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In this episode of the RIA Edge Podcast, David Armstrong, managing director of editorial and content strategies for the Wealth Management Group at Informa, talks with Rob Madore, vice president of financial services for MarshBerry, about the firm's recent research with WealthManagement.com's WMIQ to explore how firm leaders think about adding new client services, both to pursue organic growth and to maintain fees. With over 70% of advisers actively exploring ways to improve services, Madore cautions that it is not a panacea. Firms that make it work must undergo relentless self-evaluation and have a clear picture of how the move will affect the bottom line.

Specifically, David and Rob discuss:

• The main reasons firms seek to expand client services and the services most firms seek to add.
• How firms decide whether to outsource, buy, or partner with others to bring additional services to customers.
• What RIAs often get wrong about service expansion and business impact.
• Where rate compression and margin dynamics fit into the decisions and strategies that RIAs follow.
• Why technology is the key enabler for improving customer experiences.

Sources:

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About our guest:

As a Vice President on MarshBerry's Financial Advisory team, Rob helps RIAs develop and implement sustainable growth strategies.

Prior to MarshBerry, Rob held leadership positions at companies such as Wise Rhino Group, WebMD, and Questis, where he was a sought-after speaker and consultant focused on empowering firms to thrive through the convergence of the wealth, retirement, and insurance industries. .

He holds a Bachelor of Business Administration degree from the University of Vermont Grossman School of Business and is a proud supporter of veteran groups like SEALKids.

Formerly a college and professional hockey player, most recently with the Toronto Maple Leafs organization, Rob now lives in Charleston, SC, with his wife, Allie, and his two sons, Louis and Teddy.