Chances are you are paying a good portion of your GDC to your broker/dealer (BD) for their services and support. They provide a comprehensive list of approved products for your business, perform brokerage account trading and complete operational support services. But are you aware that they may have many other resources available? These services offered by your BD can actually assist you in growing your business and your GDC. Let’s take a look at a few of the resources that may be available to you.
Even if you’ve never acted in the capacity of an insurance agent, the Insurance Services Department (ISD) can work with you and can help you bring more GDC from your existing book. If you’ve never been licensed for insurance sales, they can even help you get properly licensed. Not only do they offer a long list of products, but the staff offers a wealth of knowledge that can answer many of your questions. The ISD will help you expand your business by providing assistance with product selection, case analysis and design, or marketing and sales materials. They will be happy to teach you about their products and then go so far as to help you present them to your client. And, beyond your existing book, they can show you a whole new world of potential clients that need these types of products!
Fixed Income Securities
Your BD should have fixed income professionals that can help protect you, your client and your BD; by reviewing the client’s investment objectives, experience, and knowledge prior to making the trades. Fixed income specialists often have insight regarding fixed income investments of which brokers or clients may be unaware. Fixed income specialists can also help you and your clients understand the inherent risk of any fixed income investment: from the volatility of the high yield market to principal fluctuations in longer maturity bonds. You can even call a fixed income specialist with a client profile and “go shopping”, finding just the perfect offering to meet a client’s objectives. The fixed income specialists often will do portfolio review and offer their professional assessment of the safety and expected performance of that portfolio. It is typically a good idea to call a fixed income specialist BEFORE you present fixed income products to your clients and avoid the embarrassment of presenting a product only to find out later that it is an unsuitable recommendation.
If you ever tire of beginning each New Year at zero GDC, you may be very interested in talking to your advisory services department. Acting in the capacity of a registered investment advisor/representative will allow you the opportunity to offer your clients, top-notch asset management advice from some of the industry's leading money managers. Asset management programs offer a diverse product line and competitive pricing, usually including product choices for ETF, Index, UMA, and ActivePassive portfolio models. In addition they offer access to third party programs with world class money managers that are often unreachable by clients on their own. Through the relationships with your BD, you may be able to offer their management services to your clients. If you aren’t already licensed as a registered investment advisor/representative, you may need to speak to your BD first about obtaining the proper licensing. The advisory services department will also be a great resource for training. Soon you’ll be facing the New Year with GDC already on the books and with the potential to become a top producer for your firm on January 1st!
While marketing may not be your strong suit, calling on the resources of your BD can be valuable in helping you create and refine your marketing plan. They can show you how to leverage marketing tools and services available to you from the BD and from various product partners. They should be able to steer you to the perfect pre-approved workshop that will be exactly what you need, without you taking your valuable time to create it. In addition, your BD may be able to help arrange for the sponsorship of your event. It’s a great way to leverage your time and resources for your gain!
These are only a few of the resources that may be available to you. Take some time to investigate the ones that will help you launch your career in new directions while making efficient use of your time and increasing your GDC!
By Cindy Zubuska,
SVP, Operations and Trading,
CFS and SPF