It’s a bad time for new business, evidently. A recent SEI survey found advisors spend more time with their existing clients than they do trying to gain new business. Just 16 percent of advisors spend most of their day working to gain new clients, while 46 percent spend the majority of their time with their current client base.
Of advisors who are actively searching for new business, 52 percent are inviting clients to bring a friend to client appreciation events as a way to find new leads. Forty-five percent say they work with CPAs and accountants to build their “centers of influence.”
Social media isn’t the marketing godsend you may have been led to believe. While 54 percent of advisors use at least one social network, less than 5 percent say they actively use it as a prospecting tool.
More than half of advisors said their clients are still “extremely skeptical” about the economy and the success of their portfolios. Eighty percent of advisors said they believe increased taxes will further hurt the economy. While 62 percent of advisors said the financial services industry needs reform, they agree that more analysis is necessary before a final proposal is settled.