The power of having a dedicated RIA strategist
We recently had a situation that really channeled the value of a firm strategist for financial services companies that we work with.
We pitched a firm a service through KnowCap for Advisors (now ARIA) after the firm owner posted that he needed some help with a specific issue. Fortunately, we are in a perfect position to solve this issue. After we exchanged back and forth, we never heard back from the owner.
A few weeks ago, we received an email from the firm owner saying that they went around us and ended up hiring a person on our team individually (This is actually not an issue for us. We WANT firms to graduate from ARIA and work with our partners directly.)
Effectively, this firm was cutting us out of our margin, hoping to save a few extra dollars.
The result was much more than he bargained for. He was unsatisfied with the lack of context for the services he received. There was no communication on the outcome because he cannot speak the language of the expert and the expert has never been a firm owner. There are fine nuances in running a firm that someone who has not been in that position may not know or know to ask questions about.
This could be whether or not to use testimonials on a website. It could be using social media to engage with your target market vs. simply posting updates and links to blog posts. It could also be transitioning a firm from its current tech stack to a more an efficient stack based on the firm’s needs. There are many ways that a communication breakdown could cause more problems than the firm originally experienced.
There were decisions made that were spot on, in terms of the skillset…but not correct in terms of the firm’s strategy long-term strategy.
That’s why a firm strategist is so important.
The firm strategists at ARIA have extensive experience in starting and launching financial services businesses. They are generalists by trade so that they can adjust the strategy of our team members on the fly, and align them with the goals and vision of our firm clients.
This is immeasurable.
My response to this firm owner’s complaint was something to the tune of, “this is why we charge what we charge. You get someone who is a conductor to the orchestra that is ARIA.”
We have over 20 services, but to blend them together to help the firm achieve what they want to achieve, that is art. Not science.
The art is our secret sauce. You have to know the industry, research consumer behavior data, and also be able to speak the language of each individual expert on our team (which span graphic design, website design, content production, search engine optimization, bookkeeping, operations, hiring…you get the point).
Side note — It helps that I’ve spent 8 years in client work, launched my own RIA, built a team to help over 200 other RIAs launch, and we’re working on building the best agency for financial services that anyone has ever seen. Right now we stand alone as the only RIA Agency in existence.
This firm owner wanted to bypass the art in order to get the service cheaply. In retrospect, I’m sure he wishes he had paid the premium, worked with a firm strategist on the project and had a service that not only worked…but got him much closer to his goal for bringing in new clients.
If the agency you are working with doesn’t have a dedicated firm strategist, ask yourself how do they know what’s best for your firm? How are they staying ahead of the entire industry, not just other firms in your city? How do they know that their recommendations won’t adversely affect other areas of your business?
This is the value of a firm strategist.
