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January 16, 2014 at 09:33 AM
Growing a book of business by acquiring new clients is judged a primary area of focus in 2014 by 70 percent of financial advisors, according new research.
Russell Investments discloses this finding in its latest edition of its “Financial Professional Outlook.” The quarterly snapshot of advisor sentiment canvassed the opinions of 257 financial advisors working for more than 120 national, regional and independent advisory firms nationwide.
The survey respondents point to other priorities among their top three areas to focus on this year, including:
- Improving client relationships and client retention – 57 percent;
- Managing the business or activities more efficiently - 46 percent;
- Growing a book of business by acquiring new assets from existing clients - 42 percent;
- Improving client communications or meetings - 30 percent;
- Improving investment performance - 17 percent;
- Improving new investment solutions or tools - 17 percent;
- Changing the composition of one’s client base - 7 percent.
“All of these activities take time and time is often in short supply for dedicated advisors,” the report states. “So how can advisors grow their books while serving clients well?
