Capital Group has launched PracticeLab, a new digital destination for financial professionals that will offer insights and actionable ideas to help them grow their practices and better serve clients.
The platform will include regular webinars with Capital Group specialists, including practice management consultants and wealth strategists. It will also publish articles, podcasts and other resources and tools covering a wide range of topics from how to best market an advisory business to ways to attract new clients.
The platform’s contents reflect insights from Capital Group’s first comprehensive study benchmarking the practices of more than 1,500 financial professionals across the United States.
“We found a compelling and actionable insight,” says Mike Van Wyk, vice president, customer research and insights at Capital Group. “The average financial professional spent nearly half their time on client management activities—but if they could shift even 1% of that time to activities such as team management, strategic marketing or prospecting, our study showed this boosted their firm’s AUM [assets under management] by 3%. Our research shows there isn’t a one-size-fits-all way to grow one’s advisory business, yet practices do consistently have better growth outcomes when they are intentional about practice management.”