Ten years after it introduced its Advisor Services platform and one year after it completed distribution of a revamped version, Scottrade is holding a series of workshops around the country to help advisors adopt strategies and tactics to grow their businesses.
“We want to get the word out to our clients that we’re not just a brokerage but a custodian that wants to help financial advisors grow their business,” Brian Stimpfl, senior vice president, Scottrade Advisor Services, told ThinkAdvisor following the firm’s New York City workshop. Scottrade Advisor Services provides a clearing, custody and portfolio management platform for about 1,000 independent RIAs —“the fastest growing segment in the financial industry,” said Stimpfl.
The workshop focused on how advisors can deepen relationships with existing clients and cultivate new clients by knowing “the process behind growth,” said Stimpfl. “We want advisors to look at every step in their service model, from developing their pipeline to onboarding [new clients].”
Brian Kostick, who led the workshop and heads practice management at consulting firm ActiFi, said advisors know what they need to do to grow their business but they “have trouble carving out the time. Most of their days are filled with servicing [existing] clients.”
Here are some key exercises and pointers from Scottrade’s New York City workshop, the second in a series of four:
1. Articulate what you do for your clients.
“It’s more than what you think you do,” says Kostick. It includes even the “little things” like reading the financial news to keep up with the markets. When clients know exactly what you do to service their accounts, they’re more likely to stick with you and even refer you to other potential clients.
2. Create a pipeline report.
Kostick calls it a “roll call of opportunity.” The workshop asked advisors to define on paper what information they need to be included in the report so that the tech folks developing the report actually design a useful tool. “Get it on paper,” said Kostick.
3. Differentiate between marketing and sales.