Concentrated Stocks
How Strategic Delegation and Outsourcing Unlocked $400+ Million in Advisory Assets
From Insurance-Centric to Investment-Led Growth
Despite many of his insurance clients being HNW, his advisory clients rarely exceeded $500K.
The Challenge: A Successful Advisor, But Untapped Potential
When an RBC Rochdale Senior Investment Consultant first met this insurance-focused financial advisor in 2013, the advisor had already built a 15+-year career and a loyal client base. He had started his career in 1997 and for ten years exclusively focused on delivering insurance solutions until he was inspired by a colleague to pursue outsourced money management. Over the next decade, he diligently focused on this but had raised less than $20MM in assets under management. Despite many of his insurance clients being high-net-worth individuals, his advisory clients rarely exceeded $500K.
Why was this the case? Out of reluctancy to introduce additional stakeholders in client relationships, he was trying to be all things to all people with a set of standard, model based solutions.
Why? A reluctancy to introduce additional stakeholders. Trying to be all things to all people...
The Turning Point: Operating as a General Manager Rather than a Quarterback
Based on a colleague introduction, the advisor met with his local Senior Investment Consultant whose responsibilities include partnering with advisors to develop custom solutions for high-net-worth clients. Impressed with the consultative approach that keeps the advisor at the center, he decided to test the process with one client.
The meeting was a success. Leveraging Rochdale’s proprietary Galaxy Proposal, the test client was so impressed that he agreed to hire the advisor and RBC Rochdale during that first meeting. What came next further cemented the advisor’s trust in Rochdale’s method. Namely, the seamless hand-off and subsequent collaboration between the Advisor, Sr. Investment Consultant, and dedicated Portfolio Manager who would implement and manage the client’s portfolio moving forward.
...seamless collaboration eliminated his need to spend time on managing intricacies of client portfolios...
Over time, the advisor realized that seamless collaboration eliminated his need to spend time on managing intricacies of client portfolios allowing him to shift his focus to client acquisition.
Fast forward and today, just 12 years later, and the advisor has $500MM in advisory business. He sees himself not as the quarterback responsible for making every play, but rather as the general manager responsible for securing the right players to deliver for his clients. Working with subject matter experts such as CFA Charter holders, Investment Specialists, CPAs, Attorneys, and RBC Rochdale, he orchestrates and delivers holistic solutions for his clients.
Fast-forward and today...
...the advisor has $500MM in advisory business.
The Takeaway: Growth Through Strategic
Partnership
This case demonstrates a simple but powerful truth:
The most successful advisors aren’t those who do everything themselves—they’re the ones who know when to delegate, while staying firmly in control of the client relationship.
For insurance-focused advisors there is likely untapped advisory potential already in your existing book. RBC Rochdale would welcome the opportunity to help you unlock it—one client, one proposal, one success at a time.
To learn more, contact your Senior Investment Consultant or Portfolio Manager. You can also visit us at www.rbcrochdale.com, or email us at citynationalrochdale@cnr.com.
Important Information
The views expressed represent the opinions of RBC Rochdale, LLC which are subject to change and are not intended as a forecast or guarantee of future results. Stated information is provided for informational purposes only, and should not be perceived as personalized investment, financial, legal or tax advice or a recommendation for any security. It is derived from proprietary and non-proprietary sources which have not been independently verified for accuracy or completeness. While RBC Rochdale believes the information to be accurate and reliable, we do not claim or have responsibility for its completeness, accuracy, or reliability.
All investment strategies have the potential for profit or loss; changes in investment strategies, contributions or withdrawals may materially alter the performance and results of a portfolio. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment will be suitable or profitable for a client's investment portfolio.
This presentation (or any portion thereof) may not be reproduced, distributed, or further published by any person without the written consent of Rochdale.
RBC Rochdale, LLC is an SEC-registered investment adviser and wholly-owned subsidiary of City National Bank. Registration as an investment adviser does not imply any level of skill or expertise. City National Bank is a subsidiary of the Royal Bank of Canada.
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