Although organic growth is a top-of-mind concern of wealth management firms, they struggle to prioritize it, according to a new report from Fidelity Investments. Advisors blame a lack of time.
Fidelity Investments’ report says firms that develop dedicated growth strategies and implement a more intentional approach to time management could potentially realize up to $270,000 in additional revenue per year, per advisor by reallocating just five more hours per week to clients and prospects.
“Protecting your time starts with defining your value,” Tobias Donath, head of go-to-market and strategy for Fidelity Institutional Wealth Management Services, said in a statement. “Flipping the phrase, ‘I don’t have time for that,’ to ‘That’s not a priority’ can help you be more strategic with your time and puts a new lens on defining higher-value work.”
The report explores how firms can maximize value by reexamining whom advisors spend time with, what they spend time on, and how they use that time. It is based on three studies Fidelity conducted this year.
See the gallery for seven strategies for advisors to maximize the quantity and quality of client-facing time, backed by Fidelity's data.
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