How to make your firm stand out from the competition

investmentnews.com:

Like all industries, the wealth advisory space is a tough, competitive world.

Recent SEC data has revealed a 35 per cent increase in RIA firms registered with the commission since 2009, now totaling over 15,400. With so many firms saturating the market, it can be difficult to attract clientele and advisor prospects against the competition. So, how do advisors make their firm stand out?

Melissa Bouchillon, president at Sound View Wealth Advisors says it’s important to always recognize and understand what you know and what you don’t know. As the founder of her own independent RIA, which she grew into a $1.6 billion firm, she knows a thing or two about raising the appeal of a practice. However, as she says, it’s always okay to seek out help, like bringing in a consultant, for example.

“In our case, weworked with Focus Financial Partners to help build a firm that looked and felt like a firm that had been in business for 10 years, when we really only opened 24 hours prior,” she says. “Having that use of an expert, whether it’s Focus or someone else is really critical because you want to have it to where it looks, and it feels like it’s been in existence for a long time.”

In addition to that, she noted advisors should keep in mind what the client interface looks like, like the planning tools, the technology that will be utilized, how they might trade the investments along with the investment management tools.

Andrew Evans, founder and CEO of Rossby, agrees. He says tools and technology adoption should all come back to the client experience.

“That’s really where we’re looking for and that level of engagement,” he says. “We’re using different tools, and we measure that based on how easily a client can gain access to our