Downturn has changed the way most advisers do business, survey indicates

Although advisers are all over the map when it comes to predicting the longevity of the economic downturn, most have adjusted the way they do business because of it, according to a recent industry survey.
AUG 05, 2009
By  Sue Asci
Although advisers are all over the map when it comes to predicting the longevity of the economic downturn, most have adjusted the way they do business because of it, according to a recent industry survey. Fifty-seven percent of advisers indicated that the crisis had had a “large impact” on their business. A full 60% said they had met or spoken more frequently with clients to help them manage their investments, according to the survey, released by Phoenix Marketing International of Rhinebeck, N.Y. Also, 46% of advisers were recommending different products than they had previously. These products were generally more conservative, the survey found. A full 22% of the advisers strongly agreed that the financial crisis would continue for five years, while 17% of respondents said they expected the crisis to be resolved this year. More than a third — 33% — of advisers strongly agreed that the quality of life for Americans would be adversely affected for the long term, while 51% were neutral on the question, and 15% strongly disagreed. The firm conducted the online survey — of 898 advisers — in May and June. It included advisers from all channels, including broker-dealers, banks, insurance, independents and registered investment advisers working for small firms.

Latest News

Farther debuts AI investment proposal tool for advisors to win clients
Farther debuts AI investment proposal tool for advisors to win clients

"Im glad to see that from a regulatory perspective, we're going to get the ability to show we're responsible [...] we'll have a little bit more freedom to innovate," Farther co-founder Brad Genser told InvestmentNews.

Barred ex-Merrill Lynch advisor arrested in alleged $2.6M theft of former Miami Dolphin Pro Bowler
Barred ex-Merrill Lynch advisor arrested in alleged $2.6M theft of former Miami Dolphin Pro Bowler

Former advisor Isaiah Williams allegedly used the stolen funds from ex-Dolphins defensive safety Reshad Jones for numerous personal expenses, according to police and court records.

Are you optimally efficient?
Are you optimally efficient?

Taking a systematic approach to three key practice areas can help advisors gain confidence, get back time, and increase their opportunities.

Advisor moves: Father-son duo leaves Raymond James for LPL, RayJay adds Merrill Lynch alum in Florida
Advisor moves: Father-son duo leaves Raymond James for LPL, RayJay adds Merrill Lynch alum in Florida

Meanwhile, Osaic lures a high-net-worth advisor from Commonwealth in the Pacific Northwest.

Beacon Pointe adds six RIAs in two-month acquisition spree, boosting AUM by $2.7B
Beacon Pointe adds six RIAs in two-month acquisition spree, boosting AUM by $2.7B

The deals, which include its first stake in Ohio, push the national women-led firm up to $47 billion in assets.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.