Some Successful Advisors Value Adding Staff and Technology Above Attracting New Clients

Posted on September 13th, 2019 at 12:17 PM
Some Successful Advisors Value Adding Staff and Technology Above Attracting New Clients

From the Desk of Jim Eccleston at Eccleston Law LLC:

Enhancing services for their clients is a top priority for some successful financial advisors, according to a recent Advisor Authority study, "Successful Advisors: The Year Over Year Trends." 

Advisor Authority is an annual report compiled by National Advisory Solutions. The report surveyed nearly 1,021 advisors and 824 investors and defines successful advisors as those who earn a personal annual income of $500,000 or more from their advisory business, or individually manage total Assets Under Management ("AUM") of $250 million or more. Let’s highlight the main findings of the report.

First, although most of the general population of advisors focuses on acquiring new clients, "successful advisors stay a step ahead of all other advisors and diversify their plans for profitability by putting more importance on adding new hires (22% of successful advisors compared to 11% of all advisors) and consolidating technology (21% compared to 15%)." 

Second, year-over-year data shows that successful advisors have consistently relied less on adding new clients than all other advisors (37% of successful advisors compared to 46% of all advisors). Successful advisors integrate artificial intelligence, interactive websites, client portals, mobile apps, tax optimization tools, and account aggregation systems into their practices. 

Third, successful advisors put their clients first, which starts with adhering to a stated fiduciary standard. Eighty-two percent of successful advisors feel there should be a single federal fiduciary standard for the financial industry, compared to 74% of all advisors.

Fourth, creating an exceptional client experience is a priority for successful advisors. From the first contact with a new client to daily communications and their annual review, successful advisors leverage technology to enhance the experience for their clients and use technology to protect clients against market risk and to provide them with more holistic planning.

In conclusion, the report findings demonstrate that the RIAs and independent advisors who can differentiate themselves by adapting to new technology, new trends, and most important, putting clients first will succeed in the face of increasing competition and the complex dynamics of today's uncertain world.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial investors and advisors including Securities FraudCompliance ProtectionBreach of Fiduciary DutyFINRA Matters, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

Related Attorneys: James J. Eccleston

Tags: james eccleston, eccleston law, eccleston law llc, eccleston, successful advisors,

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