When engaging advisors, clients want to have their cake and eat it, too. And rightfully so. After all, clients are essentially customers and good businesses know creating sticky customers is vital to long-term success.
In the financial advisory business, figuring out what clients want isn't difficult. Beyond the obvious of strong returns and safeguarding of wealth, clients like the appeal of a big brand, even if their advisor is independent. Said another way, they like knowing that their advisor has high-level resources.
While there's obvious allure with conveying to clients, regardless of the assets they bring to the table, that they'll get institutional-level treatment, they also like familiarity and relationships. Looked at another way, clients like knowing that their advisor has New York-type capabilities and resources while providing them with a small-town feel.
That's easier said than done, but Kingswood U.S., a FINRA-licensed broker/dealer with over $2.5B in assets under management, helps advisors accomplish that objective.
Kingswood Right Firm at the Right Time
At a time when technology is an increasingly prominent part of everyday life, many advisors are realizing that while clients like tech in some aspects of their lives, a human touch is still necessary in the advisory business.
Kingswood's network of more than 160 advisors across the U.S. taps into the theme that relationship-building and improving client outcomes are essential parts of building a successful advisory business. The firm is adept at those objectives because it has the resources of a high-level institution while not losing sight of its small-town vibe.
“We believe we have a pretty solid value proposition in the in the industry. I think we can offer a small broker dealer field with large institutional type of resources right because our parent company is a publicly traded entity,” says COO Val Peters Rayevskiy. “We're able to offer a wide range of custody options. And we're able to support numerous types of business models. And I think in terms of timing, I think right now is a good time because we're seeing a lot of industry consolidation, where broker dealers are being squeezed out of the industry for one reason or another.”
As Rayevskiy notes, there are advantages for advisors in maintaining a more personalized approach and that extends to the back end of the business.
“I think a lot of reps really do want, while they're really seeking, you know, the latest tech and they want to be associated with the biggest names deep down, they really want to be associated with a smaller broker dealer type of experience,” he said. “And the reason for that is because you definitely want to get, you want to be able to get somebody on the phone, you want to be able to, there's an issue you wanna be able to call someone and have a know that somebody is working on it. And that's kind of what we're able to offer right with a smaller broker dealer feel.”
Kingswood helps advisors elevate their practices by providing a robust RIA and broker/dealer platform, high-level technology, efficient compliance services and multi-custodial and clearing choices, among other offerings.
Service Still the Name of the Game
Astute advisors know that no matter how much the world changes, one constant is that advising is a service and excellent service is always the name of the game.
Prioritizing service often stems from prioritizing culture, something Kingswood has down to a science and that's to advisors' benefit.
“I think in terms of culture, I think we really, it's really a cultural partnership, is what I would say, you know, we partner up with, with our representatives, we make certain commitments to them, as I previously mentioned, with succession planning, as being an example. And in turn, they make commitments to their clients,” adds Rayevskiy.
Advisors teaming up with Kingswood and following that recipe can achieve their primary objectives of enhancing client relationships and potentially improving outcomes.