ADVISOR CONNECT Insights and Growth Strategies | Summer 2018
Recognizing Practice Excellence at the 2018 APEX Conference pg. 28
The RIA Conundrum, pg. 4 Advisor Q&A with Bill Dowell, pg. 14 Entreda Drives Higher Cyber Protection Standards, pg. 34
Recognizing Practice Excellence
An Opportunity to Honor Our Exemplary Advisors The first national sales conference, APEX (Achieving Practice Excellence), was held in March with unprecedented participation of more than 270 attendees in Nashville for three days of business development activities. This forum is designed to foster the like-minded community of advisors, sales assistants, and branch managers sharing best-in-breed tips for running successful practices.
Chris Flint President & CEO
Several award winners were honored at the conference for their outstanding performance, including Bill Dowell, Chad Hatter, Robert Coode, Zack Van Zant, and Security Financial Management — read more on page 28. I hope you join us for the 2019 APEX conference in Orlando at Loews Sapphire Falls, March 24-27. To achieve practice excellence, you must partner with a firm that leverages its financial strength in ways that directly serve you. Know that we are focused on continued improvements that help optimize your practice, and some of these enhancements are described in this issue, including: • Our partnership with Entreda provides cybersecurity protection for devices used to conduct securities business, including desktops, laptops, and mobile devices. This is being rolled out in phases by September 1 at no charge to advisors (page 34); • Protective Securities introduced Structured Notes to complement Structured CDs and continues to identify solutions for your clients (page 8); • In Advisory, we celebrated the one-year anniversary of PESolutions (page 17); • The Practice Management team implemented the business intelligence platform ProLytics powered by Truelytics to strengthen your position and evaluate opportunities for growth (page 18); and, • The Customer Experience Committee is leading several initiatives to create a more proactive service culture (page 32). Please use this publication as a way to stay informed about what’s happening across the industry and the actions that ProEquities is taking to support our advisors, helping you realize practice excellence and effectively serve your clients.
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The RIA Conundrum
Advisor Q&A with Bill Dowell
pg. 4
pg. 14
pg. 28
pg. 34
Recognizing Practice Excellence at APEX
Entreda Drives Higher Cyber Protection Standards
Contents WEALTH MANAGEMENT
Two Strategies, Sixteen Investment Possibilities 6 Adding Structure for Potentially Higher Returns 8 CLIENT ACQUISITION
Develop a Marketing Plan to Catalyze Growth 12 PESolutions Celebrates One Year 17 Business Intelligence for Your Practice to Stay on Top 18 Articulate Your Recruiting Value Proposition 20 RESOURCES AND SUPPORT
The Insurance-Owned IBD Model Is Far From Extinct 24 And the Customer Experience Award Goes To… 32 Welcome New Advisors 38P
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The RIA Conundrum by Libet Anderson, CIMA
In an effort to support diverse business models, ProEquities partners with advisors who choose to be Investment Advisor Representatives (IARs) of our Registered Investment Advisor (RIA) and advisors with their own RIA. Advisors determine their affiliation model that best supports the way they serve their clients.
It’s critical to take an honest and objective assessment of your current practice, including strengths and weaknesses, and then determine the most appropriate structure for the future.
There are articles published regularly about the pros and cons of the various RIA models. Depending on which article you read on any given day, you might think this decision is straightforward and easy. However, the slant of the article often depends on the author’s biases.
UNDERSTANDING RIA AFFILIATION MODELS
This article is intended to provide a starting point for understanding the current landscape. Let’s define what we mean by these various RIA models, so we are all on the same page:
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• Corporate RIA — Broker / based platform. No commisdealer has full responsibilision-based business is transty for development, mainteacted. nance, and oversight of advisory clients. Advisors are EVALUATING YOUR registered IARs of the Corpo- PRACTICE FOR FUTURE SUCCESS rate RIA. Recent data shows there • Hybrid RIA — RIA is inde- are currently 18,225 RIAs pendently managed by an managing approximately $4.1 advisor while some oversight trillion in assets that have been aspects remain with the bro- growing at 11% compounded 1 ker / dealer. Commission- annually. Momentum is clearly able business is conducted on the side of the independent RIA model, but how should this through the broker / dealer. decision be approached? • RIA Only — RIA is independently managed by an It’s critical to take an honest advisor and all business and objective assessment of conducted is through a fee- your current practice, including
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wealth management strengths and weaknesses, and then determine the most appropriate structure for the future. Key to this process is the evaluation of what can or should be outsourced. Responsibility Are you looking for full operational, marketing, technology, service, and product control? Do you have the resources to conduct all necessary due diligence on both products and services. Do you want to market to a particular niche? Many firms support a high level of independence even through a Corporate RIA. In-house marketing that can be white-labeled for your firm can be a powerful resource. Regulatory Compliance This is one of the biggest factors to consider. RIAs need to have a Chief Compliance Officer who will have full responsibility for all regulatory filings, audits, supervision, due diligence, and legal / contract negotiations. This factor alone is significantly influenced by the complexity and size of your practice. A key benefit to the Corporate RIA model is the ability to leverage the compliance, supervision, and legal departments of the broker / dealer. A home office
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due diligence team can be a CONSULT WITH SOMEONE tremendous resource to an YOU TRUST As you can see, there are advisory practice. many factors to consider when determining the business model Operations In general, RIAs spend that best supports your practice. roughly 25% of their time Fortunately, there are also plenty on administrative tasks and of resources to help inform approximately 15% of their time your decision. Take your time, on investment management.1 research various sources, and The most successful advisors consult with someone you trust. spend the bulk of their time on client-facing activities. Advisors If you still have questions need to determine what they can about RIA affiliation, email outsource and where they add PESolutions@proequities.com. value to their practice. Cerulli Managed Accounts Quantitative Update, 2017.
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Technology Leveraging the home office technology has always been a benefit of the Corporate RIA model. A Hybrid or RIA-only may need to conduct their own negotiations with various vendors for workflow, document storage, CRM, planning, reporting, and ongoing technology due diligence. Pricing for technology solutions will be difficult for smaller RIAs. Acquisition Having both fee-based and commissionable products, the Hybrid and Corporate RIA models have a broader net for buysell opportunities and recruiting.
Take your time, research various sources, and consult with someone you trust.
Libet Anderson VP of Advisory & Planning 205.268.7085 or Libet.Anderson@proequities.com
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Two Strategies, Sixteen Investment Possibilities by Chris Phillips, CFA, MBA
Past performance is indeed no guarantee of future results. While we’re unable to gain definitive knowledge of where prices are going by looking backwards, past performance can still be a useful tool for gaining perspective. Historical implications can certainly impact our decisions for the future.
What a journey ETFs have made in a very short time, starting the new millennium at $28 billion in total assets yet now tacking on an average of $38 billion in net new assets per month.3 There is currently a significant shift in investor demand away from mutual funds towards ETFs. While mutual funds have dominated the landscape for over 20 years in the financial services industry, ETFs have recently and quite quickly gained traction, as a wide variety of investors gravitate towards this lower cost, passively managed approach to investing.
$427 billion in assets, ETFs had an average annual growth rate of 47%. That being said, ETFs had not quite reached prime time compared to the mutual funds which held approximately $6.3 trillion in AUM.2
Then financial markets fell dramatically throughout the world in 2008. Amongst the many historical firsts we observed, one that flew under the radar was FUND HISTORY: 101 the fact this was the first year Looking back to the early 2000s, ever that ETFs as a group had ETFs had a total of $28 billion outpaced mutual funds in asset in assets under management.1 growth. There was no tectonic Prior to the “Great Recession” shift at that time, and mutual in 2007, ETF growth was much funds regained control the next stronger at $5.4 billion net new year, but it did bring awareness assets per month. With a total of to many in the industry that For Advisor Use Only
perhaps there is merit to making ETFs a part of one’s portfolio. What may have made the most significant impact at this time was the large number of actively managed mutual funds that were unable to outpace their respective style benchmarks although often demanded high management fees. No one knew at the time, but this actually foreshadowed what was to come in less than ten years. Beginning in 2015, ETFs consistently outpaced their mutual fund counterparts at a rate of hundreds of billions of dollars per year. What a journey ETFs have made in a very short time, starting the new millennium JoinProEquities.com
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wealth management
at $28 billion in total assets yet now tacking on an average of $38 billion in net new assets per month.3 A collective combination of concerns such as low cost offerings, mediocre performance of actively managed mutual funds, tax treatment, and investor education, among others, have all come together to help ETFs grow to $3.4 trillion!3 At $14.7 trillion, mutual fund assets have more than four times as much AUM, but if ETFs continue to outpace at over $200 billion4 a year in new assets, that gap will shrink over time.
managed product lines — CorETF and ProEquities Select Opportunity Portfolios (PSOP). Our Strategic Asset Allocations provide the framework for both strategies, each comprised of eight models that span the entire risk spectrum from Conservative to Aggressive.
INVESTMENT COMMITTEE PROVIDES BOTH STRATEGIES
PSOP uses actively managed mutual funds that have demonstrated the ability to add value over the long-term.
The ProEquities Investment Committee believes ETFs and mutual funds bring different benefits and value to meet various investment objectives, which is why we utilize both strategies in our internally For Advisor Use Only
CorETF uses passively managed ETFs. The Investment Committee provides input and guidance in terms of overall asset allocation, security selection, rebalancing, reporting, and monitoring / analysis.
A diverse set of products empowers advisors with the resources, support, and confidence necessary to help clients realize their financial goals.
FRU Tuestions Dbout D particulaU Vtrategy, Hmail PESolutions@proequities.com. Morningstar Direct data, category: “US ETFs, Exclude Obsolete Funds.” 2 Morningstar Direct data, category: “US Open-end ex MM ex FOF, Exclude Obsolete Funds.” 3 Morningstar Direct data, average monthly net asset inflows during 2017. Total ETF Assets at the end of 2017. 4 Morningstar Direct data, ETFs outpaced Mutual Funds in net new asset growth 2017 by $215.9 billion. 1
Chris Phillips Director of Advisory Investments 205.268.7040 or Chris.Phillips@proequities.com JoinProEquities.com
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Adding Structure for Potentially Higher Returns by Rory Hartley and Jermy Jett
Structured notes join market-linked CDs to round out the available suite of structured investments. These products offer the potential benefits of market participation while limiting risk on the downside.
This simply means more product options are available for your clients.
To help you further understand the potential advantages and risks associated with structured notes, ProEquities partnered with Goldman Sachs to offer training and required certification.
TRAINING AND Advisors with Series 7 registration are posted with acknowledgment CERTIFICATION are invited to explore the potential advantages of structured notes and find out when they might be appropriate for your clients. We have worked closely with FirstTrust Portfolios who joined InCapital to wholesale additional issuers for both structured investments, including Goldman Sachs and Bank of the West. This simply means more product options are now available for your clients. Keep in mind that marketlinked CDs are limited to FDIC restrictions. All available structured investments, including marketlinked CDs and structured notes, For Advisor Use Only
forms to Advisor Portal > Advisory, Planning & Product > Products > Fixed Income > Structured Products.
IDEAL CLIENT PROFILE AND ASSOCIATED BENEFITS
To ensure the customer’s best interest is met, a few guidelines have been established to identify an appropriate client for structured notes, including: • $250K liquid net worth • May only invest 25% maximum of liquid net worth • No more than 10% in a single CUSIP • Approved for Level 1 trading in Options Agreement
In order to trade structured products, advisors who hold a Series 7 need to complete training and certification through SIMON (Structured Investment Marketplace and Online Network). Developed by Goldman Sachs, SIMON is an award-winning education platform offering bitesized training formats designed for busy financial advisors. The online training consists of 65 minutes of video content total, segmented into short modules — some as short as 30 seconds. To trade structured notes, you will be required to watch all the videos and pass the related quizzes with a score of 80% or better. JoinProEquities.com
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wealth management Contact the Fixed Income Trading Desk for your personal login credentials, and gain access to the SIMON suite, including: • Education and Training for structured investments in an easy, simple-to-understand video format • Compliance Tracking to verify training certification • Customized Investments to better meet the needs of your clients • Robust Analytical Tools such as back-testing and post-trade analysis to provide increased transparency To start SIMON training, please reach out to the Fixed Income Trading Desk at 1.888.526.6344 for your personal login credentials.
To help you further understand the potential advantages and risks associated with structured notes, ProEquities partnered with Goldman Sachs to offer training and required certification.
Rory Hartley Managing Director of Protective Securities 205.268.3099 or Rory.Hartley@protective.com
Jermy Jett Fixed Income Specialist 205.268.3353 or Jermy.Jett@protective.com
T I T O G L L I ST t n a W u o tY n e m e r i et R # e h T Live
SM
You’ve always been a generation of rule breakers and change makers, so it’s no surprise that you’re redefining retirement, too. After all, you’ve still got it. As the Boomer generation breaks free of the 9-to-5, Jackson® will be there to help you explore new possibilities. Jackson is proud to be the official U.S. sponsor of Exhibitionism – The Rolling Stones, the band’s first ever global touring exhibition.
Visit Jackson.com to learn more. Jackson is the marketing name for Jackson National Life Insurance Company® (Home Office: Lansing, Michigan) and Jackson National Life Insurance Company of New York® (Home Office: Purchase New York). Jackson National Life Distributors LLC.
CMC17868 11/16
The Highest Risk-Adjusted Return
INVESTMENT PROFESSIONAL USE ONLY
As Measured by Sharpe Ratio, Among all 1,200+ Open, Closed-End and Exchange Traded Real Estate Funds in the Morningstar Universe in 2016 and 2017.
Bluerock’s Total Income+ Real Estate Fund (the “TI+ Fund”) is a 1940 Act public, closed-end interval fund offering investors a comprehensive real estate holding which seeks to provide a combination of current income, long-term capital appreciation and enhanced portfolio diversification with low to moderate volatility and low correlation to the broader equity and fixed income markets.
ACCESS TO INSTITUTIONAL PRIVATE EQUITY REAL ESTATE AVAILABLE ON
Sample Investment Managers of the Underlying Portfolio
A Shares (TIPRX) | C Shares (TIPPX) I Shares (TIPWX) | L Shares (TIPLX)
Fund Performance (through 3.31.2018) One Year
Three Year
Five Year
Since Inception2
TI+ Fund - Class A
7.72%
6.69%
8.04%
8.15%
TI+ Fund - Class A1 with Max Sales Charge
1.54%
4.60%
6.77%
6.97%
1 The maximum sales charge for the Fund is 5.75%. Investors may be eligible for a reduction in sales charges. 2 Inception date of the A Shares is October 22, 2012.
The total annual fund operating expense ratio, gross of any fee waivers or expense reimbursements, is 2.38% for Class A, 3.12% for Class C, 2.15% for Class I, and 2.69% for Class L. The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Past performance is no guarantee of future results. The Fund’s investment adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund, at least until January 31, 2019 for Class A, C, and I shares, and at least until May 31, 2018 for Class L shares, to ensure that the net annual fund operating expenses will not exceed 1.95% for Class A, 2.70% for Class C and 1.70% for Class I, and 2.20% for Class L, subject to possible recoupment from the Fund in future years. Please review the Fund’s Prospectus for more detail on the expense waiver. Results shown reflect the full fee waiver, without which the results could have been lower. A Fund’s performance, especially for very short periods of time, should not be the sole factor in making your investment decisions. For performance information current to the most recent month end, please go online to www.bluerockfunds.com/performance. Results shown reflect the waiver, without which the results would have been lower.
Investing in the Fund’s shares involves substantial risks, including the risks set forth in the “Risk Factors” section of the prospectus, which include, but are not limited to the following: The Fund may invest in convertible securities which are subject to risks associated with both debt securities and equity securities; correlation risk such as in down markets when the prices of securities and asset classes can also fall in tandem; credit risk related to the securities held by the Fund which may be lowered if an issuer’s financial condition changes which could negatively impact the Fund’s returns on investment in such securities; interest rate risk including a rise in interest rates which could negatively impact the value of fixed income securities. The Fund’s investment in Institutional Investment Funds will require it to bear a pro rata share of the vehicles’ expenses, including management and performance fees; Issuer and non-diversification risk including the value of an issuer’s securities that are held in the Fund’s portfolio may decline for a number of reasons which directly relate to the issue and as a non-diversified fund. Investors should carefully consider the investment objectives, risks, charges and expenses of the Total Income+ Real Estate Fund. This and other important information about the Fund is contained in the prospectus, which can be obtained online at: www.bluerockfunds.com. The prospectus should be read carefully before investing. Investors may be eligible to purchase Class A share without load. Please see the Fund Prospectus. Liquidity provided through quarterly repurchase offers for no less than 5% of the Fund’s shares at net asset value. There is no guarantee that an investor will be able to sell all shares in the repurchase offer. Source: Morningstar Direct, annualized Sharpe Ratio, based on daily data from 2017-18. Using Morningstar data compiled by Bluerock Fund Advisor, LLC, TIPRX received the highest Sharpe Ratio among 1,257 open, closed end, and exchange traded funds in the global real estate sector equity category for the one year period ending 3/31/2018. TIPRX A Shares; no load. Sharpe Ratio is only one form of performance measure. The Sharpe Ratio would have been lower if the calculation reflected the load.
The Total Income+ Real Estate Fund is distributed by ALPS Distributors, LLC (ALPS). Bluerock Fund Advisor, LLC is not affiliated with ALPS.
LEARN MORE AT: www.bluerockfunds.com For Advisor Use Only
Securities offered through Bluerock Capital Markets, LLC | Member FINRA/SIPC JoinProEquities.com Affiliated with Bluerock Real Estate, LLC | BLU000207
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Develop a Marketing Plan to Catalyze Growth contributed by Pershing
Research shows that only 30% of financial advisors actually have a marketing plan. Interestingly, statistics indicate the vast majority of highly successful financial advisors have a marketing plan.
New technologies have shaped client behaviors and expectations for how they communicate with their advisor and how they interact with their financial data.
How we conducted business 1020 years ago is different from how we conduct business today. And building a business 10 or 20 years from now will also be different.
marketing plan as well. New technologies have shaped client behaviors and expectations for how they communicate with their advisor and how they interact with their financial data.
STRATEGY FOR PRACTICE EXELLENCE
However, the tried and true concepts of establishing a It’s important to modify your marketing strategy still hold true: business strategy based on • Identify your target market where you are today and what • Develop relationships your growth goals are tomorrow. • Create a referral strategy Incorporating technology into your daily operations is a given. REACH MORE QUALIFIED Also, it’s important to take PROSPECTS advantage of online and social Advisors should combine media opportunities in your evolving digital strategies For Advisor Use Only
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client acquisition Advisors should combine evolving digital strategies with tried and true methods of developing a marketing plan to reach prospective clients as efficiently as possible. with tried and true methods of developing a marketing plan to reach prospective clients as efficiently as possible. The steps to developing marketing plan include:
a
Put a stake in the ground. Who is the market we are going after and where do we find them? Look at your current clientele, and look at your community to find common traits. Focus on your hobbies and things you enjoy—this is a natural niche market for you. Prepare to tell the Be clear, be concise, simple. Be consistent message when telling who you are and what
world. and be in your people you do.
on your website and social media to attract clients outside of your immediate area. Develop a content marketing strategy. Include content that impacts your clients and prospects. Focus on topics that are important to your audience. Develop your network. Join community organizations, interact with centers of influence, show your commitment to a cause that’s important to you, and meet others with similar interests.
Your online presence will influence people — it’s the first impression prospects form of your business. Be sure that your digital strategy is strong, positive, and consistent with what you Focus on where you will want to tell the world…and how find clients. Do not just focus you present yourself within the on local marketing, but also community. For Advisor Use Only
For more practice management resources from Pershing, login to NetX360 > Resources > Marketing Center.
Randy Vicchio Pershing Practice Management
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Candid Convo: Advisor Q&A With Bill Dowell Our current issue is all about recognition. What does recognizing practice excellence mean to you? It’s a testament to the team of people that you put together, and the people you surround yourself with. I’ve been blessed to have great people around me. I was told many years ago, “If you want an exceptional organization, you hire exceptional people… and you treat them well and pay them well.” I’ve lived by that adage, and it’s served me well so far. The Impact Award is given to an advisor nominated by his peers, and selected by a committee of industry professionals. Were you surprised when Chris Flint called your name as the firstever Impact Award honoree at the APEX conference in Nashville? Very surprised, very honored, and very humbled. Until Chris got to the end of the award setup and said “Happy Birthday,” I had no idea it was me. It was a very humbling experience, looking back on it. The biggest honor was that the Impact Award came from peers and coworkers, and that they would For Advisor Use Only
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practice management recommend me for this. It was a huge surprise, and an even bigger honor being the first Impact Award winner. Some people at the home office had to work hard to get my wife Sandra in the audience, and my daughter Logan was there as a new member of the Sales Assistant Advisory Board. It was really significant for me to have them both there. I couldn’t do what I do without the support and encouragement of Sandra.
Vision 20/20 was our way to brand our services and differentiate our unique process.
Bill and Sandra Dowell walk to the stage and accept the Impact Award at the 2018 APEX conference.
them appropriately plan for their future. We take the time to thoroughly plan their financial future and build relationships versus simply selling a product based on investment amount.
Talk a little about your unique Vision 20/20 Since forming Vision Financial Group in 1996, process and how it resonates with your you’ve built a strong team with a variety of skillsets. What’s the most important lesson clients? you’ve learned about recruiting staff members About four or five years ago, we worked hard that support your company values? as a team and spent months really reviewing everything that we do, so we could figure out how to make it better. Vision 20/20 was our way to brand our services and differentiate our unique process.
What we try to do is paint a picture of the client’s financial life. Once that picture is painted, we help them prioritize what’s most important to them. Once the plan is established, then we start helping them work the plan. Whatever the issue might be, whether it’s retirement planning or saving money for a child’s education, we believe it’s critical to have a plan. The 20/20 process takes clients through the different stages of the financial planning process — we want to know who they are, so we can help For Advisor Use Only
I’ve never advertised for an open position, because we’ve been blessed enough to find individuals through our client network and local community. We look for values-driven individuals that have a servant’s heart.
Find the right fit. Work hard. And seek out individuals who have been around longer than you have and pick their brain. This is one of the most giving industries, but you have to ask the right questions.
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practice management Have you had a chance to use the ProLytics powered by Truelytics platform for succession planning? What do you think about the business valuation technology?
broker/dealers, so I’ve really learned a lot about the inner workings of BDs and how they’re doing business. It’s an eye-opening perspective knowing that every BD is struggling with the same issues.
The value of any business is determined by so many variables, and ProLytics takes a deep dive to evaluate all the elements that add up to an estimated worth. It really looks at the profitability of your business, and we are going through the process in our office right now.
I’ve got one more year to go on the Board to fulfill my four-year term, and I’ll continue my involvement with FSI. As an advisor, it’s important to voice our concerns and opinions to make sure we’re on the right track for the future direction of our industry.
We’re also working with the ProEquities practice management consultants to make sure everything is done properly, so we’re inputting similar information across our firm to ensure the effectiveness of the data. ProLytics helps advisors run a more profitable business and allows us to track all the variables that impact our success. It’s a tool to help our business make more informed decisions. And every other successful business is using similar technology!
For advisors who aren’t already affiliated with FSI, what are some advantages of annual membership?
What advice would you give an advisor just starting his/her career? Find the right fit. Work hard. And seek out individuals who have been around longer than you have and pick their brain. This is one of the most giving industries, but you have to ask the right questions. Also keep in mind that in this business, you’re really only in competition with yourself to try and get better. You just have to spend the time and put the work in. Has serving on the Board of directors for the Financial Services Institute (FSI) influenced how you run your practice? It’s been interesting being one of the five advisors on the Board with 13 CEOs of other independent For Advisor Use Only
If you’re a professional of any industry, especially financial services, you need to be a member of its advocacy organization. FSI fights for not only the best interest of our advisors, but of our clients, to make sure that everything is the way it needs to be. Whether it’s the senior vulnerability issue, the DOL rule, or maintaining our status as independent contractors versus employees, FSI has a very professional staff in DC fighting for independent financial advisors. It’s important to be involved and contribute to the incredible work they do. Bill Dowell, is an independent financial advisor affiliated with ProEquities. He can be reached at 205.970.4909 or bdowell@vision-financialgroup.com.
The value of any business is determined by so many variables, and ProLytics takes a deep dive to evaluate all the elements that add up to an estimated worth. It really looks at the profitability of your business, and we are going through the process in our office right now. JoinProEquities.com
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Business Intelligence for Your Practice to Stay on Top by Cristi Meyers and Matt Williams
We all live in a quantitative world. On a daily basis we’re calculating and reviewing clients’ lifelong financial goals. We alert them if they’re off track. We’re quick to tell them how to get back on track. That’s our job and our clients love us for it!
ProLytics is a business intelligence platform to help advisors accurately value, benchmark, and strengthen their business.
How often do you review the progress of your practice with a business / financial plan? I hope as often as you recommend reviews for your clients. What tool or software do you use to review your business? Do you get input from someone other than yourself — such as your CPA, lawyer, or a business consultant?
PROACTIVE, ZERO-BASED THINKING
What would you change in your business if you were just starting and knew everything you do now? Would you make the same decisions or would you pivot differently? This type of brainstorm is called zero-based thinking, and For Advisor Use Only
it’s a popular concept for running efficient, profitable companies. As a small business owner, it’s critical to take time and develop a proactive strategy, so you’re not always reacting to situations, but you’re creating opportunities.
USING TECHNOLOGY TO STAY COMPETITIVE
Staying relevant in the fast paced business world is challenging, especially considering statistics show businesses need to reinvent themselves every three to five years. To stay in the top 20% of the competition, it’s a given to devote time every week to reading, goal evaluation, and professional development. JoinProEquities.com
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practice management Using technology is also a must to stay relevant.
PROLYTICS BUSINESS INTELLIGENCE
One of the key initiatives of our Practice Management team has been to develop resources and services to add value for our advisors, particularly as it concerns technology solutions to optimize your practice. OuU ILrst Wechnology implementation to help support your business is ProLytics powered by Truelytics. ProLytics is a business intelligence platform to help advisors accurately value, benchmark, and strengthen their business. Initially rolled out to our ProElite Partners, we are excited to introduce it to the rest of the field. • Valuation – With ProLytics data, you’re able to develop succession plans for retirement and contingency plans for the unexpected. If you’re gifting or selling your business to a family member, you’ll need the estimated value for IRS purposes.
say you need to follow the To start your ProLytics profile crowd, but it does mean today, contact a member of the that you understand where Practice Management team. you stack up in the crowd. Knowing where you are can help you shine the light on the unique way you run your business and how your clients benefit from that uniqueness. • Strengthening Your Position – Have you ever asked yourself what can I do to increase the value of my business, or where are the areas of my practice that are weak and strong? The business analysis tools provide objective insights into answering these questions, and more.
TAKE ADVANTAGE OF ENTERPRISE PRICING
All ProEquities advisors can create a ProLytics profile through our enterprise agreement and receive significant discounts from retail rates. About 30% of the profile data can be prepopulated by the home office, and it takes about 30 - 45 minutes to input the rest of the information requested. Ample • Benchmarking — It’s training resources are available, important to evaluate your including, recorded demos, onepractice against others in on-one training, and a dedicated the industry. This is not to call line for personal assistance.
For Advisor Use Only
As a small business owner, it’s critical to take time and develop a proactive strategy, so you’re not always reacting to situations, but you’re creating opportunities.
Cristi Meyers Practice Management Consultant 618.570.8831 or Cristi.Meyers@proequities.com
Matt Williams Internal Practice Management Consultant 205.268.5430 or Matthew.Williams@proequities.com
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Articulate Your Recruiting Value Proposition by Deb Grier and Blake McCrary
What do you do if you want to grow your practice? There are three basic steps to branch development: • create a value proposition • identify your ideal advisor profile • create a recruiting plan to attract ideal candidates. As your business development consultants, we can help you grow and assist you with each step of the process.
To cut through the noise, you’ve got to be able to talk about who your company is and what you do that’s better than your competitors.
This article is dedicated to step No. 1 — creating a value proposition. A value proposition is a statement that summarizes your firm’s values, traits, and characteristics. This statement articulates what sets you apart from your competition and becomes part of your core story.
IDENTIFY THE PROBLEM YOU ARE SOLVING
Whether you are looking to recruit to your practice, acquire a practice, or simply increase For Advisor Use Only
brand recognition in the community, you must be able to articulate a few of things about your business. To cut through the noise, you’ve got to be able to talk about who your company is and what you do that’s better than your competitors. Basically, you’re telling people how you can add value to their lives and help them….fill in the blank. Keep in mind, your business needs a value proposition for advisors, not just your clients and JoinProEquities.com
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resources and support prospects. To get an advisor’s attention, your offer must be compelling and succinct. It should also be unique. Look at your practice from an outsider’s perspective – if you were a recruit, what would make your group stand out and get you to take a second look?
CRAFT A UNIQUE STORY THAT SETS YOUR PRACTICE APART
Plan a brainstorming session with your team and start by posing these questions: • Who Are You? Think in terms of you as an individual and your firm as a whole. Consider background, experience, successes, community involvement, personal interests, etc. • What Do You Do? Clearly state your business model. Focus on any special markets or niche opportunities. Identify what you do for clients that sets you apart. • Why Do You Do It? Write down what drives you and the motivation behind the financial plans you deliver. Being able to explain why you went into the business will help you connect with the advisor you are trying to attract to your firm.
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• What Makes Your Firm Different? There are many practices, so explain why an advisor should consider working with your team versus the one down the street.
Once you have developed your unique value proposition, you are ready to complete the next steps of business development: identifying an ideal advisor profile and creating a recruiting plan.
• What Benefits Do You Offer? While these come in all flavors, here are some examples:
Stay tuned for future issues of Advisor Connect, or reach out to us in the meantime to jump start your recruiting opportunities.
• Equity Ownership • Succession Planning and Support • Unique Resources • Strong Marketing Program • Office Space and Administrative Support • Assistance with Growth / Succession Planning • Operations and Compliance Support • Collaboration with Other Successful Advisors In today’s competitive environment, it’s critical to consider these factors as you optimize your recruiting value proposition and keep refreshing it every three to five years as your firm evolves. We have compiled a guide that walks you through creating your value proposition and putting together your plan. Contact us if you’d like a copy.
Deb Grier Regional Director of Recruiting / Branch Office Development 205.268.4494 or Deb.Grier@proequities.com
Blake McCrary Regional Director of Recruiting / Branch Office Development 678.361.2838 or Blake.McCrary@proequities.com
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MAXIMUM OFFERING AMOUNT: $2.5 billion GROSS PUBLIC OFFERING PRICE: $9.551
1.
As of 3/31/18. Pursuant to the terms of the ORCC II prospectus, the share price is subject to change based on fluctuations in NAV (Net Asset Value). Please refer to the current ORCC II prospectus as amended and supplemented for disclosures relating to the share price (referred to as the “public offering price� in the prospectus).
This is neither an offer to sell nor a solicitation of an offer to buy any securities described herein. Only a prospectus for Owl Rock Capital Corporation II can make such an offer. Neither the SEC, the Attorney General of the State of New York nor any state securities commission has approved or disapproved of these securities or determined if the prospectus is truthful or complete. Any representation to the contrary is a criminal offense. Securities are offered through Owl Rock Capital Securities LLC, member of FINRA/SIPC, as Dealer Manager.
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*Source: SPIVA US Scorecard Year-End 2016 Financial Professional Use Only — Not for Publtic Distribution. Investment advisory services provided by LWI Financial Inc. (“Loring Ward”). Securities transactions offered through its affiliate, Loring Ward Securities Inc., member FINRA/SIPC. R 18-065 (1/19) Implementing an indexing or asset class investing strategy cannot guarantee a gain or protect against a loss. All investing involves risk, principal loss is possible.
The Insurance-Owned IBD Model Is Far From Extinct by Chris Flint
as seen on WealthManagement.com, March 2018 With the wave of industry consolidation over the past year, I’m frequently asked: “Is the insurance company-owned broker-dealer model dead?” My reaction to this question is always, “who cares about ownership structure?”
As long as firms deliver a worldclass service experience to their clients, they will remain competitive, regardless of the regulatory environment or whether ongoing consolidation trends continue.
INDEPENDENCE: WHAT IT MEANS, AND WHAT IT DOESN’T
The abiding image of an independent firm in our industry is one that focuses solely on enabling the delivery of financial advice, with no incentives to distribute proprietary products or services. But this image doesn’t match reality. Indeed, nearly every For Advisor Use Only
so-called independent firm today delivers proprietary offerings or services of some kind, including model portfolios built by in-house asset management strategists and investment banking services that give clients access to their own private placement deals. The bottom line: Neither a firm’s ownership structure nor the presence of “proprietary solutions” impact a firm’s ability to enable independent, conflictfree financial advice. Successful insurance-owned broker/dealers know this and have been building their businesses on this principle for years.
As long as firms deliver a world-class service experience to their clients, they will remain competitive, regardless of the regulatory environment or whether ongoing consolidation trends continue.
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resources and support That said, there’s no question that the landscape is changing, with the demands of the fiduciary era forcing such firms to take stock. Here’s what to keep in mind when thinking about the future:
Optional Versus Default Proprietary Offerings
Does the firm provide diversified products and services that go well beyond its own proprietary offerings or those of its parent company? While there will always be cases when the best solutions for a client’s needs are proprietary products, in a post-DOL rule environment, it will become increasingly timeconsuming and costly to provide documentation that demonstrates such recommendations are in the client’s best interests. Insurance-owned firms overly dependent on a parent company’s proprietary solutions — in excess of 10 percent of total revenue — will face head winds over the long term, since those may end up costing more than they produce. On the other hand, insurance-owned IBDs that don’t rely on proprietary offerings as a default approach could be well-positioned to thrive.
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Leveraging Risk Management Insights to Drive Holistic Planning
This is an especially important competitive differentiator for insurance-owned IBDs, because firms that started as part of a broader insurance organization frequently offer an in-depth understanding of risk management and longterm portfolio construction that other firms struggle to match. By systematically translating these insights into actionable client recommendations and strategies for their advisors, such firms can expand their client service models beyond product sales and into holistic financial planning that seamlessly integrates downside contingency planning. Enabling the creation of financial plans with robust risk management components, therefore, represents a distinctive value-added relative to much of the rest of the industry.
Success in the independent financial advice industry going forward will be driven by independent advisors who lead with fee-based solutions under a customized financial plan.
EMPHASIZING ADVISORY
Of course, there’s no getting away from the fact that success in the fiduciary era will depend on the ability of independent firms and their advisors to continue to transition away from transactional business and toward the advisory
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resources and support model. Any insurance-owned IBD that has successfully transitioned to having at least 40 percent to 50 percent of total annual revenues driven by fee-based advisory work is in a solid position for continued success. This is especially the case if the firm is actively encouraging advisors to commence each engagement with a customized financial plan. By the same token, any firm — insurance-owned or otherwise — whose total revenues are skewed toward more than 60 percent commission-based business is going to find it challenging to survive.
forward. In other words, fixating on whether a firm is owned by an insurance company or any other specific product enterprise, misses the point of independent advice entirely.
Looking Ahead
The insurance-owned IBD model is no more inherently doomed to extinction or destined for success than any other sub-segment of the IBD industry. Broadly, success in the independent financial advice industry going forward will be driven by independent advisors who lead with fee-based solutions under a customized financial plan. Based on this, one conclusion that could be drawn is that firms backed by well-resourced owners — whether these are successful product manufacturers or deeppocketed private equity firms — may have a distinct competitive advantage relative to “standalone” broker/dealers going
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Chris Flint President & CEO 205.268.5144 or Chris.Flint@proequities.com
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Recognizing Practice Excellence at the APEX Conference An indication of a successful business model includes qualitative and quantitative measures. The inaugural APEX conference in March 2018 spotlighted achievements in both categories, as awards were presented to some of our exemplary advisors. IMPACT AWARD Bill Dowell | Vision Financial Group | Birmingham, Alabama Also the inaugural year for The Impact Award, this distinguished financial advisor is nominated by their peers and selected by a committee of industry professionals. The award recipient consistently personifies four traits that foundationally make him the “Best of the Best,” including: • Leadership – Exhibits leadership and professional balance for our advisors, both experienced and new to the profession, in addition to those within their offices. • Integrity – Reflects the highest level of integrity both personally and throughout his or her professional and personal environment. • Partnership – Assists ProEquities in realizing our mission — to empower independent financial advisors with the resources, support, and confidence necessary that enables their clients to achieve financial freedom and safeguard their futures. This is accomplished through delivering objective, competent, transparent advice, and a superior service experience in a compliant and profitable manner. Nominees may also be solid community partners. • Performance – Perennially conducts business representing a continuing commitment to quality and consistency of outstanding performance. For Advisor Use Only
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practice management RISING STAR AWARD Zack Van Zant | Legacy Advisory Group | LaGrange, Kentucky The Rising Star honors a financial advisor under the age of 40, has been in the business for one to three years, and demonstrates steady, compliant growth. They are skilled in client acquisition, retention of assets, and portray a passion for aligning client interests with their financial plan.
AMPLIFY AWARD Robert Coode | Skoda Minotti | Mayfield Village, Ohio With most assets gathered on the ProEquities Advisory Management PlusSM platform, Robert’s annual AMP assets were $96.4M, including a net inflows of $15M in 2017.
ADVISOR OF THE YEAR Chad Hatter | Weaver Insurance & Financial Advisors | Waynesboro, Virginia As the highest performing advisor of 2017, Chad finished 2017 with $1.3M in commissions and advisory fees.
BRANCH PARTNER OF THE YEAR Security Financial Management | Orlando, Florida
The highest performing branch finished the year at $7.5M. Partners include: Dave Allen, Mike Allen, Frank Lovaglio, and Keith Moore.
Please join us in congratulating our 2018 APEX award winners! For Advisor Use Only
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And the Customer Experience Award Goes To… by Blaine Miller, MBA
Refining the customer experience has been an ongoing priority, and we’re continuing to help drive solutions that create a more proactive service culture. The Customer Experience Committee is excited to provide an update on several initiatives that have been implemented and the milestones that lay ahead.
We anticipate this Committee will generate ideas that lead to many more impactful developments in the coming months.
A survey was conducted last summer internally at the home office, and externally across the field, to calibrate the perception of our customer experience. The feedback provided has been the foundation for our work and will continue to impact changes to our customer service model.
DRIVING EFFICIENCIES
Based on your feedback, the phone tree options on our dedicated customer service line have been simplified, providing a streamlined experience that connects you with the appropriate contact more quickly. We are also working to create customer experience standards For Advisor Use Only
that align with our core values of doing the right thing, serving people, building trust, and simplifying everything. These pillars will guide expectation standards for our staff and will be used as criteria for the Customer Excellence Award — allowing our field partners to nominate home office staff that consistently exemplify these attributes. Stay tuned for more information about this award and the selection process.
MEET YOUR CUSTOMER EXPERIENCE COMMITTEE
Company cultures that deliver outstanding customer experience have developed channels to facilitate honest, constructive communication JoinProEquities.com
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resources and support with its customers. In that spirit, we are thrilled to introduce the Customer Experience Committee, whose members were recognized at the 2018 APEX Conference in Nashville. This group of advisors, branch managers, sales assistants, and home office staff bring their diverse backgrounds to enhance our strengths and improve our service delivery. We anticipate this Committee will generate ideas that lead to many more impactful developments in the coming months.
HELP IMPROVE OUR SERVICE CULTURE
As we continue to listen, think, and respond to our customers, we welcome your personal contributions to the process. Your feedback, stories, and experiences are not only valuable, but imperative to optimizing our business.
As we continue to listen, think, and respond to our customers, we welcome your personal contributions to the process.
In the coming months, we will send another survey to the field asking how we’re doing. We certainly appreciate your time and candor, as we earnestly work to improve our service culture.
Customer Experience Committee Members Advisors Jay Matthews, Producers Financial Group Greg Phelps, Griffith & Werner Branch Managers Szablis Klee, Full Circle Financial Reed Pickering, First Summit Financial Sales Assistants Cathy Bursey, Security Financial Management Rita Stapleton, Arkansas Agency Group ProEquities Staff Jermy Jett, Fixed Income Specialist Tiffany Pennington, Commissions Manager For Advisor Use Only
Blaine Miller Chief Supervision Officer 205.268.5910 or Blaine.Miller@proequities.com
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Embrace Digital. Grow Your Practice. Investors today are actively engaged. They want to know more about their investing options and better understand their personal finances. They want control, transparency, and access. In this 24/7 information driven environment, advisors need to embrace digital solutions. They need to connect with investors on different levels and demonstrate that their advice is essential.
Leverage Envestnet’s Client Portal It’s a digital platform with configurable modules that aggregates personal finances with investment accounts, all white-labeled for the advisor.
A set of online tools gives end-investors greater insight and control to chart their expenses and income, monitor cash flow and determine net worth—all while providing a holistic view of their wealth.
And, a digital storefront allows end-investors to experience a personalized approach to investing and to open an account on their own.
Join the digital revolution. Learn more at envestnet.com/clientportal. ENVESTNET RESERVES THE RIGHT TO ADD TO, CHANGE OR ELIMINATE ANY OF ITS SERVICES WITHOUT PRIOR NOTICE. APPROVED FOR INVESTMENT PROFESSIONALS ONLY. IT IS NOT INTENDED FOR PRIVATE INVESTORS. © 2017 Envestnet, Inc. All rights reserved.
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Voya Institutional Trust Company is the custodian for mutual fund custodial accounts distributed by Voya Financial Partners, LLC (member SIPC) or other broker-dealers with which it has a wholesaling or selling agreement. Both are members of the Voya® family of companies. Not FDIC/NCUA Insured | Not A Deposit Of A Bank | Not Bank Guaranteed | May Lose Value Not Insured By Any Federal Government Agency For Registered Representative use only. Not for public distribution. ©2018 Voya Services Company. All rights reserved. CN0522-42350-0620D 201331 05/25/2018
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Entreda Drives Higher Cyber Protection Standards by Steve Youhn
as seen in Investment News, Financial Advisor Magazine, and Think Advisor, June 2018 Developed by Entreda, the platform will ensure every computer and mobile device is secure when accessing client data.
ProEquities, an independent RIA and broker-dealer hybrid with $16 billion in client assets, is rolling out a new cybersecurity platform to improve protection for the firm’s 700 financial advisors. Developed in a partnership with Entreda, a risk mitigation and compliance software provider, ProEquities will install software on every computer and mobile device ProEquities’ representatives use to access client data. The
software
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will
ensure
ProEquities’ data security standards are met, such as requiring that the latest antivirus protections, firewalls, and system updates are in place. It also requires the computer or mobile device to use data encryption, a passcode, a secure internet connection, and screen locks. Though financial services firms are aware they are increasingly targeted by hackers, many firms rely on a patchwork cybersecurity system that cobbles together several different vendors, according to
By going with a single vendor that handles everything, even non-tech-savvy advisors can be confident they are protected.
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resources and support Steve Youhn, ProEquities vice president and chief compliance officer. By going with a single vendor that handles everything, even non-tech-savvy advisors can be confident they are protected. “Our guys are wealth advisors. They shouldn’t have to be Geek Squad employees too,” Mr. Youhn said. “You can’t pick up a newsletter, you can’t look online and not read about hacks or fraudsters getting into accounts. Advisors want peace of mind, want to know they have the best protections in place. A lot of them don’t know how to do that.”
applauded ProEquities’ efforts. “This is really a step in the right direction,” said Anupam Sahaim the vice president of product management at Cavirin. However, there are still risks involved with the end investor, he said. “One challenge will be to ensure that their platform effectively protects the end user whether on a desktop, laptop, or smartphone,” Mr. Sahaim said. “There are a lot of moving parts and operating systems, and the worst that can happen is to create a false sense of protection.”
Entreda’s technology features backend monitoring that will inform ProEquities within minutes if a computer or device isn’t in compliance or if the software is removed.
Mr. Youhn acknowledged that ProEquities’ platform won’t touch end investors, but it will at least give them confidence that their reps are safe and secure when accessing data.
Mr. Youhn said his firm is setting a new standard for cybersecurity, which he said is “absolutely, hands down” the greatest threat to financial services.
“The last thing we want to do, the last thing any advisor wants to do, is reach out to customers and tell them, ‘my computer was hacked and they got information on your account,’” he said. “We’re doing everything we can to put our reps in a position where [they] never have to make those calls.”
“Nothing is even second,” he said.
a
close
Other risk management and compliance companies For Advisor Use Only
ProEquities is setting a new standard for cybersecurity, which is absolutely, hands down the greatest threat to financial services. NOTE: Entreda is being rolled out in phases based on branch manager affiliation. Installation instructions are emailed from Support@proequities.com, and everyone must download Entreda by September 1, 2018.
Steve Youhn Chief Compliance Officer 205.268.3369 or Steve.Youhn@proequities.com
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There are ample opportunities for continuous growth as an advisor affiliated with ProEquities. Two annual events are held to promote business development and reward success.
2019 ORLANDO — March 24-27
APEX is the ProEquities annual, national conference designed to prepare you and your team for the ever-changing demands of our industry. Mornings are dedicated to main stage speakers, and then sessions are organized into educational breakout tracks, designed around helping you make the most of your business and client relationships. APEX is designed for advisors, sales assistants, and branch managers with three dedicated tracks to take your practice to the next level: • Support & Build • Grow & Optimize • Manage & Supervise. Registration details will be released in January. In the meantime, mark your calendar for March 24 - 27, 2019!
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resources and support
2019
JACKSON HOLE — July 10-14
The Elite Summit is a rewards celebration for our most distinctive advisors, and qualification is based on a 12-month performance period. Held in both domestic and international locations, our top advisors are invited to celebrate their commitment to excellence and strengthen relationships with colleagues from across the nation. The 2019 trip will be hosted in Jackson Hole, Wyoming on July 10-14. The Platinum Experience is earned by Advisors and Business Owners / Branch Managers who significantly exceed the qualification requirements and lead their peers by raising performance standards. These distinctive qualifiers benefit from extra amenities during their getaway.
For Advisor Use Only
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Welcome New Advisors:
NAME
PREVIOUS FIRM
LOCATION
Brady Bohl
New to Industry
Bismarck, ND
Curtis Buckley, Jr.
Kovack Securities
Fort Lauderdale, FL
Martin Carbaugh
USA Financial Securities Corp.
Fort Wayne, IN
Joseph Clagg
Mutual of America Securities
Indianapolis, IN
Jennifer Dillee
MML Investors Services
The Woodlands, TX
Jean Gigliotti
Lincoln Investment
Concord, OH
Michael Granito
New to Industry
Mayfield Village, OH
John Harris
American Capital Partners
Opelika, AL
Matthew Johnson
Calton & Associates
Muskego, WI
Nicholas Kruse
New to Industry
Dubuque, IA
Parks Lee
MML Investors Services
Birmingham, AL
Herb Lewis
Regulus Advisors
Woodbury, MN
Marc Linsky
Concorde Investment Services
Marlton, NJ
Mike Livingston
Securities America
Cincinnati, OH
Josh Null
New York Life Securities
Fairhope, AL
Michael Payne
Triad Advisors
Longwood, FL
John Redmaster
USA Financial Securities Corp.
Fort Wayne, IN
Jeffery Sengsy
New to Industry
Greensboro, NC
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Fast Facts We think like entrepreneurs, because that’s who we support. Founded in 1985, ProEquities is an independent RIA with a broker/dealer headquartered in Birmingham, Alabama. We have 555 FINRA registered offices and support more than 700 independent financial advisors nationwide who, in turn, serve over 160,000 clients. Our advisors include investment advisor representatives, registered representatives, and registered investment advisors who work through hybrid service models. ProEquities is a wholly owned subsidiary of Protective Life Corporation.
OUR AVERAGE PRODUCTION PER ADVISOR HAS INCREASED 44% OVER LAST YEAR.
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Talk to a Business Development Consultant about joining us. Call us at 866-933-2163, or email Join.Us@proequities.com.
Speak to an advisor service associate or reach a ProEquities team member.
Call 800.288.3035, or email by using this general rule: Firstname.Lastname@proequities.com. About ProEquities Founded in 1985, ProEquities, member FINRA/SIPC, is an independent RIA with a broker/dealer and headquartered in Birmingham, Alabama. This wholly owned subsidiary of Protective Life Corporation supports more than 700 independent advisors nationwide in serving their clients. ProEquities and its partner firms help you maximize your effectiveness as an independent financial advisor. Learn more about our advisor-centric financial services and find out how we can help optimize your business.
ProEquities, Inc. 2801 Hwy 280 South Birmingham, AL 35223
We Listen. We take the time to listen so we can work with you to develop a solution for your financial needs. We Think. We consider what you tell us and ask clarifying questions so that we truly understand your overall objectives and the unique challenges that stand between you and your dreams. We Respond. Only then do we reply...not with a cookie cutter answer but with a personalized action plan...a roadmap that will help lead you in the direction you want to go.
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