Franklin Tsung on RIAs | Wealth Management [Video]

Nov 13, 2023

Sponsored byAt Schwab IMPACT, Franklin Tsung talks about how the future for Registered Investment Advisors (RIAs) competing with platform RIAs and wirehouse RAs involves a shift toward integrated practice analytics, emphasizing the integration of planning software, activity data, and CRM systems. This approach enables independent RIA firms to maintain flexibility while deepening client relationships, setting them apart from larger platform RAs. In the case of Schwab competing with custody players like Pershing and Goldman Sachs, the recent acquisition of TD Ameritrade expands their assets under management (AUM) significantly, prompting them to consider consolidating services for advisors and potentially introducing tiered service models.

Looking ahead, the future for integrations in the RIA segment involves a focus on householding capacity and data warehouse strategies within CRMs, aiming to synthesize various financial …