WHITE PAPER
THE SPECIAL (SMALL) ACCOUNT UNIT (SAU) FOR RETAIL INVESTMENTS/BROKERAGE, ALSO CALLED CENTRALIZED SERVICE UNIT (CSU)
A White Paper prepared by E. Loyd Pohl, CEO | Pohl Consulting and Training, Inc.
DESCRIPTION
This is a separate unit within the brokerage program/department where small account administration is centralized. This unit often fills other roles in addition to servicing small brokerage accounts including handling books in transition, certain operational functions, supporting a conversion of the program or an incoming book, servicing orphaned annuity accounts.
This unit will be staffed (initially) by a fully licensed broker. Sometimes the representative is a licensed assistant promoted to this position. Sometimes the representative is an experienced representative who for various reasons in not suited for a prospecting/sales driven position. As the unit grows, assistants can be added to create capacity. As the role of the unit evolves, additional representatives will be needed.
MANDATE AND PURPOSE
- Remove small, low value and high maintenance accounts from the books in the field to relieve them of the unproductive work associated with that type of account.
- Lower the cost of service to accounts assigned to this unit to improve the profitability of the unit and the organization.
- Manage the risk (compliance and arbitration) caused by the neglect these accounts receive in the field.
