Financial advisors are enjoying asset-based compensation that is at the highest its been since 2007, but they are largely failing to modernize their operations, according to a Fidelity study.

The study found that advisor compensation and assets under management in 2013 were at the highest they've been since 2007. But the study also found that advisors were largely deficient in taking steps to ensure success for the future, such as targeting younger clients, adding important technologies and formalizing career goals and succession plans.

“Business has been good for advisors, but it’s important they don’t put off what’s needed to ensure the future looks just as attractive,” said Brian Nelson, vice president of practice management at National Financial, a division of Fidelity Investments.

Ninety-five percent of all advisors grew their business in the last 12 months; average assets under management were $62 million and average compensation was $240,000, according to Fidelity’s 7th Advisor Insight study.

The online survey was conducted August 8-21 and received input from 813 advisors who work largely with individual investors and have a minimum AUM of $10 million.

The study also found that high-performing advisors share at least three important business strategies in common:

1. Sixty-three percent of high-performing advisors have formal career goals and they were more likely to have business continuity and succession plans.

Sixty-six percent of other advisors did not have a multiyear business plan and more than one-third did not have a  plan at all. This strategy focuses on bulidling client portfolios by recruiting younger clients who are entering their prime accumulation years, Fidelity says.

2. Forty-two percent of high-performing advisors target Generation X and Y investors, compared to 17 percent of other advisors.

The study found that for advisors overall, 70 percent of their clients are baby boomers or older.

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