New research: Six keys to growth for financial professionals
In partnership with Janus Henderson, the Financial Planning Association® (FPA) conducted a study to determine what factors aid – or inhibit – an advisory firm’s growth prospects in today’s dynamic environment.
2 minute read
- Research conducted by FPA and Janus Henderson in October 2022 aimed to identify factors that contributed to financial advisors’ growth.
- The study gathered data on strategy, planning, and execution, as well as intangibles such as circumstantial or psychological influences on growth.
- The results are detailed in a new whitepaper, Six Keys to Growth for Today’s Adviser, which provides actionable strategies to help advisors overcome common barriers to growth.
Have you ever wondered what sets the fastest-growing financial professionals apart?
Six Keys to Growth for Today’s Adviser – a new whitepaper based on research by the Financial Planning Association (FPA) and Janus Henderson – examines that question and provides action steps to help advisors revitalize their growth efforts.
The survey, conducted in October 2022, found that 46% of advisors are comfortable with their current growth rate, but only 12% would strongly agree with this statement. And while 71% of advisors reported that they are motivated to grow their business, the degree to which they have been successful in achieving a comfortable growth rate varies widely.
Based on the data gathered from the fastest-growing firms – defined as those that had onboarded 10 or more clients in the previous 12 months – FPA and JHI identified six key factors that contribute to growth:
- The anatomy of a business plan matters.
- Advisors know what they need to do to drive growth but don’t always act on that knowledge.
- Firms with teams grow faster than those without.
- Systems and processes form a strong foundation for growth.
- It’s not enough to define your ideal clients; you need to actively engage them.
- Mindset can be a powerful influence on growth prospects.