Strategic partnerships are one way that commercial businesses (including financial firms) can quickly grow. Strategic partnerships enable access to new markets and customers without investing additional capital into product development or expansion of their territory. A good example of a strategic partnership are advisors offering clients high touch introductions to attorneys or tax professionals. These strategic partnerships provide value client through time-savings thereby advancing their financial well-being. The same is true with strategic alliances between FinTech providers, where not only do they benefit partners, but more so, the advisors we all serve.
According to Mckinsey’ March 2019 article,Improving the management of complex business partnerships:
“Partnerships never go out of style. Companies regularly seek partners with complementary capabilities to gain access to new markets and channels, share intellectual property or infrastructure, or reduce risk. The more complex the business environment becomes—for instance, as new technologies emerge or as innovation cycles get faster—the more such relationships make sense. And the better companies get at managing individual relationships, the more likely it is that they will become “partners of choice” and able to build entire portfolios of practical and value-creating partnerships.”
At Advisorpeak our strategic partnerships must benefit everyone: our business partners, , the advisors that use our software and AdvisorPeak. More importantly, these partnerships to help to form strong connections between our advisors and our partners as we all work together assisting advisors achieve their goals. This collaboration is the ‘service aspect’ of all strategic partnerships- to serve others.
Strategic partners have a similar customer base and understand what advisors need, and how to take care of those needs. Advisorpeak’s software is one component in an advisor’s tech stack, and we partner with other providers through integrations and cross-selling.
As the March 2020 Forbes article, The Increasing need for Strategic Alliances explains,
“The idea is to combine and connect expertise to expand companies’ reach, to drive growth, and to cope with rising competition and Black Swan events. In other words, a strong focus on partnerships – rather than purely transactional relationships, traditional mergers and acquisitions, sales or market exits – brings much more expertise and value to the table, no matter how large or small the organization.”
Our strategic partners help influence us to refine and upgrade our software continually. There is a common goal among all of us to provide the best FinTech solutions in the wealth management industry. Advisorpeak is a collaborating team of individuals working together to bring advisors the highest value and choice in trading and rebalancing software. We encourage you to discover the integrations available through our strategic partners.