As a Registered Investment Advisor (RIA), you don’t just manage money. You also manage relationships. Fostering positive relationships requires an understanding of clients’ needs and goals. For many clients, those needs are evolving — and RIAs need to adapt accordingly.
Clients are looking for assistance beyond sound investment advice. They now expect you to proactively guide them through a lifecycle of financial decisions. A survey by the Corporate Executive Board revealed that more than 35% of high-net-worth individuals judge the performance of their portfolio based on their own financial and life goals. They no longer rely on just financial markets and benchmarks.
Although demand is driving a shift toward expanded RIA offerings that include complete financial advice, many RIAs are facing significant challenges when it comes to providing holistic financial support. Barriers such as limited access to the right technology, products, and services are among the most common challenges.
While a custodian can help you overcome these obstacles, not every custodian provides the right support. As you think about what it takes to meet clients’ evolving expectations and deliver the financial experiences clients want, here are three questions to ask:
- Does my custodian help me deliver what my clients want?
Partnering with a custodian that offers integrated banking services and flexible custody solutions makes it easier to provide the expansive services clients expect. Therefore, it is important to partner with a custodian that offers:
- Custody Services – Safekeeping, asset servicing, and reporting are all essential custody services RIAs need in order to provide exceptional service to clients.
- Banking Services – Having the capability to offer clients traditional banking products such as high-yield checking accounts, money market and savings accounts, CDs, and bill pay services helps RIAs assist clients with money management. Additionally, some clients will be interested in banking products that are not widely available, such as portfolio-based mortgages and jumbo loans. Working with a custodian that can offer access to these products means you will be able to support clients with all of their financial goals.
- Alternative Investment Options – Alternative investments are outside the scope of what some custodians offer, so due diligence is important when making decisions about custodian partnerships. Ideally a custodian will be able to provide end-to-end processing for alternative investments such as hedge funds, private equity, non-trade real estate investment trusts, managed futures, and limited partnerships.
Axos Clearing provides custodian services, a wide variety of banking services through our affiliate (Axos Bank), and alternative investment options that enable RIAs to deliver more complete financial experiences to clients.
- Does my custodian provide technology that makes it easy to meet my clients’ needs?
Working with a custodian that offers a wide range of products and services, backed by innovative technology, is one of the best ways for RIAs to ensure they are meeting the broad financial needs of today’s clients. At Axos Clearing, our open-architecture technology platform combines analytics from leading data providers, sophisticated order execution features, and post-trade processing applications. As a result, we can offer the robust trading and investing capabilities needed to serve a diverse range of clients.
- Does my custodian provide personal support that enables me to deliver exceptional service to my clients?
You can’t help clients meet their financial goals if you don’t take time to get to know them and understand their goals. In the same way you work to know your clients, you should expect your custodian to invest time and effort into building a relationship that supports you and your business. Whether you are a large firm, small firm, new or old firm, Axos Clearing will spend time meeting with you and learning about your business and clients. Our commitment to ongoing service offers assurance that when you need support, you will be able to connect with someone that knows you personally. As a result of the high-quality service you receive from Axos Clearing, you’ll be able to offer better service to your own clients.
With more clients requiring holistic financial advice, custodians such as Axos Clearing that provide custody solutions and access to banking products, innovative technology, and relationship-based service are perfectly positioned to help you deliver experiences that meet your clients’ needs. For more information about Axos Clearing, download this resource: Meet Axos Clearing.