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Biggest Challenges for Advisors

Survey of 31,000 Financial Advisors

3522 Respondents asked:

"Please rank the problems or challenges in your business from the most significant to least significant,
(1 is most significant, 13 is the least significant).

Method of Generating Business
Problem	1	2	3	4	5	6	7	8	9	10	11	12	13
Prospecting for New Clients	1276	846	355	246	190	133	116	82	59	66	35	83	35
Too Little Time	822	333	279	263	253	247	294	232	174	160	135	111	219
Obtaining referrals	232	441	480	415	409	337	532	230	161	122	90	44	29
Closing sales	171	302	286	310	468	289	247	250	297	305	252	228	117
Breaking your production plateau	169	204	226	366	341	351	325	324	327	463	218	141	67
Creating alliances	160	274	269	327	311	280	281	269	275	246	269	442	119
Managing your clients portfolios	149	134	139	139	198	242	234	286	324	300	326	368	683
Focusing on one aspect of business	126	305	446	590	354	324	273	233	237	209	200	151	74
Filling seminars	121	206	231	260	268	307	322	494	274	230	279	253	277
Finding, hiring, good assistants	104	204	438	192	183	189	225	238	210	256	304	404	575
Low personal motivation	95	78	100	106	191	209	215	283	503	356	350	410	626
Limitations your firm creates	66	99	138	119	148	169	199	282	307	373	627	497	498
Retaining clients	41	98	135	190	206	444	255	315	371	434	441	388	204
Summary: The predominant challenge of financial advisors is client acquisition. To meet new clients everyday, click here. obtaining more clients 27.4% obtaining better clients 51.3% getting appointments 21.3% "Too little time" was defined by 68% of advisors as "too much busywork, not enough time for revenue generating activities."

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