A recent study from Genworth Financial and Quantuvis Consulting found advisors are sorely lacking in marketing skills. Fewer than one-third of advisors surveyed said they have a marketing plan. Of those, most aren’t fully implementing their plan.
The study is the second in a four-part study, Best Practices Study Series. Best Practices: Business Development focuses on how advisors market and which strategies work best. Part one, Best Practices: Business Performance, was published in 2009.
Top-quartile advisors see a much greater return on investment than other advisors, the report found. For every $1.00 spent on marketing, top-quartile advisors make $1.63, compared with other advisors who just break even.
More than half of firms depend entirely on principals to attract new business, while one-quarter say they are “highly-dependent.”