Fidelity Names David Canter to Head RIA Channel

The answer, Canter suggested, is that “advisors will have to professionalize,” a process that includes “not just your strategic vision and your target markets,” but more importantly how to leverage technology in a firm’s operations and in the delivery of client service and advice. “So scale and efficiency become ever more important,” he argued.

In his years of consulting with advisors, Canter says he’d tell them to focus on “three things. Full stop. How do you grow top-line revenue? How can you be most efficient so as not to grow your expenses?” And finally, “what’s your unfair advantage in the marketplace so clients” make the decision to “do business with you rather than another provider. I begin the meetings with those and come back to them.”

What, then, is Fidelity’s own ‘unfair advantage’ in a highly competitive custodian business?

First, Canter says, “we can offer our clients knowledgeable consulting” because of the sheer volume of consulting relationships Fidelity has had with RIA firms. Then there’s “the force multiplier event of continuing to transform all of our relationship managers into consultants.”

Canter should be able to jumpstart that transformation since he will now be in charge not just of sales for Fidelity’s custody operations but also relationship management. “With six and a half years leading practice management and consulting, I don’t run from that, I run toward that,” he said.

In addition to the consulting benefit for Fidelity RIA clients, Canter listed as advantages Fidelity’s investment in technology, particularly its WealthScape platform, and the “strength of the Fidelity brand and operating model; that’s what makes me happy to come to work at Fidelity every day.”