Maus and Catherine Aguilar, chief marketing officer of CornerCap Wealth Advisors in Atlanta and Charlotte, N.C., which recently topped $1 billion in AUM, joined the media call to give additional perspectives on the state of the financial advisory industry and RIAs.
Aguilar said CornerCap already was strategizing about how to leap from a $1 billion firm to a $2 billion firm before the pandemic started. Despite the new needs for technology, she said the firm actually put some new technology on hold while helping clients get through the last few months.
The two firms have different philosophies about hiring new advisors. S.E.E.D. Planning Group has successfully hired advisors from the wirehouse and brokerage channels, Maus said. Aguilar said CornerCap focuses on hiring advisor from diverse backgrounds, including career changers.
Top-performing firms are increasing the number of clients each advisor serves, while the advisors also are increasing the assets they manage, the study said.
A productive technique for growing a firm’s business is to interview those clients who make referrals to see what they appreciate about the firm, Salvi said.
There have been spikes in the adoption of new technology because of the move to work at home, and the majority of advisors have been surprised at how well clients have adapted, Salvi said.