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Top Reasons Why Financial Advisors Change Broker Dealers, it may surprise you…

Afew years ago, Financial Advisors were primarily concerned with better product offerings, state of the art technology, support services and payout plans from their broker dealers. Today, the “playing field” has significantly changed and Financial Advisors are primarily concerned about Broker Dealers that value their contributions and individual needs. They want to partner with a forward “thinking” management team who understands the unique challenges of today’s marketplace. They are seeking Broker Dealers who are willing to “think outside of the box” in order to grow sales and revenue & broker dealer.

Fees and commissions average 85 to 90%. Many Broker Dealers have high adminstration fees which has become a primary concern with financial advisors. Today many Broker Dealer firms are offering substantially attractive incentives for high-end producers. Some firms are willing to negotiate lower ticket charges depending on the advisors brokerage activity and production yielding a higher net profit for their advisors & independent broker dealer.

As FINRA continues to make increasing compliance demands on broker dealers, they often let their internal compliance departments make unreasonable demands of their advisors. Many of these departments have a limited or no support philosophy for marketing or sales efforts. They often create unnecessary delays or impossible “road blocks” which adversely impact sales and revenue. Some departments have become known for a dictorial treatment of their advisors regarding documentation requirements and personal audits. Many of today’s respected advisors will only tolerate this treatment so long before they start searching out a new broker dealers firm.

In today’s market, Financial Advisors are painfully aware of the market collapse in 2008 – 2009 and closely diligently monitor Broker Dealer’s history of compliance on FINRA’s website. It is vital their Broker Dealer be financially sound and in good standing with FINRA.

Often high-end producers will accept poor service for only so long before they start looking for a new firm. If they are dissatisfield with managements lack of support, poor payouts, intolerant compliance demands, or questionable financial stability combined with a lack of quality service, this usually facilitates their decision to start searching for a Broker Dealer that will respond to their needs and concerns & Independent broker dealer list.

Today, the “playing field” has significantly changed and Financial Advisors are primarily concerned about Broker Dealers that value their contributions and individual needs. They want to partner with a forward “thinking” managment team who understands the unique challenges of today’s marketplace, and are willing to “think outside of the box” in order to grow sales and revenue.

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