Advisers upbeat about business prospects – and loving their jobs

Advisers are poised to expand their businesses this year — and are feeling good about their prospects — according to a survey conducted by Rydex SGI AdvisorBenchmarking, an affiliate of Rydex SGI. About three-fourths of the advisers surveyed said that their businesses are in a growth phase, and 91% expect profits to rise. About eight in 10 expect to sign up more clients this year, the survey showed. Still, advisers realize that there could be a rough patch or two ahead. In February, advisers said they felt less confident about the U.S. economy and stock market over the short term, according to the Advisor Confidence Index, released March 1. That poll was also conducted by Rydex SGI AdvisorBenchmarking. However, even in an uncertain economic environment, clients need financial advice, perhaps even more so. Almost three-fourths (72%) of advisers surveyed about their businesses said that assets increased last year, and 8% responded that assets remained flat. Most (70%) added new clients. In a new set of questions for advisers, survey respondents said that they are using social media to communicate with existing clients, attract new ones and advertise their firms. Almost half (46%) of advisers surveyed said they use social media, while 42% said they use LinkedIn, 27% Facebook, 15% YouTube and 13% Twitter. Over half of those surveyed said they think social media will have a lasting impact on the financial services industry. Advisers are also a pretty happy bunch, at least when it comes to their careers. The vast majority of advisers surveyed like their jobs, with 84% rating their job satisfaction a 4 or 5, on a scale of 1 to 5. “Things are looking up, and advisers are positioning themselves for growth in 2010,” Maya Ivanova, research manager for AdvisorBenchmarking, said in an interview. “What remains to be seen is whether they'll be able to pull it off in a volatile market.” The semiannual survey was conducted online from November to December of last year and captured responses from 356 RIA firms.