Financial advisors who report spending more time communicating with clients appear to be having the greatest success at adding new clients.
Staffers at the Financial Planning Association (FPA), Denver, have reported that finding in an FPA journal article based on an online survey of 470 financial advisors.
The staffers found that 48% of the advisors who reported spending less than 10 hours a week on client communications also reported a drop in the number of customers they serve.
Advisors who said they spent 30 to 34 hours per week on client communications reported the best results: About 88% of those advisors said their client base has been growing.
Typical advisors are spending about 10 to 14 hours per week on client communications, and 66% of those advisors said their client base has been growing.