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How do independent benefit advisory firms respond to the massive consolidation taking place in financial services, service their clients, and maintain their independence?
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Insurance and Investment Companies, Broker/Dealers, Banks, and National Brokerage Agencies
are using technology and
The
Financial Services Modernization Act
of 1999 to dominate the financial services market place. Their primary focus is on market share and profitability, not personalized customer service. As these players become more intertwined, we see two potential casualties:
- For Employers - independent financial advice will become more and more difficult to obtain.
- For Independent Advisors - Their ability to serve their clients could become compromised, making it difficult to stay in business.
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Knowledgeable Advisors are well aware of this Mega-Trend. Independent Benefit Advisory Firms have
four strategic choices to meet this important challenge:
- Gain critical mass as
an individual firm through aggressive growth
and/or acquisition,
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Position to defend and/or develop niches that the
Institutional Firms & "Alphabet Houses" don't
want to tackle,
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Become a member of UBA, a National Network that emulates the strengths of the
Institutional Firms & "Alphabet
Houses" while preserving each
member's independence and their ability to deliver personalized services to their clients, or
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Develop an exit strategy; i.e. become someone's
employee, change professions, or retire.
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If
you are ready to become
a UBA member, have more
questions, or would like
additional information,
please
CLICK
HERE
to schedule a
teleconference tour with
one of our Officers.
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