Maintaining competitiveness in the financial advising industry requires efficiency and the ability to deliver clients the same options as the big wirehouses. Being able to leverage the right technology is key, but often comes at such an expense that it is cost prohibitive, especially for small operations. At L.M. Kohn, we know that equipping our reps with the right tools is essential for them to achieve success. That’s why we provide affordable access to a technology package for every one of our reps, which they are able to utilize to achieve the efficiency they need to maintain competition. An excellent example of this can be seen in our work with our rep, Pilot Wealth Management.
Chris Rueger is the founder and president of Pilot Wealth Management. He started his business in 2014 after leaving one of the large wirehouses because he was tired of working for someone else and wanted to be able to choose the investments and technology to serve his clients, rather than being told what he can and cannot use. From the very beginning, Chris choose L.M. Kohn as his broker/ dealer because he liked our small size and values, and he was able to receive the same direct personal attention from Larry Kohn or Carl Hollister that his own clients valued from his practice.
When Pilot Wealth Management discovered that the technology available to L.M. Kohn reps through its clearing firm was going to be shut down in 2019, Chris and his team were concerned about finding a top-notch replacement. Their business had evolved to rely on the tech tools to accomplish their job and maintain their competitive edge with other firms.
“The importance of having access to the financial tools we need is huge,” said Chris. “I’ve seen prospects come in with different reports from other firms. If we couldn’t produce similar work for them, they wouldn’t move their assets to us. To be able to compete on that level, we have to have apples-to-apples comparisons with what the other firms out there can offer.”
Pilot Wealth Management was pleased to learn that L.M. Kohn had already begun to research and source financial technology tools that could replace the former technology with some additional functionality. Once acquired, L.M. Kohn set up training sessions for its reps to learn the new technology and incorporate it most efficiently into their day-to-day operations. Using the technology, reps can perform college and retirement planning, run scenarios for ROTH conversions and create detailed reports of clients’ investments. And the tools integrate with each other for maximum functionality.
“Clients were pretty excited to see the full scope of retirement planning,” said Janet Burton, Pilot Wealth Management Operations Manager and Client Liaison. “There’s so many different tools, we could do so much more for them.”
On top of it all, L.M. Kohn bundled all the financial technology tools together into a single low-cost package available to all its reps.
“The tools are very expensive,” said Chris. “If we had to piece this together ourselves, it would be quite costly.”
“I can stress how working with L.M. Kohn is a pleasure,” said Janet. “I like the fact that when you talk to them, you give them suggestions and they listen to you. I can always talk to Carl or Larry or anyone in the home office when I need to. I appreciate their personal attention and quick resolution to my concerns. Being a small operation, this is really important to us.”
For more information about the financial technology tools L.M. Kohn offers for its reps, please contact us.
