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| The Professional Alliance, Inc. Newsletter |
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September 2009 |
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This month's newsletter focuses on the service and support from your brokerage firm. It may not be what drives you to your broker-dealer, but it is certainly what makes you stay. The Professional Alliance believes strongly in support and service, which is why we feel this is one of the most important newsletters we have written. Let us know what you think of this months articles! |
Operational Service Quality
How Service Effects You and Your Bottomline
Competancy. Timeliness. Friendliness. Follow up, Confidence.
You hang up the phone and problem resolved. |
When making a decision about joining a broker-dealer, service and support may not be the only reason you transition but let's face it, back-office support can have a significant impact on your practice. Once onboard with a new securities firm, the focus tends to shift from the many opportunities available to select utilization of pertinent programs. That is where service and support begin to effect your success. What if the voice on the other line isn't knowledgeable? Or worse yet, there isn't a voice on the other line-just a mailbox...."Thank you for calling XYZ Co. Please leave your name and one of our employees will get back to you..." The endless circle of emails and voicemails demonstrating a lack of urgency from your broker dealer can impact your clients experience and ultimately damage your reputation.
2009 is winding down and many Rep/Advisors are contemplating a transition to a new broker-dealer. If you are doing so, we have a few suggestions for you. First, ask to speak with Reps about their experience with the company. Second, call into the firm and ask a question of the service department; this will give you an idea of what to expect in your day to day transactions. Finally, talk to a wholesaler, they have their finger on the pulse of the industry. They can provide you with a wealth of information about most brokerage firms. Remember, the service and support you receive affects your clients. Do not settle for anything but the best.
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| Making Account Transfers Easy
An Interview with Shelly Slattery, VP of Operations |
One of the biggest challenges Rep/Advisors encounter is transferring accounts from one broker-dealer to the next. We asked Shelly Slattery, Vice President at The Professional Alliance, to give us some suggestions based on her 20 years of experience.
"Years ago, a transition to a new brokerage firm was relatively easy. A few signatures and your clients' accounts were transferred," said Ms. Slattery. "But today, account transfers are a process that must be effectively managed by the Rep and cannot begin until you are registered with your new firm. These changes have made it imperative to remember Pereto's Principle (eighty percent of your income typically comes from twenty percent of your clients). Therefore, concentrate on those clients who produce the bulk of your revenue; save the rest for later. This tiered effect allows you to manage the process effectively."
Shelly also recommends asking any potential new broker-dealer about the technology available for transitioning Rep/Advisors. "Our broker dealer (Cambridge Investment Research, Inc.) has a client management system that includes forms population. This technology makes the transition process less stressful for you and your clients and ensures accuracy and efficiency."
And last but not least, don't manage the process alone. Find an experienced transition team that that can guide you through the process. Familiarity with all types of account transfers is invaluable and can significantly reduce any impact on your business.
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TPA is an organization dedicated to serving the needs of Rep/Advisors across the United States. Staffed with experts who have many years of industry experience, we provide our members with concierge financial services support. Don't let inadequate service and support hold your business back- call TPA today and see what we can do for you!
Sincerely,
Alana Papa
The Professional Alliance, Inc. |
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| Cambridge Investment Research
Without the $125,000 production Requirement
Did you know that you can join a leading independent broker dealer without meeting their six figure production requirement? It's the industry's best kept secret and we want to share it with you!
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| Save $500 |
If you join TPA and Cambridge before November 1, 2009, we will reimburse you up to $500 towards your 2010 FINRA renewal fees*. Mention "FINRA 2010" to redeem this offer.
Call for more information 888-766-5550 ext. 1
We encourage you to share this offer wtih friends, family, and colleagues that may be interested in transitioning to The Professional Alliance atCambridge Investment Research.
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| Offer Expires: October 31, 2009
*Minimum Production Levels Required |
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