Advisers Seeking Improved Practice Management Support

The most popular practice management programs this past year dealt with Social Security and managing portfolios in light of uncertainty in the markets.

More than half (67%) of advisers rely heavily or somewhat on value add and practice management support provided by product manufacturers and distributors, according a new analysis by Research and Markets.

Most find room for improvement and seek more capabilities that can be used directly with investors and which are implementation focused rather than purely educational. More than three in four advisors (76%) perceive value add and practice management programs as having a positive impact on their practice. The most widely used value add and practice management programs in the past year focus on Social Security and managing portfolios in an uncertain environment.

Looking ahead, advisers express continued need for support overcoming various challenges including developing new sources of referrals and clients, retirement and income planning, improving efficiency in their operations, and navigating compliance and regulatory issues—especially the proposed Department of Labor (DOL) rules.

The report is based on input from more than 625 financial advisers gathered through an online survey conducted in January 2017. Those surveyed include full service brokers, independent brokers, financial planners, and registered investment advisers (RIAs).

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