Advisors can prevail and prosper despite the strong headwinds facing the financial advisory industry, according to a new study released today by management consulting firm McKinsey & Co. and LIMRA, an industry-funded research group.
The study found that the most productive advisors are those that utilize best practices, such as teaming, client specialization, retirement planning, and knowledge of life events. Advisors who team up regularly with other advisors have the potential to increase their individual annual production by 15%, according to the findings. Those that target specific client segments can boost their annual productivity by 13%, while those that create formal retirement plans for their clients and increase their knowledge of client life events can increase productivity by 5% and 3.5%, respectively. Employing all four best practices can increase advisor productivity by more than 30%, according to the study.
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