Orion Advisor Solutions CEO Eric Clarke made the case for why (and how) “technology acts as a catalyst for measurable growth” in his keynote speech Sunday at the inaugural Wealth/Stack conference taking place this week in Phoenix.
The executive said Orion’s 2,000-plus clients have about $900 billion in assets and most, 92%, “do not have a broker-dealer affiliation.” This means the advisors look to their technology partners “to help them innovate, disrupt and win.”
Clarke says the recipe for a successful RIA includes these five ingredients: a well-defined value proposition, incredible client experience, operational efficiency and the ability to execute its growth strategy.
“A TD Ameritrade Institutional study found firms focused on efficiency grow twice that of other firms,” he explained to an audience of about 700 RIAs and other guests.
Clients are the means to that growth, according to Clarke. That means advisors must turn clients in to advocates by maintaining “touchpoints” with them and providing excellent service.
He then pointed to a Pershing study showing advisory firms investing in their client experience (or CX) “are growing five time that of other firms” — Carson Wealth, for instance, is spending about $50 million on it.