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RIA RiverFront Investment Group recently polled a group of advisors and found that practice management training is a high priority for those looking to grow their businesses.

According to the survey of 230 advisors, 61% believe acquiring new clients is their biggest challenge. Fifty-three percent view succession planning as their main challenge over the next five years. And 37% see practice management as a service that can help their business.

After reviewing the poll results, RiverFront moved to form a partnership with the Oechsli Institute to expand practice management training to its advisor clients.

“Oechsli’s experience coupled with their growth in technology and leadership makes [it] a great fit to support our clients in growing their practice, succession planning and meeting the changing needs of client expectations,” said Bradford Wear, RiverFront’s national sales manager and Western regional president, in a statement.

Asset Management

In the survey, advisors ranked transparency and performance as the top two considerations when considering an asset manager. Practice management ranked second in new services that could help support their businesses.

“What we hear from our clients and saw in the survey results is that financial advisors today and, in the future, have to offer more than just simple stocks and bonds,” Wear said.

As the industry shifts to holistic wealth management, asset managers must offer more than a fact sheet, he said. “With Oechsli, that is what we are trying to accomplish.”