The advisor environment and member experience are further enabled through the collective contribution of several key external entities. As such, the wealth management strategy should contemplate the thoughtful, informed selection of dealer partner, regulatory bodies, licensing agencies, as well as other peripheral service providers to ensure alignment with the overall value proposition.
Once the Advisor environment and Member experience have been defined, decisions need to be made on which entities (Dealer, Regulator, Professional Associations, and other solution providers) will best support the strategy and the desired business outcomes.
Dealer: Selecting the right Dealer is a key strategic decision. The Dealer provides the systems, platforms, tools, resources, services and support required for Advisors to conduct meaningful Member interactions, develop professionally, and build sustainable, efficient books of business. The quality of the Dealer’s offering also has a major impact on the Credit Union’s ability to attract, develop, and retain top-tier Advisors.
Regulator(s) and Professional Associations: The selection of Regulators and Licensing agencies is fairly straightforward, as it follows from strategic decisions on the market opportunity and related product and service offering. Decisions on solutions involving mutual funds, securities, fixed income, insurance, and financial planning will determine which regulator(s), licensing agencies, and professional associations to partner with.
Other Providers: Additionally, supplemental arrangements with outside providers can also improve the effectiveness of the Advisor environment and Member experience. Access to financial planning software, member “discovery” software, research, and CRM systems can be helpful. Decisions on these types of solutions flow from the overall design and structure of the wealth management offering.
For further information on this section, or support in reviewing the effectiveness and contribution of your external wealth management relationships, please contact us.