Wealth managers face sizable challenges in growing their businesses, but in many cases, those barriers are more psychological than financial or economic.
According to a survey released Tuesday by the Financial Planning Association and Janus Henderson, a notable 43% of financial advisors worry about being perceived as “pushy” when they try to grow their businesses. As a result of this fear, they often fail to expand their client base and grow their assets under management.
In terms of their desire to grow their practices, the survey, which was conducted in October, found that while 46% of financial advisors say they're “comfortable with their current growth rate,” only 12% strongly agree with that sentiment.
“As the research suggests, if advisers can shift their mindset and intentionally approach their goals for business growth strategically, they can overcome barriers that may be holding them back,” FPA president James Lee said in a statement.
The study showed that firms with teams tend to grow faster than those without teams. A substantial 84% of so-called “top advisors” — those with more than $500 million in assets under management — strongly agreed that having a team contributes to the growth of their business.
The white paper based on the research, "Six Keys to Growth for Today’s Adviser," also looks at the importance of a well-constructed business plan, the keys to a team approach, how the right systems and processes form a strong foundation for growth, and the value of a positive mindset.
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