See, once clients choose someone to manage their money, they tend to keep it there, and at wire houses that means investment advisers can sell clients a wide range of bank products.
It’s an online platform that allows RIAs to communicate directly with their clients through social media.
If an RIA’s clients want to share information with a friend those friends have to accept that information.
What made them realize they could do better was one simple fact: The vast majority of signed, sealed, and delivered RIA clients come from customer referrals.
He writes a regular client newsletter and contributes to news outlets like Fox Business and CNBC, but he’s noticed that over the last year the content he’s put out on Vestorly has become a significant tool in his arsenal.
“I’m out there to take every client I can from the wire houses because they don’t provide quality service. I talk to my clients at least monthly, I challenge the wire houses to do that,” said Schatz.
“You’re always going to have down years but if you’re communicating with your clients through a product like Vestorly, they’re going to stay with you longer than they would if you sold them a product and disappeared.”