The things that concern advisors most are largely the things you might expect. It makes sense that things like the economy, market volatility, and new regulation would be top of mind. But advisors—possibly including you—are also concerned about how to grow their businesses, provide more efficient service, and generate more profits. And they are seeking help for developing a process of addressing these so-called people-related issues.
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A recent survey showed that 52% of advisors look to their peers to guide them in managing such human resource issues in their businesses. As many as 40% indicated they would be hiring staff over the next year and 25% specifically want to hire more female advisors since many female investors prefer to work with a female advisor.
Technology, specifically as it relates to marketing, is another big focus. Technology is helping advisors create more efficient process when adding new clients and getting them into their systems.
Tools designed to offer registered investment advisors a streamlined process
for growing their businesses and in developing a comprehensive succession plan will soon be offered by TD Ameritrade Institutional (TDAI). TDAI is also the firm that conducted the survey. Respondents included those who custody assets at TDAI as well as those who custody assets at other firms.