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Dr. Mark Sinclair
Dr. Mark Sinclair, Mentor Education

Surveyed advisers give their New Year’s resolutions for 2014

7 January 2014
John Anderson, SEI Head of Practice Management Solutions

A survey by SEI Advisor Network, an asset and practice management provider in the US of 800 financial advisers has given insight into the thinking and goals of hundreds of advisers for 2014.

One of the most important priorities reported by the survey was: developing better adviser-client relationships. Where relationships are simply too strained to be productive and compromise trust, advisers are looking to cut ties with those clients rather than continue on.

59% of those surveyed identified a strong need to reach out to the investor pool outside their traditional client base. Furthermore they recognised the need to court other professionals currently servicing those groups to win referrals.

Another concern highlighted in the survey was utilising technology  – with advisers looking to evaluate and possibly change their client relationship management systems in an effort to better manage contacts, e-mail systems and daily tasks.

Advisers also identified management of resources as needing improvement and SEI practice management expert John Anderson said that “most of the knowledge around client relationships and key processes are in the heads of one or two people, and not documented. How can you expect your office to run smoothly and clients to remain satisfied if you are the only one that can do it?”

The number one priority indentified in the survey was to win more referrals from their existing clients and SEI advised that, “it’s best for advisers to define their ideal five-star client and provide the description to their clients. That way, clients will better understand what their advisers are looking for and will be more engaged in the process.”


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