Schwab RIA Practice Management Program Focuses on Change

Schwab Advisor Services scheduled ‘Insight to Action’ training classes that focus on strategic planning, client profitability, transitioning the team and technology.

Schwab developed the curriculum from findings in its 2012 RIA Benchmarking Study, and will hold classes through the end of the year throughout the U.S., including Boston; Philadelphia; Tysons Corner, Virginia; Cincinnati; Cleveland; Pittsburgh; Fort Lauderdale, Florida; Denver; and Newport Beach, California.

“Rapid firm growth and increasing competition have made running an RIA [registered investment advisory] more complex,” said Nick Georgis, vice president with Schwab Advisor Services. “We recognize that advisers need in-depth help to address their critical business issues. Through the ‘Insight to Action’ program, Schwab business consultants and relationship managers work together with advisers to address business challenges and drive toward actionable solutions tailored to their unique needs.”

In fact, the Schwab survey found that the best-managed firms’ revenue growth rate is double their competitors—and that the best-managed firms’ revenue per professional is nearly 50% higher.

The three classes and one workshop are as follows:

Mastering Strategic PlanningSchwab’s RIA Benchmarking Study found that the best-managed firms place a high priority on strategic planning. This program empowers RIAs with a written strategic plan to help them expand their firm into the future.

Managing Client Profitability – This curriculum helps RIAs determine the cost of serving clients and create a dashboard that guides resource allocation, evaluates pricing models and helps RIAs efficiently and productively serve their clients while maintaining a “high-touch service model.”

Transitioning Teams – This class teaches advisers how to create and implement a succession plan. Advisers learn valuation measures, deal structure and the drivers of value for an RIA firm.

Technology Challenges – This interactive workshop, filled with exercises, is aimed at helping RIAs leverage technology and offers an overview of Schwab’s solutions offered through the Schwab Intelligent Technologies.

Schwab business consultants conduct the classes, which average three months in duration and which are held before working hours at convenient locations, including onsite RIA office visits. This is the second year that Schwab has offered the “Insight to Action” curriculum. To date, 600 advisers have participated in the program.

Advisers interested in the “Insight to Action” classes can contact their Schwab relationship manager or a Schwab business development officer