"The Great Arb" in Wealth Management.
This is an under-utilized strategy and let’s face it, there are thousands of Advisors within close proximity to you, instead of tirelessly competing with them, consider the power of collaboration.
Most Advisors don’t see the point in networking with other Advisors from competing firms.
However, some have inadvertently built a network of Advisors around them as a result of their social activities outside of work i.e. after work drinks, country club membership, Rotary Club participation, non-profit and charitable work, or other forms of voluntary, sport and social activities.
While few realize the potential, having a strong network of Advisors from other platforms can be a goldmine. Particularly if the Advisors in your outside network are older and have successful practices.
This is not a strategy widely used, or well understood, but Elite Advisors have used this unconventional approach to grow, its a technique that requires patience, but when done with intent it can be beneficial to all parties.
Consider this, one of the primary levers of growth for full service Wealth Management firms is recruitment, i.e. attract successful Advisors from other firms to bring new AUM on the plat…