RIA Marketing

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Jul 15, 2010 2:37 pm

Wondering what it's like to go from RR to RIA for marketing. Recently decided to go RIA from independent RR - just need to do the work. Am thinking to wait until May 1st.

My question is, how does the conversation go when you casual aquaintances ask what you do, for example on the golf course, as the relationship develops over time.

For example, " Joe, are you using an RIA fiduciary, or a broker dealer? I can charge you a flat "planning" fee, or you can just move the money and pay me a percent. Either way, we need to clean up the BS.

I'm thinking of focusing on small business retirement plans, since I meet a lot of golfers.

Any thoughts or suggestions would be appreciated. I manage thirty plus million and hope to conservatively take twenty, I guess I could go faster but I want to golf this summer, I'm thinking May gets us after tax season.

Anyone prefer Fidelity RIA or TD, I'm not sure which one I'll take yet. Thanks, Ten.

Jul 15, 2010 2:54 pm

You know it's july right??

Jul 16, 2010 9:39 am

[quote=tenthtee]

Wondering what it's like to go from RR to RIA for marketing. Recently decided to go RIA from independent RR - just need to do the work. Am thinking to wait until May 1st.

My question is, how does the conversation go when you casual aquaintances ask what you do, for example on the golf course, as the relationship develops over time.

For example, " Joe, are you using an RIA fiduciary, or a broker dealer? I can charge you a flat "planning" fee, or you can just move the money and pay me a percent. Either way, we need to clean up the BS.

I'm thinking of focusing on small business retirement plans, since I meet a lot of golfers.

Any thoughts or suggestions would be appreciated. I manage thirty plus million and hope to conservatively take twenty, I guess I could go faster but I want to golf this summer, I'm thinking May gets us after tax season.

Anyone prefer Fidelity RIA or TD, I'm not sure which one I'll take yet. Thanks, Ten.

[/quote]

Most people don't know what an RIA is, a Fiduciary is, or a Broker Dealer is.  I would not use those terms with prospects. 

If you want to present it like that, you might ask "Are you using a stockbroker or an investment advisor?"

They will say "Uhhh, I guess he's an investment advisor".

You ask "what firm?"

He "Merill Lynch Smith Morgan Barney Edwards Fargo"

You "Oh, so he's a stockbroker?"

He "I guess...what's the difference?"

You "blah, blah, blah".

Jul 16, 2010 8:57 pm

Good, thanks.

Jul 19, 2010 4:59 pm

What B24 said, +1

[quote=tenthtee]

Anyone prefer Fidelity RIA or TD, I'm not sure which one I'll take yet. Thanks, Ten.

[/quote]

TDA hands down.  Bad experiences with Fidelity.

Jul 19, 2010 5:38 pm

Really, you moved from Fidelity RIA to TD - that bad?

Jul 20, 2010 11:26 am

[quote=tenthtee]

Really, you moved from Fidelity RIA to TD - that bad?

[/quote]

We were interested in establishing a relationship with Fidelity.  We moved a small handful of new clients to test the waters.  Of the six new accounts we opened the first month, four of them had mistakes, paperwork lost, or documents not attached to the correct accounts. 

Hopefully your experience will be different, but it soured me on there services.

Jul 20, 2010 12:33 pm

Not having moved yet from b/d, I've been impressed with the professionalism of the local TD rep, who has been doing his recruiting job for a number of years. Next step: look at the tech demo.

So, you are satisfied using TD, no problems?

Jul 20, 2010 12:40 pm

TD platform is pretty user friendly.

Service team is good too..

They have some quirks

1. not being able to choose/change the reinvesting of dividends without calling in (automatically reinvests dividends)

2. Statements I didn't care for

3. The flexibility of a client's account screen isn't really what it should be

Jul 21, 2010 4:40 pm

Tenthtee, TD I've heard good things about.  I would definitely suggest viewing a live technology demo.  Their are good RIA Custodians our there; just check around and go with one you feel your most comfortable using.  Since you'll be using their trading platform every day, better to find one you like as opposed to one you hate (that would really turn the relationship sour quick!)

In addition to TD, please consider TradePMR and others.  I host a live demo session every Tuesday and Thursday which you are free to attend.  Whichever firm you choose, best wishes to you and I wish you the highest level of success possible.

Fred

Jul 21, 2010 5:40 pm

Great point, a good-looking tech interface, all things being equal, would rock. ( Pretty face.)

After all of these years, I realize I need to specialize as I move to RIA (marketing). Followed the links at Redtail CRM to some of Andrew Gluck's writing and services. So, the CRM is the workspace integrator, what the b/d endeavors to do now ( annoying face).

Anyone know of other CRMs that look as good as Redtail?

Aug 15, 2010 9:23 pm

I'm an RR as well.  What are the account minimums at TD?  How much do they take?  I currently use e-Signal for my quote screen, does TD or any other offer real time quotes?  What's advertising like, is it as stringent as the broker dealer?

Aug 16, 2010 9:33 pm

I use TD, and have been very happy thus far. 

Whale Hunter.  Yes on real-time quotes.  As far as the other question, it doesn't work that way, TD doesn't care about your advertising.  They are the custodian.  You don't work for them, they work for you.

Aug 17, 2010 11:02 am

Whale hunter,

No account minimums, you set your own minimums.