Independent registered investment advisors are expecting to grow their assets under management in 2013, according to the latest TD Ameritrade Institutional Advisor Index survey.
Nearly 90 percent of advisory firms are expecting growth in 2013, with 97 percent reporting that their total number of clients either increased or remained steady for the past six months.
Advisors surveyed said increased technology, improved client service, and training and developing staff skills were the leading initiatives they planned to prepare for the anticipated growth.
Investing in technology (63 percent) is the main infrastructure investment advisors plan to make to accommodate business growth, according to the survey.
Realizing that the majority of new clients come from referrals, firms will use technology to systematize the referral process, according to TD Ameritrade.
“By knowing precisely where each referral opportunity is in the sales pipeline, advisors can nurture each prospect step by step with a timely and thoughtful communications approach,” says Jim Dario, managing director of product management, TD Ameritrade Institutional.
Increased marketing and business development spending was noted by 40 percent of advisors as a way to boost potential growth.
Maritz Inc. conducted the survey of 502 registered investment advisors from December 15 to January 11.