SEI Quick Poll: Majority of Advisors Say Learning Best Practices from Peers Is Critical to Success

OAKS, Pa., May 4 /PRNewswire-FirstCall/ -- A majority of financial advisors believe they can learn how to make their business more efficient and effective through their peers, according to an SEI (Nasdaq: SEIC) Quick Poll released today. The poll also found that the majority of advisors (66 percent) view their top priority in 2010 to "create new initiatives to increase sales and grow business." The second most important priority for 2010 among poll respondents is to communicate with clients and prospects more frequently. The poll, conducted by the SEI Advisor Network, surveyed 417 advisors.

"While many mutual fund and investment firms are good at telling advisors what to do, they often overlook sharing the valuable experience of what advisors' peers are doing to be successful," said John Anderson, newly appointed Head of Practice Management Solutions, SEI Advisor Network. "For the past decade, SEI has been sharing the best practices of our top advisors with our entire network. This type of collaboration and communication isn't just a good idea, it's essential to the success of both advisors and investors."

As the poll indicated, most advisors plan to grow their business in 2010. Although not surprising, many were not sure how best to grow. This was further validated by poll participants when asked to choose among six different skills a professional coach could provide. More than half (55 percent) said they would want a coach to offer new business development advice. Additionally, participants were asked to identify what tactics and strategies they planned to implement to achieve their goal of business growth. The top three were: use client referrals (42 percent), solidifying professional relationships for referrals (32 percent) and creating a formalized marketing plan (20 percent).

"Whether you're a new advisor or industry veteran, there's tremendous value in learning from your peers," said David Blaydes, CFP, President of Retirement Planners International, Inc., in Naperville, Illinois. "The combination of an advisor's desire to learn best practices and their ability to access this valuable information may be the greatest differentiator between success and failure in our industry. Personally, I attribute much of my own achievements to this mantra. The key is finding access, such as through SEI, to the right mix of resources, insights and tools informed by the best practices of peers."

Beyond business growth, advisors plan to increase and improve client communication in 2010. Poll participants were asked to identify how they plan to make these changes to communication. The top three were: increase frequency of outbound communications (30 percent), increase frequency of client review meetings (25 percent) and develop a new approach to client review meetings (23 percent).

Annually, SEI hosts its National Strategic Advisor Conference for 150 strategic advisors that work with SEI to share best practices. This year's conference, held in St. Louis, Missouri this week, provided advisors the opportunity to network and discuss the following topics:

• Creating effective new business programs through Centers of Influence;
• Increasing practice efficiency through upgrades to technology and processes;
• Enhancing client services; and,
• Increasing client retention.

A summary of the practice management survey results is available at www.seic.com/advisors.

About the SEI Advisor Network

The SEI Advisor Network provides financial advisors with turnkey wealth management services through outsourced investment strategies; administration and technology platforms; trust, banking, and institutional services; and practice management programs. It is through these services that SEI helps advisors save time, grow revenues, and differentiate themselves in the market. With a history of financial strength, stability, and transparency, the SEI Advisor Network has been serving the independent financial advisor market for more than 16 years, has more than 6,000 advisors who work with SEI, and more than $30.2 billion in advisors' assets under management (as of Mar. 31, 2010). The SEI Advisor Network is a strategic business unit of SEI. For more information, visit www.seic.com/advisors.

About SEI

SEI (Nasdaq: SEIC) is a leading global provider of outsourced asset management, investment processing and investment operations solutions. The company's innovative solutions help corporations, financial institutions, financial advisors, and affluent families create and manage wealth. As of March 31, 2010, through its subsidiaries and partnerships in which the company has a significant interest, SEI administers $394 billion in mutual fund and pooled assets and manages $162 billion in assets. SEI serves clients, conducts or is registered to conduct business and/or operations, from numerous offices worldwide. For more information, visit www.seic.com.

SOURCE SEI