Private Banker Benchmarking:
Learning Best Practices through Benchmarking

Recently Released!!!
Date Published: October 17, 2013
Summary Power Point Deck: 62 Slides
Reference Power Point Deck: 883 Slides

The purpose of this research is to provide readers with an initial understanding of the specific business practices of fee-based financial advisors (RIAs), the fastest growing financial services market or distribution channel. Information on this market has been scarce and vendors continue to struggle with how to offer value-added services. What products & services do fee-based financial advisors use? What custodians and technology do they use? How do they market to their clients? What are their profit margins? This research provides an in-depth look at how fee-based financial advisors manage their businesses and identifies key opportunities for vendors seeking to serve this market. Parallel research published by Tiburon addresses this market in a top-down way, outlining the size of the fee-based financial advisors market. This research goes a step further and specifically utilizes detailed survey data from Tiburon’s 35-question fee-based financial advisor benchmarking tool at www.FABestPractices.Com (soon to change) to identify the product usage, business models, & best practices of leading fee-based financial advisors.

This research addresses six areas of fee-based financial advisors practices, including:
  • Business Background & Industry Position
  • Clients & Marketing Strategies
  • Investment & Insurance Products Used
  • Back Office Processes & Technology Use
  • Business Economics
  • Business Policies & Industry Views

This research supports five best practices for fee-based financial advisors:

  • Determine Clear Target Markets
  • Choose Product & Service Offers to Support Chosen Target Markets
  • Develop Appropriate Marketing Methodologies
  • Build the Necessary Support Infrastructure
  • Define Business Goals & Develop Written Plans

And this research concludes with vendor feedback & tips for better serving fee-based financial advisors:

  • Custodian Satisfaction Ratings
  • Mutual Fund Company Satisfaction Ratings
  • Other Vendor Satisfaction Ratings
  • Strategic Value Added Opportunities

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