At a recent presentation, I conducted a blind survey asking advisors to name the three biggest improvements they would like to make to their businesses. Here are the results (in percentages:
- Increase revenue; make more sales: 23
- Focus on A & B clients, estate planning, group insurance, larger cases, high-net-worth clients: 18
- Focus, organization and time management: 17
- Expand client base: 10
- Add an associate; hire more staff: 9
- Write a business plan: 7
- Acquire new revenue lines/increase product knowledge: 6
- Customer service: 6
- Renovate office: 1
- Sell less products: 1
- Improve use of technology: 1
- Increase vacation time: 1
What are the three biggest roadblocks preventing your success?
- Time management: 26
- Fear, lack of discipline, laziness, lack of motivation: 19
- Lack of staff and resources to provide quality customer service: 16
- Clutter, disorganization, distractions, focus: 14
- Prospecting: 8
- Fear of asking for referrals: 7
- Center-of-influence marketing: 4
- Clients calling with personal problems: 1
- Compliance: 1
- Money: 1
- Product knowledge: 1
- Selling too many products: 1
- Tax burden: 1
What is my conclusion based on the results? While advisors may want to increase revenue and sales and concentrate on A and B clients, they appear to have a problem with a lack of time, motivation and support. This can be solved by writing a business plan, which can help advisors have more focus, and manage time and resources.
