The Financial Services Institute, the advocacy group for independent broker-dealers, now has 35,000 members after a big gesture from NFP Advisor Services Group.
NFP Advisor Services, an independent broker-dealer, agreed to offer its 1,400 financial advisors a one-year complimentary membership to FSI. The firm will cover the fee at a greatly reduced rate. NFP Advisor Services’ move is part of larger ongoing campaign by FSI’s company members to get advisors more involved with the organization.
The firm joined several others, including Ladenburg Thalmann, Cetera and LPL Financial, to offer subsidized FSI memberships to advisors. Normally, broker-dealer memberships are $99 a year, while individual advisor memberships cost $149, said Chris Paulitz, a spokesman for the Financial Services Institute. The organization offered NFP Advisor Services a greatly reduced rate to support its effort, Paulitz said.
Now, the FSI will look to retain all of those supported memberships. “We expect to see greater revenue in 2013 even with a 1% retention rate,” Paulitz said. “What we are shooting for is very high.”
Donna Mitchell writes for Financial Planning.