See, once clients choose someone to manage their money, they tend to keep it there, and at wire houses that means investment advisers can sell clients wide range of bank products.

It’s an online platform that allows RIAs to communicate directly with their clients through social media.

If an RIA’s clients want to share information with a friend those friends have to accept that information.

What made them realize they could do better was one simple fact: The vast majority of signed, sealed, and delivered RIA clients come from customer referrals.

He writes a regular client newsletter and contributes to news outlets like Fox Business and CNBC, but he’s noticed that over the last year the content he’s put out on Vestorly has become a significant tool in his arsenal.

I’m out there to take every client I can from the wire houses because they don’t provide quality service. I talk to my clients at least monthly, I challenge the wire houses to do that,” said Schatz.

You’re always going to have down years but if you’re communicating with your clients through a product like Vestorly, they’re going to stay with you longer than they would if you sold them a product and disappeared.”