A survey of 800 financial advisors is yielding a top five list of New Year’s resolutions, all set to grow business in 2014 assuming, of course, you keep them.
The findings come courtesy of the SEI Advisor Network, an asset and practice management provider in the U.S., and capture the strategic thinking of hundreds of investment advisors plying their trade in an increasingly competitive environment.
Their resolutions for 2014 reflect their collective priorities and, in some ways, the best practices of the industry.
Without further ado, your Top Five Resolutions for 2014:
5. Developing better advisor-client relationships is a top priority for those answering the survey. Where relationships are simply too strained to be productive and compromise trust, advisors are looking to cut ties with those clients rather than continue on.
4. Some 59 per cent of respondents identified a strong need to reach out to the investor pool outside their traditional client base as a key resolution for 2014. But, more specifically, they plan to court other professionals currently servicing those groups to win referrals. Estate-planning lawyers and chartered accountants across the country may soon be deluged with advisor calls. (Sorry, guys.)