Your Financial Broker Should Have Your Back (5 Ways)

Financial Broker

If you’ve been a financial advisor for any time, you know that working with the right broker-dealer can make all the difference.

You might be frustrated if you work with the wrong one.

When brokers and financial advisors develop a mutually supportive relationship, everyone wins.

Here are a few key ways your broker should have your back.

1. Balancing Support and Independence

When you work with a broker, you want to benefit from the leadership team’s support and guidance.

But if “support” is taken too far, it can turn into micromanagement.

In this situation, you might become so focused on meeting the broker’s demands that growing in your own practice becomes almost impossible.

Concorde is one broker that strikes this balance particularly well.

Financial advisors who join the Concorde team can expand their own financial practice while benefiting from the support the broker has to offer.

Concorde offers financial advisors one-on-one mentorship and a robust internal support network to help them reach their full potential.

2. Offering Up-to-Date Financial Technology

Cutting-edge technology is essential to stay current with industry trends and offer your clients the best possible investment experience.

Streamlining your business and making the most of your time is also essential.

A good broker will invest significantly in advisor tools and investor technology.

If you’re considering working with a given broker, make it a point to ask about current tech capabilities and the broker’s plan for investing in technology in the future.

3. Dedication to Your Growth

A quality broker can help you grow your business, including supporting you as you transition to that broker.

It’s in your broker’s best interests for your business to grow, but unfortunately, that doesn’t necessarily mean that all brokers are supportive. 

Here are a few things a broker should be able to offer you to help expand and improve your business:

  • Research Insights: A good broker will be able to offer you a glimpse into current market trends and tips for guiding your clients to investment success
  • Marketing Expertise: Your broker should be able to connect you with marketers who can help you identify, reach, and recruit potential new clients
  • Client Services: Regardless of whether you already have staff members, a broker’s client services team should be able to fill in any gaps to  make your business operate more efficiently

Services like these are among the greatest advantages of working with a broker.

Don’t settle for a broker that doesn’t offer them.

4. Looking Out for Your Clients

Great brokers don’t just care about your success and their bottom line—they also care about your clients’ experience.

The best go above and beyond by offering resource-rich client hubs where clients can view their investments and learn more about the investment process.

Of course, resources like these ultimately help you too.

When clients feel supported, they’re more likely to stay with you.

And during client meetings, you might find that insights from the client hub inspire more thoughtful conversations on investment strategies and other important topics.

5. Succession Planning

When choosing a broker, you understandably focus on growth opportunities for your business.

But what about when you retire?

A reliable broker will be able to help you with business succession planning.

Whether you want to sell your business or pass it on to a successor of your choice, your broker can help you implement a concrete plan.

Additionally, brokers should be able to help you create a continuity plan to ensure that your business continues in the event of your unexpected exit.

The Right Partnership Makes All the Difference

If you’re an independent financial advisor, selecting a broker to partner with is one of the most critical decisions you’ll make in your career.

Needless to say, it’s not one to be taken lightly.

Only you know exactly what you need in a broker.

Take your time to develop a solid idea of what you’re looking for, ask questions when necessary, and only commit when you’ve found the right fit.

With a quality partnership, you’ll see your professional potential soar.