Spend More Time with Clients
Tuesday 09 March 2010
In times like these, when investors’ emotions and competitiveness can easily replace good sense, it’s so important to have a consultative process in place.
Industry research confirms the very real impact that spending time with clients has on advisors’ incomes. Research shows that fewer than one in ten advisors spend more than 60 percent of their time in front of clients. Most advisors spend between 30 and 60 percent of their time in front of clients, while a substantial minority (28.1 percent) spend less than 30 percent of their time with clients.
When we take a close look at those few advisors who do spend more than 60 percent of their time in client-facing activities, we see an impressive result: These advisors enjoy annual incomes that are more than three times that of advisors spending 30 to 60 percent of their time with clients and nearly six times those of advisors who spend less than 30 percent of their time in front of clients. The upshot: If time truly is money, then time well spent with clients is big money.
From Journal of Wealth Management Consulting, December 2009