Facing The Challenges
June 2, 2014 by Dan Jamieson, Financial Advisor
Running a smaller broker-dealer wouldn’t seem to be a promising venture these days. Growing regulatory costs, low interest rates and fierce competition for advisors make the business a challenge for any size firm, especially those with limited resources.
But small-firm executives say they can thrive by offering a level of personal service to independent advisors who detest the stifling bureaucracy of larger firms.
Broker-dealers “all do pretty much the same thing—process the business,” says Susan Woltman Tietjen, chief executive at Girard Securities Inc., which has about 250 reps and $52 million in gross revenue. “For the reps, it comes down to how good the people are, the culture, the service and the experience they have.