1. Partner with your B-D. We are here to help you make a good sale to serve the right client in the right way. Our success depends on your success and we live that every day.
2. Be proactive and call before issues surface. Having a conversation with the B-D before you talk with your client (and I don’t mean 30 minutes before) can save a lot of time and effort.
3. Outsource to your B-D. The staff is here to lighten your load. Prepare for client meetings by calling us with questions about compliance, products and suitability.
4. Find a champion. There are so many different kinds of experts in your B-D that it helps to develop a relationship with someone who will take it upon themselves to ensure that you are taking full advantage of all the resources that are available to you.
5. Avoid promising anything to a client before you are absolutely certain it can be done–from the time it takes for money to transfer, to whether a certain security can be held with us, to giving a seminar. We don’t want to put you in the position of having to modify a promise to your client.
6. Compliments are the currency that ensures good service. When a broker-dealer home office associate goes the extra mile for you, make sure he or she is recognized for the service provided.
7. In this tight regulatory environment, the B-D can be the advisor’s best friend. Often hear “my old broker-dealer never did it that way” or, “no one else in the industry requires that.” We all are required to play by the same rules and read out of the same playbook, but some firms may be willing to take more risk and therefore carry a higher risk profile.
8. Seek to understand before complaining about a particular interpretation of a rule.
9. If an advisor has an issue with the B-D, he or she should address it honestly. Continue to provide feedback to the broker-dealer. Together, we will get better at what we do.
10. Treat broker-dealer associates like you would want to be treated. Being courteous to, patient with and respectful of B-D associates now will pay dividends later.