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SEI Quick Poll: Advisors Expect Growth, but Don't Have a Growth Plan
OAKS, PA, Feb 07, 2013 (MARKETWIRE via COMTEX) --
While a majority of advisors expect at least moderate revenue
growth in 2013, most have yet to develop formalized growth strategies
according to an SEI (NASDAQ: SEIC) Quick Poll released today. More
than half of advisors polled (53 percent) say they expect to see
revenue increases of more than 15 percent in 2013, while all of those
surveyed expect at least some level of growth. While most advisors
have expressed a willingness to adopt best practices, just 15 percent
of respondents said their firms currently have a regular process for
achieving growth that they follow and monitor. The survey, completed
by 111 financial advisors, points to a growing need for advisors to
employ more formal processes and strategies for achieving and
maintaining growth in the increasingly competitive advisor market.
"The survey results support other research that shows advisors want
to grow and expect to grow, but many are lacking a systematic plan to
achieve, monitor, and sustain growth," said John Anderson, Head of
Practice Management for the SEI Advisor Network. "The reality is
planning is a prerequisite for growth, but we also know that planning
doesn't always come naturally or fit easily into the busy schedules
of most advisors. That's why we've helped organize a complete set of
strategies and tactics to help advisors move forward in the planning
process for 2013 and begin to put a strategic framework around
building long-term value in their businesses."
In addition to the survey questions about their planning strategies,
advisors were also asked to identify what they saw as the biggest
obstacle to growth. More than half (51 percent) said lack of focus,
18 percent said lack of resources, and 12 percent said lack of
opportunity. While nearly all of the respondents admitted lacking a
strategic process for growth, less than one in ten (9 percent) said
lack of planning was their biggest obstacle to achieving growth.
To provide firms with a framework for planning and to help put them
on a course for achieving sustainable growth, SEI has identified five
strategies and accompanying tactics for building long-term business
value. Those strategies include:
-- Create a firm culture - To achieve long-term sustainability it's
critical to create a firm culture rather than to build an identity
based on an individual owner. The first step to get clients to
identify with the firm and not just the owner is to institutionalize
client service. The more clients get comfortable with a team approach,
the more value the firm will build.
-- Know your niche - Successful businesses are not "one size fits all"
and advisors are no different. Define a market niche and own it. By
defining and going after a specific target segment you'll have clients
that value your wealth management approach and are loyal to your
firm.
-- Institutionalize marketing - For firms to truly grow, marketing can't
be an activity done during downtime. Furthermore it needs to be viewed
as an investment in the business and not just an expense. Make
marketing a strategic priority by developing an actionable marketing
plan with clear objectives, defined audience segments and measurable
strategies and tactics. It's also important to earmark a sufficient
budget and assign resources to execute it. When marketing becomes
institutionalized, growth becomes much easier.
-- Strengthen your team - More isn't always better when it comes to a
team. The best firms focus on two things when it comes to team
building: young talent and niche expertise. Make it a priority to
identify the next generation of leaders for your business and to build
expertise in valuable niche areas like estate planning or
philanthropic advising. The stronger your team, the more value you
will provide to clients in the short-term and the more value you will
build in the business long-term.
-- Evolve management and governance - The best firms are not just good
wealth managers, but good business managers. Look at your business
strategically, understand your limitations, and put a plan in place to
fill in the gaps. Always look for ways to evolve and set a vision for
the next decade as opposed to the next quarter.
For the latest white paper and action plan checklist on 2013 strategies
for building enterprise value in your practice, please visit here.
About The SEI Advisor Network
The SEI Advisor Network provides
financial advisors with turnkey wealth management services through
outsourced investment strategies, administration and technology
platforms, and practice management programs. It is through these
services that SEI helps advisors save time, grow revenues, and
differentiate themselves in the market. With a history of financial
strength, stability, and transparency, the SEI Advisor Network has
been serving the independent financial advisor market for more than
20 years, has over 5,400 advisors who work with SEI, and $33.7
billion in advisors' assets under management (as of Dec. 31, 2012).
The SEI Advisor Network is a strategic business unit of SEI. For more
information, visit www.seic.com/advisors.
About SEI
SEI (NASDAQ: SEIC) is a leading global provider of
investment processing, fund processing, and investment management
business outsourcing solutions that help corporations, financial
institutions, financial advisors, and ultra-high-net-worth families
create and manage wealth. As of December 31, 2012, through its
subsidiaries and partnerships in which the company has a significant
interest, SEI manages or administers $458 billion in mutual fund and
pooled or separately managed assets, including $201 billion in assets
under management and $257 billion in client assets under
administration. For more information, visit www.seic.com.
SOURCE: SEI
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