It allows us, if we do it correctly
(despite the lack of a common data format) to take control of that ourselves
and to partner with some entrepreneurial technology firms, but a lot of
it is ours.
We have a situation right now where
our end-to-end digitization, along with
client experience, means we believe in
being fully digital end to end. Ultimately,
we need to get to this, because we need
to compete and to be able to compete on
price, as well.
Really this is all about the advisors.
They have to compete — and they need
more from us for less [cost] now, so
they can really go out and compete in
Dolber: We decided to eliminate as
many hands as there can be in our pock-
et. For instance, we went out to the
advisors and said, “We can integrate
something that has all the bells and
whistles [others] charge you for. What
if we could give you the basic platform,
which means you could put five or six
money managers into one account? Will
that be enough? And we could do it and
not charge you, because we recognize
that to help the advisors scale, we’ve got
to bring our costs down.”
We decided to do that by building a
platform. This end-to-end solution is going to be important
... for the public and for the advisors, so they can open up
accounts quicker, easier and in a more digital fashion.
What about the future? Right now, we go to one advisor, and
they bring about 400 clients to the firm. What if we could go to
one network and bring three million relationships to the firm?
I’m not talking about going direct to [investor] clients; that’s
why robo jumped the shark — because the cost of the client
acquisition was too expensive for the price point that it offered.
What if you went directly to a network of relationships? To
do that, you need to have an end-to-end solution that somebody could point to, that a network could point to. I see that
down the road. Now, with that said, you start by building that
index solution for your existing customers, who are financial-service professionals, so they can open up accounts quicker
and more efficiently. To me, having an end-to-end solution is
very important; we’re building it internally now.
That’s not to say that we don’t have some partners. We
have a partner called CGI that’s building our client front end
American Portfolios Financial Services, Inc.
President and CEO Lon T. Dolber
Years in Business 18
Producing Reps 689
Average Annual Gross
Production per Rep $291,910
2018 BD Gross
Revenue $218.2 million
Company data self-reported as of Dec. 31, 2018