Client service and client retention are the two top priorities of more than 6 in 10 highly successful financial advisors, new research reveals.
ByAllAccounts, Boston, Mass., published this finding in an online survey of 390-plus financial advisors. The study examines the traits and characteristics of successful financial advisors, including their views on defining success, personal strengths and values, top priorities, areas of focus and how they spend their time.
The survey reveals that client retention (65.6%) and client service (60.9%) are the top two priorities of successful advisors. These results, as was the case in a ByAllAccounts survey last year, topped assets under management (59.4%), which is the third highest priority of successful advisors. Significantly smaller percentages of respondents say that client acquisition (35.9%), providing holistic wealth management (21.9%) and increasing revenues (17.2%) are their top priorities.
When asked which characteristics they want clients and/or peers to describe their firm 64.1% of respondents cite “trustworthiness,” 57.8% say “honest” and 54.7% peg “best in class.”