According to a recent white paper released by Pershing LLC, a BNY Mellon company, to remain competitive in today’s financial advice industry, broker-dealers must recalibrate their relationships with their advisors. The report identifies that changes in the advisor-client of today's broker-dealer present different challenges and opportunities that broker-dealers must navigate.
It is critical that broker-dealers build trust with their clients and acquire new business. They must be able to respond efficiently to requests, understand the nuances of the industry, provide swift and clear compliance regulation, and see their relationship with a financial representative as a partnership. Broker-dealers need to be able to direct their focus on nurturing client relationships instead of getting buried in the tedious and long processes of new client onboarding. We've created an infographic to help broker-dealers onboard their new clients the right way. After all, broker-dealers don't get a second chance to make a first impression.