Half of Advisors Want to Cut Clients: Russell Survey

Feeling the pinch of tighter margins, 45% were also switching their clients to fee-based accounts to bring in new revenue, and 16% were spending money on new technology to manage their low-income clients – allowing them to spend more time with clients who generated more income. Another strategy to raise income levels is to sell more annuities (39%), although, according to an article by NU Online News Service among advisors who have not already added them to their product list, resistance is high, beat out only by “global strategies” as least considered as a new possibility to bring in funds. Only 9% of advisors are “not doing anything differently” in the practice management area.

The survey, which was taken between July 27^th and August 13^th, had 348 responses representing 132 national, regional and independent advisory firms.