The Financial Services Institute’s business model, which includes having the independent broker-dealer pay the first-year membership for its advisors, is continuing to pay dividends.
The advocacy organization announced 500 new members through Kovack Securities and Geneos Wealth Management in October. On Tuesday, it further announced that 250 independent financial advisors from Girard Securities are now new FSI members.
The organization says that the renewal rate once the year expires is running at an average of 70%, since advisors “recognize the value” of their membership.
That value includes: access to analyses of regulatory and legislative proposals; an Advocacy Action Center to communicate with legislators and regulators; opportunities to visit Capitol Hill and educate lawmakers; and access to FSI’s Financial Advisor Summit and FSI publications and communications.
“Everything we do is aimed at increasing our advocacy success,” FSI CEO Dale Brown said in a statement announcing the Girard memberships. “Regulators and lawmakers pay attention when our members, their constituents, are engaged in the policymaking process. Once again, our collective voice is growing stronger and more influential. The momentum our members are creating speaks loudly that every independent financial advisor should join the fight to protect their business by becoming an FSI member.”