A survey of 800 financial advisors is yielding a top five list of New Year’s resolutions, all set to grow business in 2014 assuming, of course, you keep them.
A survey of 800 financial advisors is yielding a top five list of New Year’s resolutions, all set to grow business in 2014 assuming, of course, you keep them.
The findings come courtesy of the SEI Advisor Network, an asset and practice management provider in the U.S., and capture the strategic thinking of hundreds of investment advisors plying their trade in an increasingly competitive environment.
Their resolutions for 2014 reflect their collective priorities and, in some ways, the best practices of the industry.
Without further ado, your Top Five Resolutions for 2014:
5. Developing better advisor-client relationships is a top priority for those answering the survey. Where relationships are simply too strained to be productive and compromise trust, advisors are looking to cut ties with those clients rather than continue on.
4. Some 59 per cent of respondents identified a strong need to reach out to the investor pool outside their traditional client base as a key resolution for 2014. But, more specifically, they plan to court other professionals currently servicing those groups to win referrals. Estate-planning lawyers and chartered accountants across the country may soon be deluged with advisor calls. (Sorry, guys.)
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3. Leveraging technology to meet clients where they live, so to speak, is a growing concern for advisors and a top resolution for 2014.
Look for advisors to evaluate and possibly change their client relationship management systems in the new year, an effort to better manage contacts, e-mail systems and the myriad daily tasks all industry professionals perform.
2. The back office of many firms will also be put under the microscope in 2014 as advisors look to gain efficiencies through the better management of resources.
“Most of the knowledge around client relationships and key processes are in the heads of one or two people, and not documented,” says John Anderson, SEI practice management expert. “How can you expect your office to run smoothly and clients to remain satisfied if you are the only one that can do it?”
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1. No surprise here, but most advisors are absolutely resolved to win more referrals from their existing clients, what experts consider the single best way to grow business in 2014 or any year.
SEI is offering some advice to help you meet that goal.
“It’s best for advisors to define their ideal ‘five-star client’ and provide the description to their clients. That way, clients will better understand what their advisors are looking for and will be more engaged in the process.”
