From left: Michael David of Carson Group, Tom Ruggie of Ruggie Wealth Management, Teri Shepherd and Ron Carson of Carson Group. (Photo: Jeff Berman/ALM)
Executives from Omaha, Nebraska-based Carson Group used TD Ameritrade's National LINC 2020 conference in Orlando, Florida, to provide tips to RIAs on what they can do to maximize value and transform their firms' futures.
It's important to "not only deliver value" to clients but to communicate that value to them, Michael David, managing director, partner and wealth advisor at the firm's Carson Wealth division, said during a conference session Thursday.
Pointing to an 80-year-old client of his who each quarter asks to see a statement of advisor fees, David said, "if you're adding value then you can defend" those fees, but "if you're not adding value," you stand to lose the client.
What advisors need to keep in mind also is that the "most important thing is the client experience," so they should make sure they're providing "differentiated value" for them, according to Teri Shepherd, Carson Group president.
Similarly, Tom Ruggie, president of Central Florida-based RIA Ruggie Wealth Management, which joined Carson Group last year, bringing its $566 million in assets, warned advisors: "If you're not creating value for your clients, you're not going to keep your clients," especially as the industry "continues to move more and more towards commoditization."
Ruggie tries to focus 60-80% of his time working on three key areas that "I'm most passionate about," he said.
