More than 8 in 10 financial advisors identify prospective clients based on their investable assets, according to a new report.
ByAllAccounts, Boston, Mass., published this finding in a national online survey of more than 390 financial advisors. The survey examines key traits and characteristics of successful advisors, including their views on defining success, personal strengths and values, top priorities, plus areas of focus and insights into how they spend their time.
The report reveals that 85% of advisors use investable assets to select prospective clients. Far fewer advisors base their selection according to the prospect’s life stage or geographic location (40%), occupation (20%) or age (18%).
According to the survey, the top 30% of firms (those with over $100 million in assets under management) grew their holdings by more than 16% during the past two years.