The 2013 Broker-Dealer Presidents’ Poll

3. What issues do you feel are the most challenging to individual reps in the short term (next 18 months)?

We’re a bit confused by the results of this one. “Finding the best new clients” wouldn’t be much of a concern, we surmised, with the stratospheric rise in the market. But further reflection had us take note of that key word—best—which we would agree, yes, is an ongoing challenge. What, you wouldn’t want your reps to have lovely retired couples who call every day, ignore their advice and attempt to time the market?

4. What issues do you feel are the most challenging to individual reps over the long term (next three to five years and beyond)?

Building sustainable retirement plans for themselves and their clients certainly fits with all we hear at industry events. Succession planning is the topic everyone is talking about, but sadly, few are acting on it. Maybe it’s simple procrastination or the more complicated emotions of letting go of a business they’ve spent a lifetime building. Whatever the case may be, reps aren’t taking their own retirement into account, despite the active encouragement of almost every broker-dealer leader who answered our poll.

5. Which industry association/entity do you feel is most essential to advancing your point of view, especially in Washington, D.C.?

We realize we could be accused of “gilding the lily” on this one, but hear us out. The overwhelming response of the admittedly biased respondents still fits with the advocacy wins FSI has recently experienced (witness the defeat of Florida’s notice-filing legislations and its implications for other states). Combined with its steadily increasing numbers and the excitement we witnessed firsthand at the annual OneVoice conference in January, and there is some “there” there.

6. Are you confident that the independent broker-dealer model will remain viable?

We’d really like to talk more with representatives of the naysayers. While the industry does face significant headwinds, each challenge would appear to offer a corresponding opportunity, which is how most executives who responded to the poll described it. Fully 76 million members of Gen Y will follow closely on the heels of 78 million baby boomers, and the former is far more independent-minded than the latter. Handled right, things can only get better.