Can Refusing a Referral Build Your Book of Business?


NEW YORK (MainStreet)–With all of the attention given to the social media efforts for financial advisors, it is the least likely way to gain new clients, according to a survey of 251 wealth managers by Russell Investments. Referrals are still the most popular strategy that more than three-quarters (76%) of advisors rely on for obtaining new business. Prospecting through current clients (54%) and professional networking (43%) were also favored. The least popular sources of building a book of business according to the advisors surveyed were the use of a business advisory board (2%), advertising (6%) and social media (7%).

The Financial Professional Outlook also reports that last year 86% of advisors surveyed acquired more clients than they lost, with nearly half (48%) indicating they brought on more than 10 clients or households.

Written By Hal M. Bundrick, MainStreet

To read the full article, click here.

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This entry was posted in Business, business networking, Business Referrals, Business Tips, Referrals and tagged , , , . Bookmark the permalink.

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