The survey says…

At a recent presentation, I conducted a blind survey asking advisors to name the three biggest improvements they would like to make to their businesses. Here are the results (in percentages:

• Increase revenue; make more sales: 23
• Focus on A & B clients, estate planning, group insurance, larger cases, high-net-worth clients: 18
• Focus, organization and time management: 17
• Expand client base: 10
• Add an associate; hire more staff: 9
• Write a business plan: 7
• Acquire new revenue lines/increase product knowledge: 6
• Customer service: 6
• Renovate office: 1
• Sell less products: 1
• Improve use of technology: 1
• Increase vacation time: 1

What are the three biggest roadblocks preventing your success?

• Time management: 26
• Fear, lack of discipline, laziness, lack of motivation: 19
• Lack of staff and resources to provide quality customer service: 16
• Clutter, disorganization, distractions, focus: 14
• Prospecting: 8
• Fear of asking for referrals: 7
• Center-of-influence marketing: 4
• Clients calling with personal problems: 1
• Compliance: 1
• Money: 1
• Product knowledge: 1
• Selling too many products: 1
• Tax burden: 1

What is my conclusion based on the results? While advisors may want to increase revenue and sales and concentrate on A and B clients, they appear to have a problem with a lack of time, motivation and support. This can be solved by writing a business plan, which can help advisors have more focus, and manage time and resources.