Broker-Dealer Runners Up Talk Future Developments

The BD also continues to focus on growing its Next Gen talent pool via multi-generational practices and branch offices, for instance.

For Lion Street Financial President and CEO John Burmeister, the firm has worked to help its 96 "owners" by "increasing their solutions for clients through exposure to new market opportunities supported by our experts and platforms …," he said. "The culture of our organization is to share their best ideas and practices with other owners for the collective success of the company."

For example, advisors with specific skills and expertise are encouraged to spread the word, so other Lion Street reps can tap into them to extend special services to longtime or even new clients. At Lion Street's annual meetings, the BD features reps' best ideas through five-minute TED-like talks.

In a similar vein, Peak Brokerage Services emphasizes its motto, "Culture is everything." CEO and President Glen McRary says its platform has portals in which its 54 reps can interact and develop different expertise tied to topics like plan services, Medicare and marketing.

As a firm that was founded by advisors and run by advisors, Peak reps prefer to be collaborative, according to McRary. "I believe you attract what you put out," he explained. He says top producers don't mind sharing proven tactics and strategies at the BD's yearly events, because producers always say they gain something from the people who attend their sessions."

What's Next?

For Peak, the next two years will be evaluating its systems, reviewing rep-facing technology and internal systems, and finding the "best of breed" technology to embrace, while launching a new website and updating its advisor portal, McRary says.

Technology is also top of mind for for Lion Street, especially in terms of operational efficiency. "Our advisors have been consumed with too much processing and redundant processes," Burmeister said. "Our focus with our technology partners is to be fully integrated, so the advisor staff does something once and then it's done."

Investacorp is planning a new compliant texting solution, Farrell says. In addition, the BD plans offer to conduct "mock" regulatory audits to best prepare its advisors.

The Investment Center's DeVito also says the firm intends to introduce a text messaging service for its advisors "later this year," as well as to launch "an online commission system that will provide real-time info to advisors about commissions."

Continuing to integrate and leverage systems will be a primary focus for Next Financial, Knight says. Advisor coaching, education and marketing are other priorities. "It's [about] doing more for our advisors to help them achieve and build the practices they want," and not overemphasize turnkey operations.

Sigma and Parkland want to make sure advisors have strong succession plans. The BD surveyed reps last year to uncover these plans and found out that the majority of them had planned to leave their practices to a non-licensed spouse, Bacarella said.

"They didn't have a succession plan in place …, but that [type of planning is] something they do every day with clients," she explained. In response, the firms created its Succession Plus website, which pairs advisors who are thinking about buying and selling their practices.

"We're trying to expand the conversation," she said. The BD also aims to create "a next-generation mentality" among reps to help prepare them for retirement and enlist younger partners.

Coaching and mentoring are priorities for Questar as well, says Du Mond. In addition, the BD will continue to educate advisors on its new bells and whistles and to encourage reps to adopt new technology.

"We're always on the lookout for tools," she explained. "Because our reps are all independent, [we look at] how can we help them work smarter — not harder and not longer."