Broker-dealers lean toward stinginess when it comes
to supporting their advisors' marketing and practice management needs,
according to a new survey.
Qfinance, a provider of Web-based research tools for
financial advisors, found that only 22.5% of the nation's largest
independent broker-dealers provided at least one staff member to tend
to marketing and practice management services.
The survey gave the highest marks to Linsco/Private
Ledger (LPL), Securities America and Commonwealth Financial Network.
The worst performers, according to Qfinance officials, exhibited little
knowledge of the meaning of practice management.
"We were shocked (at) how many firms had no idea
what we were talking about when we used the term 'practice
management,'" says Greg Harris, director of Qfinance. "Our call team
captured some quotes that would made great comedy material... One
executive actually said, 'the advisor's business is the advisor's
business.'"