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How an RIA can capitalize on referral programs offered by Schwab, TD and Fidelity

Success in converting leads favor the firm that makes dedicated hires

Monday, July 18, 2011 – 2:20 PM by Griffin Meyers
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Griffin Meyers: Although not mandatory, providing a competitive GIPS-compliant track record can also help demonstrate a firm's track record.

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Mentioned in this article:

TD Ameritrade
Asset Custodian
Top Executive: Tom Nally

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Top Executive: Paul Tracey

Mike Byrnes

Mike Byrnes

July 18, 2011 — 3:51 PM

Good points.

My take on how to make these relationships successful is to:
1. Differentiate your firm from the competition (which is harder to do in this case, as competitors are usually a notch better than the rest just to be accepted into the programs.)
2. Build strong alliance relationships (without being pushy… it takes time to grow trust)
3. Deliver outstanding services to the client referrals so they never leave (to keep the revenue flowing in)
4. Continue to maintain the alliance past the initial courting phase (an area where advisors can make mistakes if complacency sets in)

Mike Byrnes, President
Byrnes Consulting, LLC
Twitter: ByrnesConsultin



July 18, 2011 — 9:58 PM

Would love some recommendations on GIPS compliant performance reporting sources if you can forward…ST

Nevin Freeman

Nevin Freeman

July 18, 2011 — 10:15 PM

Hi Steve,

The RIABiz Directory has <a href="http://www.riabiz.com/d?cat=2116007" rel="nofollow" target="_new">a section for Performance Reporting</a> that is a good place to start. I assume most, if not all, modern performance reporting engines will be GIPS compliant.


Griffin Meyers

Griffin Meyers

July 18, 2011 — 11:29 PM


There is also a list of service providers on the GIPS website, http://www.gipsstandards.org/compliance/providers/index.html.

Some firms follow the requirements as outlined on the GIPS website and do it in house. Others will take it a step further and have their numbers verified by a third party.



Griffin Meyers

Griffin Meyers

July 18, 2011 — 11:42 PM


All great points with #2 and #4 being so critical to getting and maintaining lead flow. If you fail at developing relationships with the ones providing the referrals it’s going to be difficult to be successful in any program.



David Spaulding

David Spaulding

July 19, 2011 — 1:19 PM

Compliance with GIPS does more than demonstrate a good track record; it also shows a commitment and investment in what is understood to be “best practices” for providing historical performance to prospective clients. In addition to compliance, verification is also critically important. Our firm helps clients become compliant and also conducts GIPS verifications. Our newsletter (http://www.spauldinggrp.com/services/resource-center/91-newsletters-pamphlets-a-white-papers.html) and blog (http://investmentperformanceguy.blogspot.com/) provide ongoing information on the standards, as well as all aspects of performance and risk measurement.
David Spaulding
The Spaulding Group, Inc.

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