subject: Comparing The Top Securities Databases [print this page] Best practice dictates that you should only use the best registered investment advisor database. Securities firms continually need to draw on fresh talent especially in a marketplace that is continually changing. Its not always that easy to find securities advisors that will bring the company forward. All securities firms just like you basically need some of the real top performing financial advisors today, which is practically why broker dealers should only use the top securities databases available in the market.
Doing More than Just a Google Search
There are a lot of companies today that build their business by providing a usable RIA database for the securities marketplaces. Finding one is not so much of a problem since these companies have built an online presence. If you need to find one, a simple Google search will yield page upon page of companies offering their version of the best list of professionals who are out there to provide planning services.
Of course, securities firms should not use list of financial advisors without actually considering the source. The information is out there but finding only the cream of the crop of that bulk of info will need some careful thought. This means considering a few factors before actually buying a list of professionals for you to contact.
One of things that broker dealers can look into is the other customers who have used the said service. Can these customers vouch for the quality of the database that they used? Figure out what kind of customers they are. Does your toughest competitor use this database?
Another key thing to look into is the level of support that the company is able to give. If the bulk of their service is plainly just a list then youll be left hanging out to dry when something goes wrong. Other than an RIA database, they should be able to provide customer support service that is absolutely free of charge.
However, it does take more than just a techie guy on the other side of the line that can help you figure out how to make search queries. You can tell by the representatives you talk to whether the database and other services they offer is good or bad. Ask them questions that will ascertain their financial backgrounds. Their sales representatives should be able to help your recruiting agents find the RIAs they need by knowing and understanding their own data by heart.
Database Quality
Of course, the quality of a securities database is at the heart of this issue. Some of the companies that offer their lists and databases of RIAs just love to throw huge numbers around. Some would say they have the most extensive list of professionals and then throw in a six or seven digit number in an effort to pull a rabbit out of a hat, so to speak.
But it really takes more than just throwing numbers around to ensure that you have the top securities database in the industry to date. Dig deeper and find out how often the database is updated. Do they have a good mix of different types of firms or do they only list one specific type of investment advisor? This should be one of things to look into when comparing the top RIA databases.
