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Summary: Independent advisors rely on custodians for technology, products and support. But RIAs with low AUM don’t always have access to them. Where should these firms turn? Seek out smaller custodians. Check out TAMPs. Or plead your case to the big guys, industry insiders say.
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Summary: In a bid to focus on its core goal of helping affiliated RIAs grow, TD Ameritrade is offloading its retirement plan custody and trust assets to a fast-growing fintech firm.
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Summary: Financial advisers are innovating their practices too slowly and that could have negative implications for their growth prospects, especially in the face of major disruptions like Charles Schwab Corp.'s new subscription pricing, according to industry experts.
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Summary: While technology helps with practice efficiency and profitability, advisers acknowledge that clients are the prime beneficiaries of technology improvements. In Oranj's 2018 research report, Digital DNA 2.0, advisers say improved client-facing services and interactions, as well as more efficient and impactful reporting, are the top benefits they seek when evaluating technology.
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Summary: Social media helps firms and advisors distinguish their brand, provide quick customer service, gain competitive intelligence, and stay ahead of trends, according to research conducted by Smarsh, a financial archiving firm. In fact, the amount of advisors reporting a gain in business through social media reached 92% in 2018, up from 49% in 2013, according to Putnam Investments. In the same time period, personal and business use of social media by advisors increased 10 basis points from 73% to 83%.
