Products June 22, 2011

Schwab Offers RIAs Help with Segmentation

Schwab Advisor Services is introducing a consultative program, “Managing Client Profitability,” designed to help advisers grow their business through effective client segmentation.
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The program is part of Schwab’s Business Consulting Services, a comprehensive practice management offering for independent registered investment advisers (RIAs). Through an eight-week program, advisers are guided through developing, evaluating and preparing to implement customized segmentation strategies for their firms.

“We have found that advisers who take a strategic and proactive approach to client segmentation are often the best poised for future growth,” said Nick Georgis, vice president at Schwab Advisor Services.

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The program also includes an introductory Webcast, in-person workshop and follow-up. Schwab relationship managers, along with a consultant, work one-on-one with individuals from each firm to:

  • Help pinpoint which clients drive a firm’s profits and to better align resources to serve a range of clients effectively.
  • Explore ways to segment their client base and tailor services to those segments with an eye toward aligning revenue and cost to serve while maintaining great client service.
  • Leverage tools and ongoing consultation from Schwab to help them reach their goals.

Schwab’s proprietary Client Profitability Modeling Tool helps to determine client-level profitability and provides advisers with visibility into their firm’s economics and revenue mix.

According to Schwab’s 2010 RIA Benchmarking Study, a small minority of an RIA firm’s clients account for a significant share of revenue: 7% of firms’ clients account for 38% of firm revenue on average (see “RIAs Expect More Growth in Next Five Years“). 

The program has been rolled out to a target group of RIAs in Chicago, St. Louis, Minneapolis, Dallas, Newport Beach, and Seattle and will include several other regions across the U.S. throughout the course of the year, Schwab said.

 

Products June 22, 2011

Web Site Assists Advisers with IRA Programs

Convergent Retirement Plan Solutions has developed a subscription-based IRA portal for financial professionals, called IRAstuff.com.   
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Convergent says IRAstuff.com has a unique approach in the way it discusses complex compliance issues.

“Most of the IRA resources available to financial professionals throughout the industry are decidedly dry,” said Convergent founder and CEO, Ben Norquist.“We wanted to create a cost-effective on-line resource that simplified people’s lives by providing them with ready access to the resources they need, on a day-to-day basis, to serve the needs of their IRA clients,” Norquist added.“But we also felt it was time to lighten things up—just a bit.”

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IRAstuff.com has IRA industry news, self-paced IRA education courses, a comprehensive reference manual, numerous job aids and source documents, and “a smattering of light-hearted diversions.” It is available as a turnkey, off-the-shelf subscription or as a branded, fully-customized resource portal than can incorporate a financial organization’s proprietary IRA product information, marketing collateral, IRA policies and procedures.

For more information, visit www.convergentrps.com.

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