Monday, September 20, 2010

Insights from our Research

There is no denying that this financial crisis has had an impact on advisors. Many advisors who are on teams in more or less a loose confederation than a true team have disbanded. Others are trying to form teams as it has become obvious that the better teams have raised their level of professionalism and are providing more services as a result of this crisis.

Few would be surprised that our research indicates that New World Advisors (industry elite) are more likely to be part of a team. Why? It is extremely challenging for a single advisor, or dysfunctional team, to meet the service and relationship needs of today’s affluent investor.

 

With career satisfaction of New World Advisors far exceeding the general population (66% vs. 40%) I thought it might be interesting to look at the activities having the most impact on career satisfaction. You should know that all the following involve relationship marketing and are also rated both high-usage and high-results…

• Introductions
• Strategic networking (social prospecting)
• Referral alliances (CPAs, JDs, etc.)
• Client events with guests

What’s important to understand is that effective relationship management of existing affluent clients, referral alliances partners, and affluent COIs, is a prerequisite for effective relationship marketing. Word-of-mouth influence is today’s most powerful force impacting affluent decision making. New World Advisors make certain that this force is working in their favor.

Incidentally, 99% of advisors consider being in possession of high-level affluent sales skills as being extremely “important” while only 40% claim to be receiving any assistance by their B/D in developing these skills.

The message; work to develop affluent sales skills, pay careful attention to managing your relationships and you too can capitalize on the opportunities created by this financial crisis and simultaneously improve your career satisfaction.