A survey by the two companies also found that when a value-added program (meaning a series of information and tools that, when used correctly, grow an advisor’s book of business, educate the advisor in a meaningful way, or facilitate the adviser’s ability to meet specific client needs) helps an adviser gain or retain a client, the majority of advisers (63%) are more likely to keep the client’s assets with the company that provided the program.
“The recent economic downturn and recovery has forced advisers to rethink not only the products that they invest in, but also their practice management,” says Steven Miyao, CEO at kasina. “Today more than ever, advisers are looking for product providers to help them with their businesses.”
When looking for a value-added program to incorporate into a practice, kasina recommends that an adviser first figure out what sort of result are they looking for. Whether it’s to grow a client base, educate the adviser on new trends, or facilitate the adviser’s ability to meet specific client needs, value-added programs are most effective when chosen to meet a specific need.
The survey found the following value-added programs are the most highly recommended to advisers in these respective channels:
- Traditional Wirehouse: BlackRock
- Regional Broker/Dealer: American Funds
- Independent Broker/Dealer: American Funds
- Insurance Company: American Funds
- Independent RIA: PIMCO