Seventy-five percent of financial advisors expect their business growth to be in the double digits this year, according to a Russell Investments survey.

In a survey of more than 800 advisors, 31% predicted revenue growth of 10-14% in the coming year, while 44% expected 15% or greater growth, according to the company's quarterly Financial Professional Outlook. Eighty-six percent of advisors said they were optimistic about the capital markets over the next three years, up from 59% in December. Thirty-six percent said their clients shared their optimism, up from 7% in December.

New client acquisition was ranked high by respondents, with 72% considering it to be a key driver for growth. However, Kevin Bishopp, director of practice management for Russell's private client services business, cautioned against such a heavy emphasis on new client acquisition. "Russell encourages advisors to focus efforts internally first to drive significant results for clients and in turn build client satisfaction," he said. "Doing this can have a multiplier effect. Not only can you grow revenue from your existing client base, but you can also make clients your most influential advocates and in turn sources of quality referrals."

Nearly three quarters of advisors reported segmenting their client base, with 38% basing that segmentation on assets under management and 16% basing it on revenue.

The majority of respondents reported spending 50% of their time with their top-tier clients-a low number, according to Bishopp, as these clients typically generate 70% to 80% of a firm's revenue.

"We find that a majority of advisors' top clients are under served in relation to the revenue they generate. As such, revenue should be a central tenet of client segmentation," said Bishopp. "Advisors should devote 80% of their time and resources to top-tier clients, create leverage and efficiency in serving second-tier clients and evaluate which third-tier clients may in fact be over served and unprofitable."