Broker Check

Courting Advisors After Covid

From FA Mag:

Jamie Price, president and CEO of Advisor Group, one of the largest networks of independent advisors in the U.S., called the current environment “a fascinating time to be in wealth management.” Advisor Group has 2,400 employees, who serve the needs of the firm’s approximately 11,300 financial professionals.

He, too, says broker-dealers are morphing into wealth management firms. “This means there will be more of a team approach and more holistic management.”

Consolidation in the industry will not stop, but that’s been advantageous to companies like his. In part the M&A is being forced on the industry because “it is almost impossible to be small these days,” Price says. “A few years ago we were seeing consolidation of the smaller firms; now we are seeing it for midsize firms. They need the advantages of scale.

The next iteration of the industry will require advisors to think about clients as whole families so they can deepen relationships. “That will make them more valuable to the broker-dealer,” Price says.

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