As a leader at a financial services firm, you know that your advisors are facing significant challenges: an uncertain economic environment, heightened competition for affluent clients and a relentless downward pressure on fees—to name but a few.
Yet this post-pandemic world also offers new opportunities. Clients value their relationships with their trusted advisors as much or more than ever, and the advisors who successfully cultivate these relationships will be rewarded with new assets to manage and introductions to qualified prospective clients. Technology is making it easier to attract new clients and to communicate with them more effectively. And virtual tools have opened up new markets for advisors looking to expand beyond their geographic areas.
Your advisors are looking to you for help and leadership. You know that if you provide them the strategies and tools that will enable them to thrive in this environment, your firm stands to gain substantial benefits. Specifically:
Increased sales from existing advisor relationships. When advisors take part in programs offered by your firm that they see as worthwhile in helping them and their clients, they are more likely to do more business. And when, as a result of their participation in those programs, these advisors succeed in capturing additional assets under management and attracting new affluent clients, a significant portion of that increased revenue goes to your firm.
Greater advisor loyalty and retention. When your firm helps advisors succeed, it is much more likely that you will retain those advisors not just in good times, but in difficult times like these.
Acquisition of additional advisors. When your firm has a proven track record and reputation with advisors for providing quality business development support, attracting new advisors becomes a much easier task.
In short, if you can equip advisors to take informed and effective action in meeting today’s challenges, you can gain a huge competitive advantage, spur organic growth and win marketing advocates for your recruiting efforts. Click here to find out how.