Eric Roberge isn’t your typical fat-cat financial advisor chasing clients with millions of dollars to invest. Instead, the 36-year-old is a scrappy member of the digital generation, targeting clients around his own age who are just starting out.
“The go-to conversation is not about investments or assets under management,” Roberge told Financial Advisor. “I help my clients organize their finances, focus on cash flow and achieve short-term goals like buying a home, getting married, starting businesses and all the other things that people do in their 30s.”
Roberge, however, feels limited when it comes to custodians. “My clients are tech savvy and want to see things online, but often when you work with a custodian, you may not be able to provide your clients with that level of technology,” Roberge said. “You end up having to buy another system that’s separate.”
TD Ameritrade Institutional wants to help young advisors like Roberge and, to that end, the company joined forces with XY Planning Network (XYPN) founders Alan Moore and Michael Kitces to launch service and business development support for XYPN’s membership of more than 250 independent, fee-only financial planners serving Gen X and Gen Y clients.
“TD Ameritrade is leading the way among custodians by developing an integrated technology platform that helps advisors be more efficient and better serve their clients,” Moore said.
TD Ameritrade unveiled its partnership with XYPN over lunch on Wednesday at NASDAQ Times Square in Manhattan.
“XYPN advisors generally wouldn’t have access to TD Ameritrade’s platform as sole practitioners,” said Kate Healy, managing director of marketing with TD Ameritrade Institutional. “A lot of them are under a subscription model. It’s harder to form a custodial relationship when you don’t have assets under management.”
Pamela Capalad is a 30-year CFP who launched her own firm, called Brunch and Budget, last year.
With about 30 monthly on-going clients who range in age from their mid-20s to 42-years old, Capalad has no assets under management yet.
“TD Ameritrade is providing this level of analysis and back-end work that is hard for a solo practitioner to access,” said the Brooklyn, N.Y., resident. “This partnership will make it easier for financial advisors who are virtual and work with technology to be able to do that on the fly.”