of the major trends coming out of the study revolve around productivity and efficiency. Oligino says these factors can be especially relevant when it comes to mergers and succession planning. While TD doesn’t directly assist with valuation, Oligino encourages RIAs to think beyond a “straight formula.” For breakaway broker/ dealers building an advisor business from the ground up, Oligino suggests they think about positioning, a strategic vision, and a goal-oriented timeline.