Maximizer CRM has released a new industry report that identifies the business practices of top advisors, common obstacles to growth and how investment advisors are leveraging new technology.
The report features the results of a survey done to 900 investment advisors and wealth managers in North America.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
"There is a growing demand from wealth managers and investment advisors to leverage technology to help manage growth in their challenging industry," said Vivek Thomas, President, Maximizer Services Inc. "From managing attrition rates to new client growth to increasing revenue from existing clients – CRM methodology has helped across the board."
"Our goal in commissioning this report was to help investment advisors and wealth management firms identify common industry trends and compare business practices with peers from across the industry," explained Vivek Thomas. "The survey results display the complex business challenges faced by advisors and how successful advisors plan to navigate these issues in 2014."
According to the report, reducing attrition rates, dealing with regulatory complexities, and investing sensibly in technology are of primary importance to investment advisors in 2014. Advisors expressed a high level of confidence in successfully managing these challenges and estimated growth rates indicate a confident outlook for 2014.
"Top advisors remain successful by focusing on what matters most – meaningful client engagements. CRM technology allows them to streamline other time consuming tasks, freeing up their most valued commodity, time," added Thomas.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataHighlights of the key findings in the report:
Technology:
- 68% of U.S. advisors considered technology investment a key priority for 2014
- 35% of advisors plan to increase investment in technology during 2014
- 41% of respondents plan to upgrade CRM technology in 2014
Growth:
- 96% of respondents are confident or very confident they will see positive income growth in 2014
- 37% of advisors are projecting 10-to-20% growth in Assets Under Management
- 31% of advisors in the US identified ‘keeping up with regulations’ as there largest obstacle for growth
- Succession Planning
- 48% of advisors plan to retire in the next 15 years
- 62% of advisors agreed CRM software makes their business more valuable
