Most advisors expect to increase their time spent on client acquisition and relationship building this year, while spending less time on HR and training-related efforts. This was one of the findings of a recent WealthManagement.com survey of more than 530 advisors affiliated with RIAs.
Among the study’s additional findings:
- When advisors reach out to clients, they emphasize the personal touch, preferring phone calls and personal meetings to webinars and blogs.
- Most advisors—but not all—say their firms are prepared for the DOL fiduciary rule, and they expect it to result in more paperwork and more complicated compliance.
- A majority of advisors do not currently offer robo-advice, but those who do (or who plan to) say they do so for competitive reasons, such as attracting Millennial clients or diversifying their services.
- Advisors are three times more likely to expect an increase than a decrease in their use of alternative investments in client portfolios over