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How many new clients does the average financial advisor acquire in a year?
Kevin Darlington, Vice President of Product Management at Broadridge Advisor Solutions, has done his research and posed this question to advisors and sales managers for several months. The answer: only 2.
In an article published in "On Wall Street", Darlington cites declining fees, greater churn from intergenerational wealth transfer and increased competition from robo advisors as the culprits for this low number.
All hope is not lost however, as he provides various ways wealth advisors can “pick up their acquisition game” through a mix of high tech and high touch services that offer greater focus and more personalized client relationships.
For more information, please contact us.