RIABiz

News, Vision & Voice for the Advisory Community

RIABiz

Fidelity primes the referral pump for RIA clients

A new program gets a warm reception from advisors ready to snap out of hand-holding mode

Author Brooke Southall June 25, 2010 at 3:35 AM
1 Comment
no description available
Michael Kim: Advisors learned a tough lesson that they need to keep the pedal to the metal and seeking referrals is the best way to do that.

Fidelity

|

Schwab

|

Crestwood Advisors


Mike Byrnes

Mike Byrnes

June 25, 2010 — 11:13 PM

Hats off to both Fidelity and Schwab for helping their advisors with referrals.

It was interesting to read that Fidelity and Schwab see a significant difference in the new business percentages that their advisors attribute to referrals. Maybe the “51%” and “80%” quoted above are not an apples-to-apples comparison. From my experience with well established advisors, I see 70% comes from client referrals, 20% comes from strategic alliances and 10% comes from other sources. Of course, all business models are different. For example, a less established advisor doesn’t have the clients to provide referrals, so they need other marketing activities to drive new business (and vice versa.)

As a majority of advisors’ new business comes from client referrals, I see improving the strategic alliance referrals as a significant area for advisors to improve their new business strategies.

Mike Byrnes, President, Byrnes Consulting, LLC, www.byrnesconsulting.com


Related Moves

April 2, 2024 at 1:28 AM

Joanna Rotenberg is departing Fidelity Investments after only two years, writing that she traveled 20,000 miles and successfully split her retail division into wealth and brokerage units

At her hire, analysts were adamant the head of Fidelity retail had 'big shoes to fill' to replace legendary Kathleen Murphy and her task of 'digitiizing' retail was no small ask

December 16, 2023 at 2:22 AM

Biz Briefs: The sorry scene at my local First Republic branch • Schwab launches new (smaller) lay-off round • Schwab hoovers pennies passing FINRA fee to clients • Gensler pleas for funds • Fidelity owner's private equity pres. retires • an Orion-Envestnet staff switcheroo • LPL dumps FutureAdvisor

Range Rovers screeched in and drivers joined a grim queue to get their cash, and cookie • The Schwab-TDA deal cull count now stands at roughly 3.5% of its staff • FMR's hockey star president has stepped down • SEC chief wants more enforcers • An Envestnet executive proves joining a rival is good business • LPL now has an in-house robot.

April 29, 2023 at 1:36 AM

Fidelity will hire 4,000 staff in first half -- a staggering number but a tapering off from 'unprecedented' rate in 2021-2022 that catapulted it to 68,000 employees

The $10.3 trillion giant explains its hiring -- in a layoff environment -- as an RIA-like goal, namely having the human bandwidth to develop 'lifetime' relationships with its 40 million investors

February 17, 2023 at 2:49 AM

See more related moves

RIABiz Directory

The Industry Sourcebook for RIAs

   |    LISTING


RIABiz Directory sponsored by:

Directory Sponsor Logo

White Paper Postings


Common Tags


Recent Articles


Popular Writers


RIABiz logo

RIABiz

About Us

Directory

Archives

Connect

RIABiz, Mill Valley, California
Copyright © 2009-2024 RIABiz Inc. All rights reserved.