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
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