Todd Resnick - OneSeven 2023 Year In Review

January 17, 2024

Video Transcript

Speaker: todd resnick

New Additions: How many new financial advisors joined our RIA in the past year, and what unique skills or specializations do they bring?

todd resnick: Hey everybody, this is Todd Resnick from 17 Happy New Year. Um So the first question is how many advisers joined us last year? Honestly, I don't even know the number. Um We had three really large teams join us, which each had multiple advisors plus uh some other uh great people and smaller advisor. At the end of the day, we had about 650 million of net new assets last year that puts us at about 4.1 billion by the end of last year. Uh We anticipate this year, bringing out about 500 million in the first quarter and hopefully another billion plus for the year. Most importantly, all the advisor at the end of the day are aligned in that all of them are growth minded, all of them are client focused. Um And all of them I think are really vested in the success of +17. through our model and our structure that we've uh offered to many advisers. I think there's complete alignment in terms of our success becomes their success, which is really the best way for companies in our industry to be set up. And aligned and uh structured this day and age.

Advisor Business Development: Any new marketing initiatives this year that will assist our advisors in helping them grow their book?

todd resnick: I think this year, what we've really gotten great at is bringing all of the full resources of 17 to our advisers to help them grow. Um So in terms of like opportunity, which is really the second leg of the soul, we focus on, we're really ramping up our 401k lead generation. We're offering a lot of lead gen services and tools to advisors that are part of our company and our marketing team run by Adam Blumenthal, um has really done a great job of helping advisor with collateral, creating new materials, websites and campaigns to help them grow. The other thing that we're really taking a new look at for 2024 is helping advisor to acquire small books of business. Uh We already have um one closing today on uh the was that mid January? We have a, a book that's being bought. We have another couple that are in negotiation. So we'd really like to focus on helping advisors find smaller books of business to buy this year and helping advisors join us in creating succession plans with advisers that are already on staff, which helps them benefit from the uh you know the growth in the future.

Custodians: Looking back at 2023, Can you please take a minute to discuss the growth of the custodian options at One Seven?

todd resnick: So custodians is something that a lot of advisers care about and we're still really excited that we have such a great open architecture sort of set up. Um TD Ameritrade. Now, Schwab is still our largest relationship about $2 billion there. Um We have a great relationship still with Raymond James. I don't know the exact number, but it's probably north of 500 million at this point. And we've done a really great job of helping Raymond James advisor do internal transitions from one side of the company over to the completely independent side, custodial side. So it's something we've been really strong at. We've done a couple of those already. We've got another couple coming up. We brought on Fidelity in the latter part of this year and that's already been successful. We brought a, a really large team on to fidelity back in the fall and we're excited also um to start offering Goldman Sachs. Uh We've already been approved by Goldman. Uh and we're getting set up on the platform, Goldman's gonna be really good for to um advisors coming from wire houses or trust companies where where clients are used to a certain type of um structure and offering, we think advisor leave like a Morgan Stanley or Merrill that want that really sophisticated banking, sophisticated alternatives platform where advisers are really trying to work in a unique way and think outside the box. That's what Goldman is gonna be really strong on. I've already had a couple of advisers talk to them and walked away, blown away by the way, they think about things and the tools and solutions that they have available. So we're really looking forward to working with them in the future.

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