Additionally, 27% stated that offering best-of-breed technology was a key selling point to advisors.
The survey was part of The Power of Three, SEI’s first annual summit for BDs.
When asked how does the industry differ from five years ago versus today, attendees noted that advice, not commissionable products, is driving the industry; 67% stated that they were now more open to fee-based programs. BDs also expressed that increased regulatory scrutiny has significantly affected operations, along with a shifting focus from providing products to assuming more fiduciary responsibilities.
To avoid redundant due diligence efforts, working with fewer product providers is one way BDs felt they could prepare for emerging industry opportunities.
In related sessions, when asked what they value most from platform providers, 24% of attendees indicated that service and support were chief among their needs, while 14% said investment implementation and packaging were most important.
