Survey Shows Top Ways Financial Advisors Win New Business and Build Awareness

MEDFIELD, Mass., Feb. 22, 2011 /PRNewswire/ -- In survey results released today, research by Advisors Trusted Advisor (ATA; http://www.AdvisorsTrustedAdvisor.com, a division of The Collaborative, http://www.The-Collaborative.com) describes how advisors and wealth managers are most successfully winning new business and what marketing tactics are most used to build awareness.

The survey, taken by 262 financial advisors in November and December 2010, shows that the most successful way of gaining new clients is by referrals from existing clients, while the most popular marketing tactic is sponsoring or hosting events that allow for face-to-face networking. The second-best new business source chosen was gaining referrals through other trusted advisors ("centers of influence"), while speaking at events and client seminars were a virtual tie for second as marketing tactics.

Of the several choices of marketing tactics, social media came in last, tied with "cold calling." However, ATA principal Mike Slemmer says this does not tell the whole story: "Comparing these data to ATA's 2009 survey on business building, LinkedIn use has more than doubled and -- more significantly -- those responding that their firm disallows social media use has been halved, to 33% from 65%. Moreover, the comments reflected a wide range of uses for social media that we didn't see in the 2009 results."

Survey responses also shed light on the roles and personnel that are primarily responsible for business building. While firm owners or principals are the main people involved in selling, this category dropped the most (to 52% from 56% in the 2009 survey) while dedicated sales executive grew the most (to 16% from 10%). "This reflects what we are seeing -- that more advisors are realizing that effective sales skills, and those people that have them, are increasingly necessary to growing a business in the very competitive wealth management industry," added Mr. Slemmer.

Respondents also answered questions about CRM usage, with ACT! the most often cited, at 24%.

Results will be published in a report to be made available soon. For more information, email [email protected] or call 888-580-9473.

About Advisors Trusted Advisor

Advisors Trusted Advisor provides financial advisors and wealth managers a one-stop practice management source for organizing, managing, and growing an investment advisory business. Advisors turn to ATA for expert training and consulting, and access to over twenty years of research, experience and information covering critical areas of practice management and growth.

This press release was issued through eReleases(R).  For more information, visit eReleases Press Release Distribution at http://www.ereleases.com.

SOURCE Advisors Trusted Advisor

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