BDs of 2019: The Runners Up

"The sheer amount of support we've received from our [501] advisors is a testament to the ease-of-use and vast product offerings of our platforms and technology. What's more, our addition to the Atria Wealth Solutions' family heralds better technology and even more competitive platforms in the future."

Changing its model was a key way to aid its 2,016 affiliated advisors, says John Palazzetti, president of Park Avenue Securities, which is located in New York: "Over the past few years, we have introduced a robust offering around fee-for-advice — including fee-based solutions for business exit planning, fee-for-service 401(k) solutions, and most recently, subscription-based financial planning."

Park Avenue Securities feels "strongly" about subscriptions-based relationships and what they can offer both advisors and their clients, Palazzetti adds.

"It affords our advisors the flexibility to focus on the areas in their clients' lives that are the most impactful, and this ultimately leads to deeper, longer-lasting relationships," he explained. "It also allows our clients to feel a true partnership with their advisor and adds transparency around compensation, regardless of whether a financial transaction takes place."

Advisor Input

Getting feedback from their advisors and attentively listening to their ideas and needs also are critical for these independent broker-dealers. According to Palazzetti, executives with Park Avenue Securities spend much of their professional time in the field via office visits, meetings, events and phone calls.

"We truly believe that without financial professional input and buy-in, any work we do around service enhancements and new initiatives will not be successful," he said.

In addition, Park Avenue Securities has a field advisory board "with whom we share new concepts and gather feedback quarterly to help inform important business decisions," the executive explains. "We provide frequent updates to ensure strong relationships with the field."

Next Financial's Knight also believes that having open dialogue with advisors is vital to their growth and satisfaction: "In fact, our in-the-field team of business-management consultants have personalized relationships with each of our advisors, providing solutions to their specific issues in real time."

Furthermore, Next polls its affiliated advisors "after every program and incorporates their feedback into our subsequent planning processes," he says. "Perhaps most importantly, our management team is charged to make outbound calls to advisors each year to better understand how we can improve."

Regular Contact

Harbour Financial sets goals for its leaders and staff that include face-to-face meetings with advisors four times a year — through regional meetings, national conferences, corporate trips and audits, according to Hager.

For Geneos Wealth, the firm's "boutique" size allows it to have regular conversations with affiliated advisors, Diachok says. The purpose of these chats is not only to give them the chance to raise potential issues they may be having, but also to foster collaboration between them and senior management "on new ideas, policies or technologies that can benefit [everyone]."

Given its ownership structure, Lion Street's leaders "have an obligation to listen to our [advisor] partners," according to Burmeister.

"We have two formal methods in addition to ongoing feedback," he said. "First, we perform a 360 session with recently transitioned firms to gauge their activation and integration with our company. The second is our Executive Advisory Board, which gives us input on our strategic direction and feedback on our current operating performance."

Having the right culture makes a big difference when it comes to the sharing of powerful ideas, says Peak Trading's McRary. "In that true spirit of partnership, we established Peak's Advisory Council to engage our advisors in directing firm initiatives, working hand-in-hand with our team," he explained.

In addition, Peak regularly solicits feedback from the field at large on issues faced by advisors and others "with an eye towards the future," McRary says. "A perfect example is Peak's Financial Security Program, our comprehensive non-traditional solution for advisors looking to exit the industry while continuing to receive a stream of income."