BY TINA OREM
AS YOU LOOK FOR WAYS TO
IMPROVE YOUR PRACTICE
IN THIS ERA OF DOING MORE
If you don’t think anxiety is contagious, just ask a
financial advisor. His clients’ investment portfolio is
down 30 percent, 40 percent or even more, which
WITH LESS, DON’T OVERLOOK
means less money for the advisor. And when he is making
THE RELATIONSHIP
WITH YOUR BROKER-DEALER.
THE PRODUCTS AND SERVICES
YOUR BROKER-DEALER
OFFERS MAY GO A LONG WAY
IN HELPING YOU ENHANCE
YOUR CLIENT SERVICES—AND
less money, his broker-dealer is making less money too.
This situation might produce some tension between them,
but for those who believe that problems are really oppor-
tunities, the wiser move for advisors is to form stronger
partnerships with their broker-dealers.
Here are several steps you can take to strengthen your
partnership during these shaky economic times.
STAY AHEAD IN TODAY’S
CHALLENGING MARKETPLACE.
Enroll in the educational programs offered by broker-dealers. Many broker-dealers are eager to help advisors
broaden their range of expertise and knowledge of investment products, especially during the market’s recent shift
away from certain proprietary products and products that
are facing diminishing markets.
This gives you lots of learning opportunities if you take the
time to sign up. Eric Weinberg, LUTCF, RFC, and owner of
Weinberg Financial Services in Clarks Summit, Penn., says his
broker-dealer, H.D. Vest, has been providing more product
information via email, regional conferences, and even podcasts
over the last 18 months or so. “They’ve kind of beefed it up,”
says Weinberg, who is the president of NAIFA-NE Pennsylvania. “They offer a lot more insight into what the market’s
doing for different analysts.”
Though conferences are popular, webinars, newsletters, conference calls and podcasts are now also mainstream. But many
advisors tend to pass up these offerings because they think they
are taking them away from selling. “In my estimation, maybe
that’s the biggest mistake,” notes Weinberg.
