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Focused on individual consumers

Face-to-face approach to attracting customers Focused on delivering value to client

Developed personal relationships with customers

No tiering of services
Targeted a specific type of customer Treated all customers equally and fairly Small, convenient locations comfortable environment

Long-term investors Product scope

Treated FA as entrepreneurs


Longer than average holding periods

Avoid risky assert classes

long-term investors
Expanded to offer a full range of financial services Established product review department

Highly selective of product portfolio

Charge for managed account program based on % of assets managed

Selected preferred providers and engaged in revenue sharing

Enforces product review

Focused on delivering value to client

Highly selective recruitment

Provide ongoing training & support

Face-to-face approach to attracting customers

Partnership with staff

Encourage cooperation and volunteerism Treated FA as entrepreneurs

Provide rewards and incentives including partnerships with returns on capital

Office operations

Localize marketing (newsletters, brochures)

New dcor and arrangement for expansion


Small office 1 FA, 1 BOA

Avoid cannibalization with expansion

Hiring room environment Differentiate branch offices Encourage walk-in customers Mirror U.S. strategy in international markets Service rural areas unlike competitiors


Convenient high traffic retail locations


Staff: provide ongoing training & support

Provide extensive support to FA

Raise brand awareness with marketing campaigns during expansion

Invested heavily in technology

Implement paperless transaction system

St. Louis central office performed all functions other than sales and client relationship