A new survey of wealth professionals reveals winning strategies
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In the increasingly competitive financial advice market, those advisors that adapt to changing trends are on a path to success.
New insights from financial services Jefferson National – now Nationwide – reveals eight key traits that the most successful advisors share, based on a poll of 779 employed financial advisors – including Registered Investment Advisors (RIAs) and broker/dealers; and 817 investors.
They earn a personal annual income of over U$500,000 from their advisory business, or individually manage a total AUM of $250 million or more.
"Successful advisors are the leaders and innovators who look to the future, set the trends, manage more AUM and earn more than their peers. Our latest Special Report is designed to provide benchmarks and actionable insights from the most successful advisors, to help more RIAs and fee-based advisors drive growth, build a thriving practice, and establish a viable franchise for the future," said Laurence Greenberg, leader of Nationwide's advisory solutions business.
The traits include:
New insights from financial services Jefferson National – now Nationwide – reveals eight key traits that the most successful advisors share, based on a poll of 779 employed financial advisors – including Registered Investment Advisors (RIAs) and broker/dealers; and 817 investors.
They earn a personal annual income of over U$500,000 from their advisory business, or individually manage a total AUM of $250 million or more.
"Successful advisors are the leaders and innovators who look to the future, set the trends, manage more AUM and earn more than their peers. Our latest Special Report is designed to provide benchmarks and actionable insights from the most successful advisors, to help more RIAs and fee-based advisors drive growth, build a thriving practice, and establish a viable franchise for the future," said Laurence Greenberg, leader of Nationwide's advisory solutions business.
The traits include:
- Think Like A CEO – operate like a business leader even if you are employed; cultivate your in-house team;
- Be a tech innovator – use technology to enhance the client experience and be more efficient;
- Target new clients – this is ranked as the biggest driver of profitability by the high-earning advisors (45%) beating tech innovation (33%) and targeting high-net-worth clients (31%);
- Be a marketing innovator – use strategies to attract the next generation of investor;
- Retain heirs – benefit from the ‘Great Wealth Transfer’ from Baby Boomers to Gen-X and Millennial heirs by retaining them as clients;
- Succession planning – rather than your business relying on one or two individuals, develop your team and nurture future leaders;
- Be bullish on M&A – advisors polled expect increased activity and should be optimistic, whether buying or selling;
- Put clients first – 92% of successful advisors say customer experience is important to their value proposition.
