SEI Quick Poll: Advisors Expect Growth, but Don't Have a Growth Plan

SEI Quick Poll: Advisors Expect Growth, but Don't Have a Growth Plan 
SEI Identifies Five Strategies to Help Firms Build Long-Term Business
OAKS, PA -- (Marketwire) -- 02/07/13 --   While a majority of
advisors expect at least moderate revenue growth in 2013, most have
yet to develop formalized growth strategies according to an SEI
(NASDAQ: SEIC) Quick Poll released today. More than half of advisors
polled (53 percent) say they expect to see revenue increases of more
than 15 percent in 2013, while all of those surveyed expect at least
some level of growth. While most advisors have expressed a
willingness to adopt best practices, just 15 percent of respondents
said their firms currently have a regular process for achieving
growth that they follow and monitor. The survey, completed by 111
financial advisors, points to a growing need for advisors to employ
more formal processes and strategies for achieving and maintaining
growth in the increasingly competitive advisor market. 
"The survey results support other research that shows advisors want
to grow and expect to grow, but many are lacking a systematic plan to
achieve, monitor, and sustain growth," said John Anderson, Head of
Practice Management for the SEI Advisor Network. "The reality is
planning is a prerequisite for growth, but we also know that planning
doesn't always come naturally or fit easily into the busy schedules
of most advisors. That's why we've helped organize a complete set of
strategies and tactics to help advisors move forward in the planning
process for 2013 and begin to put a strategic framework around
building long-term value in their businesses." 
In addition to the survey questions about their planning strategies,
advisors were also asked to identify what they saw as the biggest
obstacle to growth. More than half (51 percent) said lack of focus,
18 percent said lack of resources, and 12 percent said lack of
opportunity. While nearly all of the respondents admitted lacking a
strategic process for growth, less than one in ten (9 percent) said
lack of planning was their biggest obstacle to achieving growth. 
To provide firms with a framework for planning and to help put them
on a course for achieving sustainable growth, SEI has identified five
strategies and accompanying tactics for
 building long-term business
value. Those strategies include: 

--  Create a firm culture - To achieve long-term sustainability it's
    critical to create a firm culture rather than to build an identity
    based on an individual owner. The first step to get clients to
    identify with the firm and not just the owner is to institutionalize
    client service. The more clients get comfortable with a team approach,
    the more value the firm will build.
--  Know your niche - Successful businesses are not "one size fits all"
    and advisors are no different. Define a market niche and own it. By
    defining and going after a specific target segment you'll have clients
    that value your wealth management approach and are loyal to your
--  Institutionalize marketing - For firms to truly grow, marketing can't
    be an activity done during downtime. Furthermore it needs to be viewed
    as an investment in the business and not just an expense. Make
    marketing a strategic priority by developing an actionable marketing
    plan with clear objectives, defined audience segments and measurable
    strategies and tactics. It's also important to earmark a sufficient
    budget and assign resources to execute it. When marketing becomes
    institutionalized, growth becomes much easier.
--  Strengthen your team - More isn't always better when it comes to a
    team. The best firms focus on two things when it comes to team
    building: young talent and niche expertise. Make it a priority to
    identify the next generation of leaders for your business and to build
    expertise in valuable niche areas like estate planning or
    philanthropic advising. The stronger your team, the more value you
    will provide to clients in the short-term and the more value you will
    build in the business long-term.
--  Evolve management and governance - The best firms are not just good
    wealth managers, but good business managers. Look at your business
    strategically, understand your limitations, and put a plan in place to
    fill in the gaps. Always look for ways to evolve and set a vision for
    the next decade as opposed to the next quarter.

For the latest white paper and action plan checklist on 2013 strategies
for building enterprise value in your practice, please visit here.  
About The SEI Advisor Network
 The SEI Advisor Network provides
financial advisors with turnkey wealth management services through
outsourced investment strategies, administration and technology
platforms, and practice management programs. It is through these
services that SEI helps advisors save time, grow revenues, and
differentiate themselves in the market. With a history of financial
strength, stability, and transparency, the SEI Advisor Network has
been serving the independent financial advisor market for more than
20 years, has over 5,400 advisors who work with SEI, and $33.7
billion in advisors' assets under management (as of Dec. 31, 2012).
The SEI Advisor Network is a strategic business unit of SEI. For more
information, visit 
About SEI 
 SEI (NASDAQ: SEIC) is a leading global provider of
investment processing, fund processing, and investment management
business outsourcing solutions that help corporations, financial
institutions, financial advisors, and ultra-high-net-worth families
create and manage wealth. As of December 31, 2012, through its
subsidiaries and partnerships in which the company has a significant
interest, SEI manages or administers $458 billion in mutual fund and
pooled or separately managed assets, including $201 billion in assets
under management and $257 billion in client assets under
administration. For more information, visit 
Company Contact: 
Dana Grosser 
+1 610-676-2459  
Media Contact:
Jason Rocker
Braithwaite Communications
+1 215-564-3200 x110 
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