Brad Losson, Head of Enterprise Solutions for Schwab Advisor Solutions, joined Julie Cooling, Founder and CEO of RIA Channel, to discuss the key factor impacting an advisor’s ability to grow their practice.
Enterprise Solutions is a new entity in Schwab’s Advisor Solutions business, founded to deliver growth solutions to advisors of all sizes. The well-resourced, experienced team is available to help advisors grow and institutionalize their businesses. Schwab Advisor ProDirectTM is a subscription service for growth-minded advisors who want help establishing a new business after leaving a larger institution. This includes building scalable, digital tools that shorten the time to hit growth targets. The service includes growth consulting, coaching, and access to a community of like-minded advisors. While designed for newly independent advisors, Losson notes that experienced advisors currently affiliated with Schwab are also engaging with the platform.
Losson states that all advisors desire to grow but may take different paths. Some will grow organically by adding clients and assets, while others will grow inorganically through acquisitions or partnerships with other advisory firms. Advisors may find it challenging to grow, as the advisory business is much more complex than it was ten years ago.
Schwab has relationships with larger enterprises where advisors may choose to outsource portions of their business. These enterprises include national investment advisory firms, national consulting practices, turnkey asset management providers (TAMPs), independent broker-dealers, and larger advisors looking to grow inorganically.
Losson observes that advisors like to keep all operations in-house, but this limits the time they can spend working directly with clients and prospects. Advisors can grow more quickly by outsourcing operations and freeing up time to focus on growing their practice.
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