Pinnacle Small Advisor Symposium: Challenges and Issues Facing Emerging RIAs

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1 Pinnacle Small Advisor Symposium: Challenges and Issues Facing Emerging RIAs Hazel Durand Senior Vice President, Fidelity Investments FOR INVESTMENT PROFESSIONAL USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC AS SALES MATERIAL IN ANY FORM. The content provided in this presentation is general in nature and is for informational purposes only. This information is not individualized and is not intended to serve as the primary or sole basis for your decisions as there may be other factors you should consider. The registered trademarks and service marks appearing herein are the property of FMR LLC. Clearing, custody, or other brokerage services may be provided by National Financial Services LLC, or Fidelity Brokerage Services LLC. Members NYSE, SIPC

2 Challenges and Issues Facing Emerging RIAs Source: 2

3 Majority of the RIA Channel Consists of Smaller Firms 100% RIA Firm and Asset Distribution 6.9% Small advisors being squeezed by specter of compliance costs 80% 60% 40% 20% 0% 71.2% 24.2% 2.5% 2.0% 32.3% 14.7% 46.1% <$50M $50-$500M $500M-$1B $1B Small, and simple, likely to be easier than small and complex Increased cost as well as pressure of state regulators Firms Assets Source: Cerulli Advisor Metrics, Cerulli Associates, 2011 Notes: Market 16,541 firms, $1,882 AUM as of YE

4 Cultivating Your Next Generation of Advisors 100% 50% 0% U.S. Advisors, by Age 12% 32% 22% 44% 55% 33% 30% 23% 22% 4% 17% 5% > <30 Expected Age of Retiring 71> 19% % <60 22% % Source: Cerulli Associates (Advisor Metrics 2008, p. 79, and Advisor Metrics 2011, p. 48) in partnership with the College for Financial Planning, the Financial Planning Association, the Investment Management Consultants Association, Morningstar Sources: 2010 National Financial Broker and Advisor Sentiment Index SM 4

5 What are we hearing in the news? Number Of RIAs Declines, Yet Total AUM Increases PlanAdviser Aug 31, % Of RIAs Almost Clueless In Marketing, Creating Opportunity Financial Advisor Magazine Dec 14, 2011 Firms Seeking Recruits Offer A Pathway To Partnership InvestmentNews Oct 9, 2011 Wirehouses To Bleed Breakaway Advisors In 2012 Fund Fire Sep 23, 2011 Finra oversight of advisers gaining 'mo InvestmentNews - September 13, 2011 More Advisors Leaving Brokerages For Independent Channel, Survey Says Financial Advisor Mag Feb 27,

6 Regulatory Changes Continue To Cause Disruption IA/BD Regulatory Harmonization Investor Protection Rules SEC vs. State Registration SROs Market Access Rules (SEC Rule 15c3-5) Investors Advisors Form ADV Part 2 DOL s Definition of Fiduciary Money Markets Tax Legislation 12b-1 Cost Basis 6

7 Opportunities for Emerging Advisors Outsourcing Investment Management Compliance Back Office Efficiency Through Affiliation Join an Existing RIA Tuck-in to Strategic Acquirer Growth Strategies Client Development Business Development 7

8 Which business strategy may fit your goals? Independent Broker Dealer Join a Firm Established RIA Strategic Acquirer/Aggregator Start Your Own Firm Independent RIA with Friendly Broker Dealer Independent RIA with Outsourcing Independent RIA 8

9 Industry Trends Are Driving Advisor Needs and Emerging Models Trends around advisor transition continue 50% of advisors are 50 or older 1 -- necessitating a succession strategy Seeking help to monetize their business Wanting support to grow the top-line Managing their business more effectively by joining forces with like-minded peers and leveraging centralized services Leveraging others expertise to navigate volatile market and regulatory environments Growing profitably by reducing costs, or better aligning cost with revenue Segmenting their customer base to free up time for growth or more valuable clients Increasing firm value through scale and efficiency for eventual sale/transition Offering a wider set of customer solutions Seeking additional revenue through the use of commission-based products Retaining or attracting clients who prefer to pay commissions rather than fees Complementary offering to meet advisors evolving needs Join a STRATEGIC ACQUIRER Leverage services from a TAMP or FUNCTIONAL OUTSOURCER Work with a FRIENDLY BROKER- DEALER 1 Cerulli Advisor Metrics

10 Options for Independence Business Model Value Propositions for Existing RIAs J O I N I N G A F I R M O U T S O U R C I N G INDEPENDENT BROKER DEALER Keep or generate new commissionbased business Leverage existing infrastructure, tools, and brand Reduce time spent managing compliance in changing regulatory environment Manage your business more cost effectively ESTABLISHED RIA Create and execute a succession plan to like-minded peers Focus on your clients and growth by leveraging established practices, procedures, and operations Potentially leverage a larger brand STRATEGIC ACQUIRER RIA BD/RIA Potentially receive capital infusion and equity to monetize your business Create and execute a succession plan to like-minded peers Focus on your clients and growth, while acquirer takes care of legal, compliance, tech., and administration Leverage a larger brand Benefit from the support of a third party to make the transition seamless Focus on business growth and strengths, while outsourcing areas with which you may need assistance Potentially reduce costs and mitigate risk Free resources to focus on growth and other strategic initiatives More easily manage industry changes (regulatory, compliance, investment-related) Leverage expertise of experienced teams of professionals Outsourcing services may include: backoffice support, legal assistance, investment management, compliance, technology, etc. 10

11 Traditional and New Growth Strategies Remain Important Business Development Increase referrals Define your target client Develop a clear value proposition Create a Web and social media strategy Client Management Segment your client base Manage client communications Measure & improve client satisfaction Gain insight into the highnet-worth market 11

12 Your Goals. Our Focus. ACCELERATE GROWTH Working with you to identify, prioritize, and select appropriate business strategies to help you take your firm to the next level PROTECT YOUR PRACTICE Helping you to manage your practice more confidently by addressing the risks inherent in running a business MAXIMIZE PRODUCTIVITY Consulting with you to help you better manage client assets and relationship while running your firm s technology and operations more efficiently OPTIMIZE INVESTMENTS Allowing you to offer a broad range of products and services to help you meet your clients complex needs 12

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