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Do The Problems In This Financial Advisor Survey Indicate A Lack Of Time, Motivation And Support?

I delivered a speaking presentation on the Point Click Plan One Page Business Plan Process and the Values Discovery Process at Pro-Seminars in Toronto on Monday, January 21st.

At the beginning of the presentation I asked the members of the audience two blind survey questions and here are the results.

What are the three biggest improvements that you want to make to your business this year?

23% • increase revenue, make more sales

18% • focus on A & B clients, estate planning, group insurance, larger cases, high net worth clients

17% • focus, organization and time management

10% • expand client base

9% • add an associate, hire more staff

7% • write a business plan

6% • acquire new revenue lines/increase product knowledge

6% • customer service

1% • renovate office

1% • sell less products

1% • improve use of technology

1% • increase vacation time

What are the three biggest roadblocks that are preventing your success?

26% • time management

19% • fear, lack of discipline, laziness, motivation

16% • lack of staff and resources to provide quality customer service

14% • clutter, disorganization, distractions, focus

8% • prospecting

7% • fear of asking for referrals

4% • center of influence marketing

1% • clients calling with personal problems

1% • compliance

1% • money

1% • product knowledge

1% • selling too many products

1% • tax burden

What are a few of my observations?

While advisors want to increase revenue and sales and concentrate on A & B clients offering specific products, money doesn’t seem to be the problem. The problem appears to be time, motivation and a lack of support which will be solved by writing a business plan to create a stronger vision to increase the motivation to manage focus, time and resources.