The financial world is full of rules and regulations to protect the average consumer. As an RIA, your job is to guide clients’ decisions on investments. They may not realize, however, that your custodial company is just as important as your expertise. Choosing the right RIA custody service allows your work to appear seamless with each transaction. Take a look at the top 5 ways RIA custody services can improve your customers’ engagement today.
1. Accounting Made Easy
When clients meet with their RIA, they expect personalized results after agreeing to any custodial services. Their application should move swiftly through accounting as the setup process begins.
Solid custody services will keep you abreast of every step along the way. If any paperwork is needed from the client, you’ll immediately know of this fact, for example. Offer account numbers, the turnaround time for account activation, and much more to each client. This seamless effort only comes from a custody service with impeccable training and experience.
Activating an account with relative ease tells the client that you take their business seriously. Your custody service should act in the same manner.
2. Background Support
With a client’s account activated and operational, the RIA typically takes the reins when it comes to supporting at this point. Custodians don’t appear to have a role. However, experienced custodians actually have a lot more to offer.
RIAs may need support regarding software applications, financial accounting and more. Custodians should still be in the picture even after the main setup process is over. There may be an opportunity that’s found by the custodian, giving the RIA a chance to engage with the client. This extra effort tells the client that their business is important and can be improved with regular intervention by the RIA and custodian.
3. Reliable Cash Services
In the past, financial moves used to be limited to the business week or even during stock-market hours. Today’s global market encourages clients to buy and sell nearly any minute of the day. An RIA should be able to say yes to any transaction with a solid custodian backing up the process.
Custodians can move funds with almost instantaneous results once a transaction is approved. As a result, clients see their money moving at a rapid speed, which translates to increased funds. They understand that money can be moved as often as needed. This fact leads to greater engagement as money changes hands and supports the financial markets.
4. Asset Transfers
Moving liquid funds is much easier than assets, which is why an RIA benefits from a custodian in these cases. Your client may want to move an asset right away, for instance. The custodian can make this change as quickly as possible, which positively reflects on you.
Because that asset moved at a rapid pace, the client sees further opportunities in the future. They’ll be more inclined to move other assets because the process is simple. Word-of-mouth might spread about your asset talents. In the end, both the RIA and custodian benefit from this strong relationship. Your client doesn’t have to worry about wait times or other frustrations. Financial ease from the clients’ perspectives only improves engagement and encourages loyalty.
5. Simplified Trading
RIAs are well-versed in stocks and bonds, but other trades may not come as easily. Custody services support your every step especially when complex transactions are on the line.
Buying and selling options, for instance, is a skill unto itself. Experienced custodians can maneuver you through this trading strategy while satisfying your client with the results. Custodians support your services, which only strengthens every financial expert in the loop. Your client will see and understand more about the trading world, and they participate even more than before.
Engaged clients may take on more trades than without support from the RIA and custodian. Making financial gains is a team effort in this scenario.
Researching each custody service before you contract with anyone is the best rule of thumb in the financial business world. These services allow you to work without any interruptions from the customers’ perspectives. As they liaison with you, your RIA work has a team backing you up with every transaction. Satisfied customers remain loyal and refer you to others as your business grows.
