The challenges facing advisers

By Helen Fisher on June 3, 2019

Understanding our partners

New client acquisition is one of the biggest challenges facing financial advisers, research carried out by Lead Tech has discovered.

A survey conducted by Lead Tech found that 52% of advisers said that finding new clients was the biggest obstacle they currently faced.

Carried out in April 2019, the survey aimed to find out what the key challenges were for financial advisers.

The survey revealed:

  • 57% of advisers felt that increased legislation and regulation was one of the top challenges
  • 52% of advisers reported that finding new clients was difficult
  • 38% of advisers felt rising costs was a key issue

Focus areas

We asked advisers what their focus areas were for the next year. We found that:

  • 62% of advisers wanted to grow client numbers
  • 57% planned to increase assets under management
  • 33% wanted to focus on managing their existing portfolio

With 62% of advisers focusing on growing client numbers, how will they achieve their business goals when they’re already struggling to find new clients?

Finding and converting new clients

We also asked advisers to look at the number of leads they received and converted against their target amounts. Interestingly, whilst financial advisers are getting enough enquiries, they are not able to convert these into actual clients, stalling their growth. 71% felt that the number of client enquiries they received was on target. However, nearly 60% of advisers felt they had converted less than their target clients.

Biggest barriers to converting new clients

When looking into the challenges advisers had with converting clients, the main issues were:

  • getting in contact with clients (48%)
  • clients deciding they don’t want advice (62%)
  • clients not ready to proceed with advice (29%)

Lead Tech’s partner success team believe the real issue with converting clients comes down to a lack of understanding on how to deal with different types of client enquiries. It’s vital for advisers to have strategies in place for dealing with different types of leads. A “one size fits all” approach won’t provide the results advisers need.

The Lead Tech difference

Lead Tech have over 10 years’ experience working with financial advice firms, providing them with high-intent leads. They provide leads for financial advice, pension and retirement, equity release and private medical insurance.

Our partner success team provide dedicated support to help our partners make the most of our leads. We provide training on key skills including contact strategy and objection handling and provide insight and experience from our partner network.

Get in touch today to find out how we can help you we can help you achieve your firm’s goals.

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