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Many advisory firms and broker/dealers are truly challenged when it comes to implementing rollover strategies because they do not have access to data across the plans sold by their advisors.
Having such limited access to data makes it difficult to target market services to participants in support of advisor referral and asset retention opportunities.
Wealth Management Systems Inc. (WMSI) has the solution – the Advisor Referral Network (ARN).
ARN can aggregate advisor, plan and participant data from multiple sources creating a centralized data base for advisory firms. This data base can be leveraged to:
- Proactively market rollover services to participants in advisor sold plans
- Establish advisor profiles and account servicing thresholds
- Present appropriate service channels (Advisor, Web or Call Center) relative to participant account balances and needs
- Channel rollover referrals to advisors directly
- Promote proprietary products below advisor account thresholds to further asset retention
- Track and report rollover assets retained by category: In Plan, Advisor Referrals and Proprietary IRA products
ARN’s services are customizable and can be defined at the firm/broker-dealer level or can be advisor-driven to accommodate the needs of independent financial advisors.
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