A recent Schwab survey (discussed in this Financial Planning article) has two interesting data points:

  • Less than half of surveyed brokers (46%) feel their employer’s brand helped them attract clients
  • More than 80% feel their clients are loyal to them (that is, the advisor) and not the firm

Granted, this was a small survey (200 respondents), but it does highlight one of the central challenges that marketers at wirehouses have: how to achieve the right balance between supporting the advisor and creating loyalty to the firm directly with the investor.

Indeed, during many of our mystery shops over the years, brokers often lead with the value that he or she brings to the relationship over that of the firm. We’ve even had a few brokers tell us, “When it comes down to it, all the firms provide the same thing.” (!)

So the questions firms need to focus on are: Are we providing our advisors with all the tools and resources they need to build and grow their businesses? How can we stand out in the advisors’ minds as the one place to be to become the most successful? What can we do for their clients to make us the firm of choice?

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