Wealth managers rely on platforms such as broker/dealers and custodians, and over two-thirds have considered switching their current arrangements, though only 17.1% are actively planning to make changes by 2025 or 2026.
More successful wealth managers are actually more likely to switch for better operational and business support. Key factors influencing platform choice include financial arrangements, operational support quality, and business development assistance, while personal relationships are less influential.
Efficiency and negotiating favorable financial terms are critical, as is the ability to find ideal clients through referrals. Wealth managers should critically evaluate the claims of platforms, especially regarding business development support programs. Despite interest in changing platforms, inertia and other demands may prevent many from following through.
Finsum: While the relationship isn’t causal its worth pointing out that higher networth advisors are more active in thinking about their future relationships with their broker dealers.
- advisors
- practice management
- recruiting
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