Six independent broker-dealers are runners up in the 2019 Investment Advisor Broker-Dealer of the Year awards, having been recognized by their advisors for service excellence. As in past years, this most
recent poll was highly competitive. Plus, more than 1,300 advisors participated in the program’s online survey.
The BDs being recognized as runners up for 2019 are
Park Avenue Securities, Next Financial, Geneos Wealth
Management, Harbour Investments, Peak Brokerage Services
and Lion Street Financial.
We asked leaders of these firms to discuss some of the
innovative services, activities or products they’ve rolled out
over the past 12 months and explain why these offerings make
a difference for their advisor clients. Their insights highlight
the many creative ways firms strive to support advisors in a
rapidly changing industry.
Location, Location, Location
Harbour Investments decided to make some
changes regarding how and where it holds
regional meetings, earning it “a lot of positive
feedback” from its 217 affiliated independent advisors, according to Aaron M. Hager,
vice president of business development.
The Madison, Wisconsin-based company,
for instance, chose to hold one educational
event at Lambeau Field, the venerable stadium for
the NFL’s Green Bay Packers.
“Secondly, we changed the format of many of these [pro-
grams] to have smaller class sizes with a very directed topic,”
Hager said. “This past year, we focused the first round of meet-
ings on how to better leverage our no-platform-fee advisory
solutions, and the second round on best practices for stream-
lining office efficiencies.”
In a similar vein, Palm Beach Gardens,
Florida-based Peak Brokerage Services
recently launched its new advisor expe-
rience, the Peak Performance Series.
According to Glen McRary, executive
vice president of growth and business
development, the events are led by “advi-
sor-mentors, who share their expertise, materials, presenta-
tions and time” with Peak’s 71 advisor clients.
“Several have hosted a client event, inviting advisors to
Turn FAs into CEOs
observe a top-producer in real-time,” McRary explained.
“Our approach directly addresses frailties with traditional
advisor-training models. In particular, many are led by cor-
porate staff who’ve never sat with a client; others are run by
wholesalers with product-driven strategies or by someone
whose advice is outdated.”
To supplement these events, Peak uses “advisor-coaches”
to “connect advisors with specialized top producers,” he says,
and the IBD hosts monthly “virtual lunch and learns.”
Lion Street Financial’s dedicated resources “help our firms execute a customized
business plan,” says John Burmeister,
president and CEO, of the Austin, Texas-based IBD, which has 149 advisor clients.
These resources empower advisory
firms to “identify specific growth areas,
codify the actions needed to achieve them and become
the working document for checkpoints throughout the
year,” he explains. “We help our advisors become CEOs of
Some independent broker-dealers have focused on new
systems to support their advisor clients. For example, Geneos
“All documentation that is submitted
through the broker-dealer is routed
through Workflow, and our most recent
version has increased transparency sig-
nificantly and now allows advisors and
their staff to track all pending busi-
ness through every step of the process,”
“This transparency has created a more efficient process and
better communication between the back office and our advisors,” he added.
More Secrets of Success
Leaders of six broker-dealers explain how they work with
their advisor clients to produce top-quality results.
By Ginger Szala