Advisers are facing major challenges bringing new clients in the door and are struggling to focus the necessary time and effort on building out key components of their businesses.
Three out of four advisers have problems with goal management as they seek to grow, with many of them looking to increase their offerings to clients, according to a recent study by the turnkey asset management platform AssetMark Inc.
The study of 750 wealth managers found the most common challenges advisers face today are scaling their business for growth and spending the time needed on business-building activities, like financial planning with clients, practice management and new business development.
“To achieve scale and growth, advisers need to prioritize their limited time,” said Matt Matrisian, chief channel officer at AssetMark. “Investment management can be very time-consuming and doesn’t generate the same value as spending time on clients.”
In fact, more than nine in 10 advisers who have outsourced at least some aspects of their business reported their total assets have grown as a result. Ninety-five percent of respondents also said the change meant they had a better work-life balance, according to AssetMark’s recent Impact of Outsourcing study.
While outsourcing can save crucial time, many advisers are still concerned about paying higher fees. The top reasons for not outsourcing among the advisers surveyed included higher fees (65%), concerns about a loss of control (48%) and the perceived inability to customize solutions for unique customer situations (43%).
If outsourcing isn’t an option, there are other approaches common among top-performing advisers. According to a 2021 study by Morgan Stanley & Co., fostering diversity and keeping up with the latest technology advancements were critical to next-generation growth. The top planning teams of the future will demand advanced tools and resources as they shift their client service models, and a focus on diversity will help attract and retain both talent and next-generation clients, according to the report.
The AssetMark survey queried advisers in September and October who had at least seven years of experience in the industry and up to $500 million in total assets under management.
From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.
Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.
“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.
Sellers shift focus: It's not about succession anymore.
Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.
