When Schwab Advisor Services unveiled Advisor ProDirect last year, it highlighted how the program can help advisors as they make the move to independence.
The membership program, which was launched in July, was described by Schwab Advisor Services as a way to help advisors “grow and succeed” through the independent RIA model.
“It’s built for those advisors that are looking to go independent,” Julian Lopez, head of enterprise solutions at Schwab Advisor Services told Chuck Failla, CEO of Sovereign Financial Group, during a recent episode of the goRIA podcast.
While advisors jumping from wirehouse to RIA are using Advisor ProDirect, so are their counterparts that have already made the leap, according to Lopez.
“What we found over the course of us rolling this out to prospects is that we found existing advisors that had recently converted [to independence], and said ‘hey, gosh, you know what, now that my clients are a little bit settled, and I’m seeing the dust settle, I actually really can relate to the offer that you guys are putting forward’,” he said.
“So we’re really excited to be serving not just prospects with this model, but also existing advisors,” Lopez added. “As we continue go forward, we see a healthy mix between the two to help us expand that offering as we go forward.”
Described by Lopez as a “guided pathway” to independence, Advisor ProDirect uses four distinct phases that address the transition to RIA. The first phase – launch – helps streamline business and operations planning, while the second phase – learn – is built on the expertise of dedicated Schab consultants. The third phase – connect – taps into a peer community, as well curated solutions from Schwab and third-party providers. The fourth phase – grow – involves continuous coaching and support to implement Schwab’s Guiding Principles for Advisory Firm Success.
In particular, Lopez highlighted the importance of community during his appearance on the goRIA podcast. “Peer-to-peer learning is very powerful,” he said. “It comes across differently when it is a peer speaking to a peer about not just what they should do, but what they have experienced on their journey.”
Lopez was appointed head of enterprise solutions at Schwab Advisor Services last year, shortly after his return to the company from LPL Financial, where he was a board member and executive vice president of relationship management. Prior to joining LPL, Lopez was a managing director at Charles Schwab.
Schwab Advisor Services provides Charles Schwab custody, trading services, and support services to independent investment advisors.
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