Advisors have always been focused on business-building initiatives given the competitive nature of the investment industry. Yet, the COVID-19 pandemic has intensified efforts around gaining an edge in the marketplace.
That’s because long-standing practices around connecting with clients and prospective clients, adopting and using technology, or attracting and retaining staff have changed. At the same time, there are other considerations advisors need to take into account that have become more important than ever. These include building teams to take care of the next generation of clients who will inherit assets from their families, knowing how and when to switch dealers, setting up a succession plan, managing capacity, or serving a niche clientele, among others.Advisors find new ways to connect with prospective clients
An estimated 51 per cent of advisors in the U.S. reported below-average results from their typical prospecting efforts as they made the transition to remote work last year, according to a Fidelity Investments survey conducted in May 2020. Advisors have to get creative with how they build out their client rosters as traditional opportunities for meeting new clients organically shut down. In the U.S.