Wealth Management Opportunities
1 like295 views
The report examines how solo-advisor and small-partnership wealth management firms can imitate top financial advisors to enhance client growth and asset management (AUM). It highlights the significant organizational gaps in client information management and technology use among financial advisors, with a high reliance on outdated tools. Improving processes through tailored CRM systems can help smaller firms compete effectively against larger firms, with evidence showing a majority of North American advisors experienced AUM growth in recent years.
Wealth Management Opportunities
- 1. This higher echelon of firms, which make up just TOP ADVISORS have an average customer attrition rate of just rate of while all advisors on average have a1%1% 12%12% 56%56% 22%22% 20%20% of TOP ADVISORS boosted their technology budgets in 2014 versus of the rest of the total, outperformed their competitors in terms of AUM growth OVER The report looks at how solo-advisor and small-partnership wealth management firms can emulate the practices of top financial advisors – defined by high client and revenue growth, as well as advanced use of technology and CRM – and boost their AUM and revenues . Maximizer’s supporting research showed: Alarming gaps were revealed within financial advisor firms’ set-ups when it comes to their organization of client information and use of technology to ensure that all data is retained and accessible: OVER of wealth management firms which do have CRM systems in place have plans to upgrade them of financial advisors listed “Rolodex and sticky notes” among their leading tools for managing customer relationships 40%40% 31%31% (12% - “I keep it all in my head”) 20%20% ?? ? ? ? ? of financial advisor firms surveyed had no access to CRM at all The report demonstrates that improving efficiencies, putting more customer information at advisors’ fingertips and systemizing processes via a CRM solution configured specifically for wealth management can position smaller firms to compete with top advisors and bigger players. of North American financial advisors grew their AUM in 2013 projected positive growth in 2014 of firms saw double-digit AUM growth in 2013 estimating the same level of increase in 2014. 62%62% 96%96% 92%92% The report looks at how solo-advisor and small-partnership wealth management firms can emulate the practices of top financial advisors – defined by high client and revenue growth, as well as advanced use of technology and CRM – and boost their AUM and revenues . Maximizer’s supporting research showed: REPORT HIGHLIGHTS Wealth Management Opportunities shows small firms need to get organized to grow Supporting research commissioned by Maximizer in 2014 showed that 92% of North American financial advisors grew their Assets under Management (AUM) in 2013 and 96% projected positive growth in 2014. The research, based on a survey of more than 900 ADVISORS across the United States and Canada, further revealed that 62% of firms saw double-digit AUM growth in 2013, with a similar proportion estimating the same level of increase in 2014. FINANCIAL Corporate Headquarters 208 W. 1st Avenue Vancouver BC V5Y 3T2 Canada 1-604-601-8000 www.maximizer.com International Offices Social @MaximizerCRM facebook.com/maximizerCRM youtube.com/maximizer linkedin.com/maximizer Maximizer Software Inc. 2nd Floor, Apex House London Road, Bracknell, Berkshire, RG12 2XH, UK 1+44 (0) 845 555 99 55 www.max.co.uk Maximizer Software Inc. Suite 1.14, 32 Delhi Road North Ryde, NSW, 2113, AU +61 (0) 2 9957 2011 www.maximizer.com Maximizer Software Solutions Pty. Ltd. M: W: M: W: M: W: