Group of advisers unveils a suite of tech offerings that signal an effort to press the gas when it comes to recruiting new advisors and streamlining interaction with clients, the company said.
Chief among them is Express Onboarding, which the firm says cuts “steps and time” by 65-70% that advisors joining the firm have to take to move their practices and licenses.
And that roughly halves the time it takes advisors to transfer their accounts receivable. The system, which is in a pilot test phase, will replace Advisor Group’s current integration system, according to the chairman of the board and wealth management. Greg Cornick.
The speed with which advisers can move client assets to a new broker is “their biggest stress point” when changing companies, Cornick said in an interview. “[W]We have eliminated a ton of steps that, frankly, are redundant, even though it’s like data entry and it’s the workflow that is unnecessary.
Express integration and other digital initiatives will be on display at the company’s ConnectED conference on Monday and Tuesday, the company said in a statement, and the plan is to roll them out widely in early 2022, Cornick noted.
For the more than 10,000 advisors already in the company, Advisor Group is launching Advisor Business Hub, which Cornick says will simplify the way advisors and clients access information.
The system provides advisors with various content, client data and access to the investment platform in a way that helps them measure and evaluate different elements of their business, “with a real focus on the health of their business.” Cornick said. Headquarters will be able to see the same information in real time and provide assistance, he said. “We will be able to work with them and have the same information, the same screen, the same everything in front of us. “
The integration of Vidyard, a desktop app that will allow advisers to record video messages to clients who are automatically subject to a compliance review, the company also says.
Vidyard will enhance the company’s existing MyCMO automated marketing platform, which did not already include video content creation. Vidyard’s technology isn’t new, Cornick says, but its application in a brokerage setting is unique to Advisor Group.
“If an advisor wanted to have mass communication with end investors, [it] generally would have been… an email or something a little more traditional because of how you have to go through the compliance process, ”said Cornick. “We offer them a support that allows us to be faster, more personal, frankly, and to have more eyes. “
Digital engagement and compliance have become an increasing priority for brokers as the pandemic has made digital communication necessary. Companies like Cetera Financial use third-party compliance software to make it easier for advisers to communicate via SMS, among other methods, as the company’s director of regulatory affairs previously told FA-IQ.
During this time, LPL Financial hired its first data manager last month in a bid to bolster digital strategies and data management, as reported.
For Advisor Group, these digital initiatives represent a new phase in the company’s progression, says Cornick, who joined LPL’s Advisor Group in March 2020.
The first phase was the sale of the business of AIG in 2016, while phase two was the acquisitions that integrated the company into the network of six subsidiaries, which includes FSC titles, Associates of the Royal Alliance, SagePoint Financial, America Securities, Councilors of the Triad and Woodbury Financial Services, he noted.
The acquisition in 2020 of Ladenbourg Thalmann was the most recent broker to join the Advisor Group network, which helped bring total client assets to around $ 450 billion.
“The third phase is about how we can continue to improve …. [our advisors’] organic growth? ”says Cornick.“ All of these things that will be announced in ConnectED are closely related to trying to be at the forefront to… allow them to grow better and be more effective in management. of their business. ”
In July, Advisor Group took another step to strengthen its recruitment efforts by hiring Kristen kimmel of RBC Wealth Management to serve as Executive Vice President of Business Development. His role is focused on onboarding and overseeing recruitment, transitions and onboarding for the Advisor Group network of firms as noted.
And in February, the cabinet appointed the former KMS Financial CEO Erinn Ford to a newly created position of Executive Vice President for Advisor Engagement.
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