Even if your primary focus is on clients, developing the relationship with your broker-dealer isn’t something you should put on the back burner. A strong collaboration between an advisor and broker-dealer is mutually beneficial—it equips you to serve clients more effectively while helping the broker-dealer reach their year-end goals. So, if you partner with a broker-dealer, here are actionable ways to build a successful working relationship:
Compliance with the latest industry regulations is vital for both advisors and broker-dealers. Stay informed on all the rules and policies that govern your practice to maintain strict adherence. This effort can help your financial services broker avoid potential legal issues and scrutiny, thus benefiting both parties. Meticulous regulatory compliance will reinforce client trust, which is more important than ever in today’s economic climate.
Communication is the backbone of any strong business connection. As such, seek to establish open, honest lines of communication with your financial services broker-dealer. Avoid only discussing the positive outcomes but challenges and concerns as well. Schedule regular virtual or in-person meetings with the broker-dealer to share updates, collaborate on strategies and ensure alignment on expectations and objectives.
The financial industry constantly evolves, with new products, strategies, protocols, and innovations. To stay current and relevant, take advantage of the resources your broker-dealer offers financial advisors. From marketing insights to training modules and tech integrations, a financial services broker-dealer can help scale your business and set you up with the right tools and platforms to deliver a seamless, high-value client experience.
Client interests should always be the main focal point of a financial advisor and broker-dealer relationship. Your goal is to prioritize clients’ needs, tailor solutions to meet their goals, and offer authentic, personalized assistance. This overarching mission must drive all interactions with your financial services broker-dealer. When you both share a commitment to client satisfaction, it builds a sense of camaraderie and shared vision.
Even the most successful connections are not immune to conflict, so if issues arise with your broker-dealer, set a goal to resolve them efficiently and professionally. Whether the problem stems from a compliance breach, an operational setback, or a client dispute, collaborate with your financial services broker to reach a constructive solution. Respectful dialogue will ensure you’re committed to preserving the relationship and creating a path forward.
The relationship between financial advisors and broker-dealers should be reciprocal, with both parties benefiting each other. A successful dynamic builds on effective communication, regulatory compliance, conflict resolution, sharing of resources, and a common goal to deliver exceptional client results. Whether you just started working with a financial services broker or you’ve been together for years, these tips will strengthen your business ties.
Here at Concorde, we love partnering with financial advisors, empowering them to grow and thrive in their careers. Success is a team effort, and a positive network of connections benefits all entities involved. We encourage you to reach out if you want to learn more about joining our community of financial professionals and accessing our virtual platforms, educational materials, or other resources.