Firm promises to make all other account structures obsolete by eliminating advisor time-killers and unlocking client conveniences
Agora Dealer Services has taken another step on its journey toward levelling the playing field for independent dealers in Canada’s wealth industry.
The carrying dealer has announced the launch of Agora. prime and Agora. prime+ account structures, which it said would render all other account structures obsolete. They represent a win-win solution for advisors, who would no longer have to contend with paper-oriented time-killers, and clients, who would benefit from a host of conveniences.
In introducing the new structures, Agora is also opening the door for every client to have a nominee account with all the associated benefits.
With Agora. prime and Agora. prime+, dealers and advisors are able to consolidate multiple client name accounts into a single nominee account, at $1 per month with prime and no annual account fees with prime+. The firm also said it is eliminating transfer-out fees, a common sticking point in the adoption of nominee accounts.
“A nominee platform is better and more efficient than an 'in-client name' account, but high per account fees and transfer-out fees make the option unattractive for many investors,” Agora Dealer Services President and CEO Robert Smuk said in a statement. “Our platform delivers all the advantages and more for dealers and advisors, including consolidated reporting, efficient e-onboarding and e-trading, and portfolio solutions, with none of the typical high annual nominee account fees.”
Aside from embracing the freedom to connect and transact remotely with clients amid the challenges spawned by COVID-19, Smuk said advisors on the Agora platform are finding opportunities to add value and reduce fees for the people they serve.
“We have a number of advisors already using prime and prime+, with more being added each month,” said Jeff Thorsteinson, COO of Agora Dealer Services Holding Corp. “The feedback has been nothing but positive. Advisors love the simplicity of electronic on-boarding and the ability to provide clients with improved service and a comprehensive picture of their portfolio.”
Smuk will also be a featured panelist at the WP Wealth Summit on May 18, where he will be sharing his thoughts on how the wealth industry is adapting to technology and revolutionizing the future of advice.