Achieving your expected growth rate. Identifying the business activities which yield results

Financial Advisory

Emily Landless

Advisory DistributorsData ScienceDigitalEngagementFinancial AdvisoryJourneyManagement InformationRecruitmentRetentionTraining

Leveraging data from two major studies commissioned by Dimensional in 2017, participants will take part in focused discussions covering the actions that global advisory firms are taking to achieve their expected revenue growth now and in the future. Drawing on the study results of 1,300 global advisory firms, and 19,000 advisory firm clients, the discussion will cover business development and the marketing practices that firms report they undertake, and which of these activities yields results.

Headlines:

  • Advisory firms expect annual revenue growth of 10% per year which aligns to Dimensional’s adviser research findings of 12%.
  • Based on research, firms with a strategy grew revenue 57% more in 2016 (10.1% vs. 6.5%)
  • Advisers expect to increase the spend on technology in the years ahead.

Key issues and challenges:

  • Key challenges for the participants when recruiting and hiring qualified employees; electing and maintaining tech; and thirdly enabling the best process to help the business operate. Dimensional’s researched also highlighted systematising work processes, managing compliance and developing marketing strategies.
  • Advisory firms have a referral process, but again, find it hard to make this work without training and recording their efforts.
  • Most firms have a written business development strategy, however struggle to persuade employees to follow it. They need to keep communicating the same messages on a regular basis.

Conclusions and solutions:

  • The industry recognises there are great growth opportunities ahead, but key challenges will continually require focus and people, technology/process for efficiency and client engagement.
  • Maintaining regular communication with clients and staff is key.
  • The good news is that most firms appreciate activities which add the most value. The challenge is commitment in execution.

Experts: Martyn Chappell & Steven Greenfield - Dimensional Fund Advisors

Facilitator: Rod Bryson - Capgemini Consulting, Financial Services


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