While more than half of financial advisors see fiduciary standards and codes of ethics as very important in attracting clients, more than 27 percent are missing a growth opportunity by not indicating these ethical standards in their marketing collateral, according to a survey by ByAllAccounts Inc.
The survey finds almost 90 percent of financial advisors believe they are already acting as fiduciaries, versus almost 68 percent who say they mention a fiduciary standard or ethics in their marketing. Highlighting that compliance could boost business, ByAllAccounts concludes.
"Explaining in clear terms what it means for your clients that you have fiduciary responsibility provides a marketing opportunity for savvy advisors to attract [high net worth] clients and increase [assets under management]," says Cynthia Stephens, vice president of marketing.
