RIA Pain Points

Expanded service offerings are the key to sustainable growth for RIAs. Here’s how to do it effectively.

Investors are increasingly looking to their advisors to provide more holistic services, but research shows advisors are missing the mark on actually providing the services their clients want.

It shouldn’t come as a surprise that adding the services your clients need will drive retention and help earn more significant wallet share. This is especially critical as we confront the Great Wealth Transfer and a widely-recognized challenge among advisors in retaining second generation clients.

The idea of offering ancillary services to clients is becoming increasingly appealing to advisors, particularly as they seek new opportunities to grow organically. As an outsourced insurance partner to RIAs, this momentum is exciting, and captures a strategy I know can drive real revenue growth for advisor groups. But getting the process started can be overwhelming for advisors, who are already strapped for time or who might lack the direct expertise needed to implement additional strategies effectively. All too often, I see RIAs unsure of where to start with engaging an outside partner. We have integrated with countless RIAs of all sizes, and have created a process we know works. Here’s what I believe RIAs need to know as they look to align with an outsourced services provider.

The right partner doesn’t just provide a service; they empower advisors to grow.

Advisors have a common goal in providing an exceptional experience for their clients as they work together to meet their goals. I firmly believe that outsourced partners shouldn’t remain behind-the-scenes and rather should have a seat at the table alongside the advisor. We add a depth of expertise and talent that allows advisors to offer insurance services at an elevated level - and we make ourselves available to interface with the client, answering their questions and providing modeling that properly explains the product, process and outcomes.

This high-touch level of partnerships begins with a strong foundation. If you have a collaborative partner who provides support on the organizational structure, as well as the day-to-day expertise, it allows you to get up and running quickly and efficiently. We strive to pave a path that your team can walk down time and time again, designing a scalable and repeatable process that drives success and positions the advisor to exceed client expectations.

Technology can make or break a partnership.

Many advisors have shied away from insurance in the past - for a variety of reasons - one of them being the time investment it takes to design and implement an insurance-based strategy. Advances in technology are easing this concern, and we have seen incredible strides in the insurtech space, facilitating a more efficient and overall speedier process for the advisor and end-client.

Outside of the carrier platforms, we view technology as a real advantage in today’s planning landscape. We use it to drive better outcomes for the end client by leveraging data already available to the advisor to uncover new opportunities within the existing client base. Data Optimization piece

A shared enthusiasm for your clients

Every client is unique, and we recognize this. Our team of experts are planners at heart and by trade. This means we share a fiduciary approach with our advisor partners. While insurance solutions are complex by nature, properly-designed solutions are customized to the individual and cater to a very specific need. Advisors don’t take a cookie-cutter approach with their clients, and we don’t either.

When your team commits to providing additional services, you need to ensure you align with the right partner. One who offers a deep bench of in-house expertise, creates a scalable process, integrates with your tech stack, provides hands-on training and ongoing real-time support, and a team that understands your goals and business philosophy. As the industry evolves, RIAs that proactively adapt and evolve their offerings will find themselves well-positioned for success in an increasingly competitive landscape