Click me
Transcribed

Today’s financial professionals are falling short on growing their businesses.

RESEARCH & FPA. PRACTICE INSTITUTE FINANCIAL PLANNING ASSOCIATION Today's financial professionals are falling short on growing their businesses. THE PROBLEMS ONLY 9% of advisers indicate LESS THAN A THIRD of advisers said they had a formal, written business plan, that their business development process is 'very effective' and OVER HALF give themselves a failing grade. with 33% indicating they had defined growth goals, but not a documented plan. 35% OF ADVISERS fell short of their goals last year and ONLY 25% exceeded their goals. ADVISERS FEEL CHALLENGED in executing on the tactics they consider to be very effective (e.g. COl referrals). Advisers may not be prepared for the changing face of mar- keting. ONLY 13% of advisers indicated they use this strategy WHILE 54% OF ADVISERS say having a strong culture of business development is to attract new clients. Effec- tiveness ratings were muted important or very important, ONLY 13% report that culture and JUST UNDER A THIRD of is very strong today. advisers describe this as key to their business development plan going forward. SOLUTION 1 Clear and Defined Plan DEFINED VALUE PROPOSITION Fifty-seven percent of advisers who fell short of their goals had a defined 79% 57% value proposition, increasing to 79% among those who exceeded their goals. Similarly, 62% of advisers who experienced asset growth of less than 10% had a clearly defined value propo- FELL SHORT EXCEEDED GOALS sition, increasing to 76% among those 76% who grew 20% or more. Advisers in this high growth group were also more 62% likely to indicate that their team could communicate the value proposition <10% GROWTH 20%+ GROWTH very effectively. ELEVATOR PITCH Somewhat related to value proposition is the ability for an adviser to clearly and concisely communicate value. While high growth advisers are some- what more likely to have an 'elevator pitch', it was less of an indicator of growth than defining the underlying value proposition. THE BUSINESS PLAN High growth advisers were considerably more likely to have a formal, written business plan (38%) compared to low growth advisers (21%). This distinction was even more profound among those who exceeded their goals (48%) 38% 48% 21% 18% IHIGH GROWTH EXCEEDED GOALS ILOW GROWTH FELL SHORT compared to those who fell short of their goals (18%). 65% NICHE MARKET 47% Advisers who grew the fastest were more likely to focus on one or more defined niche markets (65%) than the lowest growth advisers (47%). LOW GROWTH HIGH GROWTH SOLUTION 2 Focus on the Right Tactics CENTER OF INFLUENCE REFERRALS Advisers who achieved faster growth 68% were more likely to indicate they were 54% working with centers of influence (68%) to generate professional referrals than those with the lowest growth (54%). LOW GROWTH HIGH GROWTH CLIENT EVENTS 58% Using client events as a way to both 41% add value for clients and attract new clients was effectively used by advisers who were growing the fastest (58%) compared to those who were not (41%). LOW GROWTH HIGH GROWTH THOUGHT LEADERSHIP While a relatively low percentage of advisers are using this tactic, which includes building a personal brand or platform using thought leadership and social media, larger and growing businesses were more likely to be using this strategy. ABOUT THE 2014 Drivers of Business Growth Study Completed by the FPA Research and Practice InstituteTM, this study sought to understand how advisers are growing their businesses today and if and how that may be changing going forward. The study is based on the feedback from 434 financial advisers who partici- pated in an online survey between September 15 and October 16, 2014. The sample represents advisers from across the country and across all channels and includes both FPA members (42%) and non-members (58%). © 2015 Financial Planning Association® (FPA®) OneFPA.org | PlannerSearch.org | [email protected] 303.759.4900 | @fpassociation

Today’s financial professionals are falling short on growing their businesses.

shared by FPAssociation on Apr 30
93 views
2 shares
0 comments
Clear and Defined Plan: Fifty-seven percent of advisers who fell short of their goals had a defined value proposition, increasing to 79% among those who exceeded their goals. Similarly, 62% of adviser...

Writer


Source

Unknown. Add a source

Category

Business
Did you work on this visual? Claim credit!

Get a Quote

Embed Code

For hosted site:

Click the code to copy

For wordpress.com:

Click the code to copy
Customize size