Advisers Look to Peers for Business Tips

Most financial advisers believe they can learn how to make their business more efficient and effective through their peers, according to the latest SEI Quick Poll.

In fact, nearly all (90%) poll participants said that learning best practices of peers is important, according to the survey results.

The poll of 417 advisers by SEI also found that the majority (66%) of advisers said their top priority this year is to “create new initiatives to increase sales and grow business,” followed by communicating with clients and prospects more frequently.

While advisers plan to grow their business, they were varied about how they plan to grow. More than half (55%) said they would want a coach to offer new business development advice. When asked to identify what tactics and strategies they planned to implement to achieve their goal of business growth, the top three responses were: use client referrals (42%), solidify professional relationships for referrals (32%), and create a formalized marketing plan (20%).

Poll participants were also asked to identify how they plan to improve cleint communication. The top three responses were: increase frequency of outbound communications (30%), increase frequency of client review meetings (25%) and develop a new approach to client review meetings (23%).