Over the past six months, the Investment Advisor Group has partnered with ActiFi Inc. on what we humbly consider to be a breakthrough research study about advisor practice management.

The goal of the research was to assess the current state of practice management, identify best practices among advisors and their partners, and discover advisors’ key unmet needs and their future challenges and opportunities.

The data was gathered in two ways. The first was through an online survey of advisors from across the business model spectrum who were invited to participate through AdvisorOne.com; 954 advisors completed our survey in December 2011 and January 2012. Second, we conducted scores of telephone interviews with industry leaders from firms that partner with advisors to find out where they were spending their practice management dollars and efforts on behalf of advisors.

By comparing the advisors’ perspective with these partners’ data, we aim to help broker-dealers, custodians, manufacturers and other service providers develop and offer better solutions so advisors can grow more profitable businesses.

This is the first in a three-report series based on the AdvisorOne/ActiFi Research. A second report highlighting the perspectives of leading practice management executives will appear in the July 2012 issue of the magazine. A final report in the August issue will analyze some of the differences between advisor and industry executive perspectives along with suggesting ways for the industry to hone its practice management efforts now into the future.

>> Return to “Pursuing Practice Excellence: The Advisor Perspective.”