ST. LOUIS – Client service is vital to running a business – especially for registered investment advisors (RIAs) helping investors meet their financial goals. However, when polled about investing an extra dollar in their business, client service takes a back seat to advisors’ investment in the growth of their firm.
The 2015 Scottrade® Advisor Services Study revealed if advisors had an extra dollar to invest in their business, the largest number would put that dollar toward growth opportunities. Growth was the number one selection, with 38 percent of respondents selecting that factor. Advisors’ second largest selection was technology at 25 percent, and employee/talent management at 13 percent.
“Advisors in the RIA space remain eager to grow,” said Brian Stimpfl, senior vice president and Head of Scottrade® Advisor Services. “They clearly understand that providing exceptional client service is imperative, yet many are also looking to expand their business by optimizing their technology and talent management.”
Stimpfl, who joined Scottrade in 2014, was recently appointed to lead Scottrade® Advisor Services, overseeing all aspects of program strategy, technology, business development and client services for the division of Scottrade, Inc.
Regardless of company size, growth gets the largest number of responses. For advisors between $10 and $100 million under management, 45 percent of respondents selected growth as their greatest opportunity for investment.
“Growth is more than bringing assets into the business, it’s the willingness to constantly examine how you do things and embrace the opportunity to change,” Stimpfl said. “The goal is not to grow for growth’s sake, but to look for ideal ways to create efficiency and expand your business through investment in people, process and technology.”
Over the past year, Scottrade® Advisor Services teamed with ActiFi, a coaching and consulting firm for financial advisors, to give RIAs tools and skills they can use to systemize their own approach to growth though practice management education.
“The goal is to help RIAs create a scalable, repeatable process – which could be a key to their long term success and value,” Stimpfl said. “Nearly every advisor that has come to our day-long workshops has found something valuable to take back to their business to help them grow.”
For more information about the 2015 Scottrade® Advisor Services RIA Study, please visit the Scottrade Advisor Services RIA Study site at https://about.scottrade.com/media/research-findings/advisor-services-study.html.
* Percentages may not always add up to 100 percent because of rounding or the acceptance of multiple responses.
About the 2015 Scottrade® Advisor Services RIA Study
The 2015 Scottrade® Advisor Services RIA Study was conducted Aug. 3-18, 2015, in collaboration with Harris Poll, an independent third-party research firm not affiliated with Scottrade Financial Services, Inc., its business units or subsidiaries. The 373 Registered Investment Advisors were aged 18 and older and were employed at firms managing at least $10 million in assets under management. This online survey is not based on a probability sample, and therefore, no estimate of theoretical sampling error can be calculated. For complete survey methodology, please contact [email protected].
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About Scottrade® Advisor Services
Scottrade® Advisor Services is dedicated to supporting the needs of the independent registered investment advisor through available strategic resources and personalized support through dedicated relationship teams. For more information, visit https://advisor.scottrade.com.