Nothing is more disheartening than spending the time preparing for a meeting with a prospective client, only to have them walk away without closing. Not only is that prospect gone, but so is the time you could have spent courting someone else.
Due to the legal issues with compliance, many advisors choose to avoid the headache and stay away from digital marketing. This is a wasted opportunity. There are ample marketing solutions that can help you increase your online presence while staying FINRA compliant. So whether you’re just starting out or trying to grow your business, there are a host of marketing tactics financial professionals can employ to increase their market share.
Read on for the top 6 marketing solutions for financial advisors!
Did you know that the average financial advisor in the United States is older than 50 years old? Or that only 5 percent of advisors are younger than 30? (Source: Accenture)
In fact, research group Cerulli Associates has found that the number of financial advisors in the U.S. has fallen every year since 2010. Advising firms have been plagued by a decreasing workforce, which will only get worse, as Cerulli claims that approximately 100,000 more advisors will retire over the next decade. Corroborating this claim is Richard Stein, a partner at Caldwell Partners, who has calculated that 50% of today’s advisors will retire within the next 15 years.
If not addressed head on, a talent shortage will have far-reaching consequences. As more advisors retire, there will be fewer people to take over leadership positions which endangers not only their practice, but the wellbeing of their clients as well.
Robo-advisors are to financial planning as Uber was to taxi services: disruptive. According to a report by MyPrivateBanking, assets being managed by all registered investment advisors now total around $5 trillion, with robo-advisors managing roughly $14 billion of those assets. If not already a cause for concern, this amount is set to increase over the next few years.
Millennials are the greatest source of future growth for financial advisors, but many of them are choosing to get their advice from robo-advisors or forgo any formal planning altogether. In order to help planners get a bigger share of the Millennial market, here are the top 6 tips on how financial advisors can woo millennials away from robo-advisors.
Financial advisors always need to be on their A-game. Consequently, the financial sector faces high turnover as reps burnout from stress, exhaustion or no feeling of accomplishment.
So, how can managers help a new financial advisor succeed?