A reporter empties his notebook after attending FPA's Business Solutions event
Marty Kurtz lets crowd in on peer review plan, big custodians square off on tech and Eric Clarke yields interesting thoughts in a one-on-one interview
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Pershing restores Ben Harrison as sole heir to Mark Tibergien -- for now -- but solo tenure may be temporary, with other top talent in the wings
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See more related moves
TD Ameritrade
Asset Custodian
Top Executive: Tom Nally
SalesForce
CRM Software
Top Executive: Marc Benioff
E*TRADE Advisor Services
Asset Custodian
Top Executive: Joshua Pace
Financial Planning Association
Association
Top Executive: Lauren S. Schadle, CAE, Executive Director and CEO
AppCrown, LLC
Outsourcer, CRM Software, Tech: Other
Top Executive: Ted Tsung
Elmer Rich III
Usual nice reporting job. Few comments:
- Peer-Review: All professions have this. Why not financial services?
- Having a 'Portfolio” of Custodial Solutions — We have been “pounding the table” on the undeveloped potential for RIAs in differentiating themselves via custodial relationship. Customer’s affairs and demands are more diverse then ever. “Big box” custodial solutions fullfil most needs but there are more specialized niche customer needs that are uneconomic for the big firms to serve.
You also can’t competitively standout with me-too, commodity custodial services. Growing RIA’s now need to stand out by having “bespoke” custodial services and solutions. It’s table stakes.
- Technology as an Enabler? — RIAs are spending a whole lot of time on tech. Probably too much. The problem with tech is that it never works as it should and there is always the pull of the sunk “cost fallacy” and the usually unsolvable problems of hadware and software that is instantly sub-optimal. It is also really expensive.
Bottom line – Tech can be a real distraction from the business of working with and getting new relationships. If senior RIA leaders are waiting for the tech problems to go away before they get back to “work” — ain’t gonna happen. A wise, and very wealthy RIA once said “There is no technological solutions for a relationship problem.”
Our experience and what we’ve seen work is to, always, follow the client — don’t lead them. Can’t lead clients anyway.
Here is another good perspective — do you want your firm to be an expert in the client’s needs or in the solutions? Where in the client’s (not your own) value chain do you want your practice to plant a stake? There is a place for both.
Doesn’t sound like there was much discussion about clients at the conference — unless you’re and RIA client or solution seller.
Frederick Van Den Abbeel
Thank you Brooke and RIABiz for your article. I very much enjoyed being on the panel with the other custody providers.
Maria Marsala
Equalizing technology and having the best of the best to choose from makes going out on your own much easier.
