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The Advisory Firm of the Future: A Case Study

November 4, 2020

We’ve written about the advisor of the future and the fundamental shifts in both client and advisor attitudes, behaviors, and relationships (not to mention the recent shift to remote-first work) that are driving adoption of new technologies for client engagement. And in order to meet expectations as the client engagement model evolves and stand out from the competition, firms need to be forward-thinking in how they support their field.

Not long ago, we were lucky enough to get an inside look at a visionary firm launching cutting edge programs to support their force of over 3,000 independent broker dealers and corporate RIAs. Amy Webber, President & CEO of Cambridge Investment Research, sat down with us to share how she and her team are getting Cambridge-affiliated advisors future-ready, today.

First, Webber shared the three things she sees as critical for advisors to embrace to be successful, today and in the future:

  • The advisor of the future needs to stay innovative and leverage digital engagement heavily.
  • They need to use technology to do the right things and delegate tasks that are not value add.
  • There must be a relentless focus on personalization and customization.

The ‘New Century Council’

Cambridge is ultra focused on making sure their advisors are enabled to meet the three requirements outlined above. They have a ‘New Century Council’ made up of progressively minded advisors and corporate team members, including Webber, that meet regularly to discuss tools they’ll need to be successful into the upcoming decade.

Several years ago, the Council raised texting as a channel that would be critical to success. Not long after, they began exploring solutions and started using Hearsay Relate. Webber herself is a Relate power user and shows strong executive sponsorship by texting with the field. “Every generation is texting. We pushed ourselves to think about how Relate could be used by the home office to communicate with the field, and started the journey believing we had to lead by example,” she explained.

Webber shared a story that demonstrated both the power of their onboarding strategy and how Camridge uses texting to build relationships with personal messages. One of their top producers was resistant to texting, so Webber personally helped get him set up and told him she expected him to send her a text once a day. When he missed a day, she checked in to see how he was doing. This showed him how his clients feel when they get that type of personal connection from him. Incidentally, Webber shares her Relate number with any of her 3,000 advisors who ask.

Though their advisors are all independent, Cambridge carries the cost of Relate for two reasons. First, it’s a critical tool that makes advisors efficient and productive. Second, and perhaps more important, it’s essential for risk mitigation. They weren’t willing to take a chance that compliance requirements weren’t being met.

Centralized Contact Service Center

Many advisors join when they’re embarking on the process to build their own small business and need or want to leverage the infrastructure of a larger company. In addition to offering Relate to all advisors, Cambridge also offers a centralized support center. By joining Cambridge, they get technology, practice management, products and services, compliance, regulation, and—for a fee—a centralized contact service center at a scale they couldn’t build by themselves.

The contact service center, a team of virtual office assistants, is one of Cambridge’s most popular offerings, for both solo and larger offices. The support staff’s pictures go up on the advisor/agency website, they talk to clients, pick up delegated activity in Relate, and clients know them as part of the team. This extended team helps the advisors deliver that level or personal and customized service that clients expect without the heavy lift of increasing headcount. It’s perfect for advisors/agencies who don’t have the bandwidth or desire to staff and train a support team – and enables them to hit the ground running.

A Blueprint for Success

With a continuing eye toward future trends, Cambridge has ensured that their advisors are ready for today and the future. When COVID struck, they were prepared to handle the 100% increase in text messages in the following month, thanks to the foresight of their New Century Council and Webber’s leadership in getting Hearsay Relate in place well before the crisis happened. And while they had a 5-year plan for digital transformation that now must be steeply accelerated, their ability to adapt and lead by example will serve them well.

Marisa Ruffles

Senior Director of Marketing

Marisa leads the product marketing team at Hearsay Systems and leverages ten years of SaaS marketing and sales experience to help financial services organizations deliver an authentic client engagement experience through digital channels.

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