A large majority of financial advisors spend most of their time on client management, communication and service, according to new research.
ByAllAccounts, Woburn, Mass., discloses this finding in a new survey, “Traits of Highly Successful Financial Advisors.” Based on responses from 390-plus financial service professionals, the report explores advisors’ views on defining success, personal strengths and values, top priorities, areas of focus and how they spend their time.
The survey shows that 8 in 10 (80.6 percent) advisors spend most of their time on client management, communication and service. Fewer than one in five (18.3 percent) devote most of their time to back-office operations and reporting.
The report adds that client retention (65.6 percent) and client service (60.9 percent) are the top priorities of successful advisors. The third highest priority is assets under management, pegged at 59.4 percent.
When asked to identify the most important measure of business success, nearly all of the advisors polled (96.9 percent) identified client satisfaction. Less frequently cited measures include:
Assets under management (41.5 percent)
Revenue (35.4 percent)
Investment performance (33.8 percent)
Employee satisfaction (20 percent)