SEI Survey: Advisors Optimistic About Business Despite Mixed Feelings on the
9 out of 10 Advisors Expect More Revenue This Year Than Last
OAKS, PA -- (Marketwired) -- 05/28/13 -- The overwhelming majority
of advisors expect 2013 to be a better business year than 2012
despite the fact that feelings on the economy remain mixed, according
to an SEI (NASDAQ: SEIC) survey released today. The poll revealed
that more than 9 out of 10 advisors surveyed (91 percent) think their
firms' 2013 revenues will be better than 2012, while responses were
varied when asked their views on the direction of the economy as a
whole. Specifically, 41 percent of advisors polled predicted "slow
and steady growth ahead," while 40 percent of respondents said "we're
headed for a near-term correction"; only 13 percent believe "it's
only a matter of time until our next recession." The survey was
conducted by SEI at its National Strategic Advisor Conference held in
Dallas recently for more than 150 financial advisors.
The survey showed that on the economic front the biggest worry for
advisors right now is the federal debt (54 percent), followed by
European and Chinese economies (16 percent), and the impact of tax
increases (13 percent). The poll also revealed that economic concerns
dating back to 2008 have changed the advisors/client dynamic, as
nearly three-quarters of those polled (72 percent) said their clients
have become more demanding in the wake of the financial crisis.
Perhaps not surprising then is the fact that 7 in 10 respondents (70
percent) said they spend the majority of their time these days
working with existing clients.
"It may seem counterintuitive, but I'm not surprised that advisors
are confident in their businesses despite prevailing concerns on the
economy," said Steve Onofrio, Senior Vice President and Head of
Sales, SEI Advisor Network. "The reality is that the financial crisis
and the choppy economy that followed forced a lot of advisors to put
new processes and practices in place to meet the growing demands of
their clients, making their businesses stronger in the process. We've
worked with many advisors in recent years to do just that and I think
the renewed confidence is a reflection of the ongoing evolution of
The changing role of the advisor may be best reflected in how
advisors view themselves. When asked what term best describes their
business approach, less than 1 in 10 respondents (eight percent) said
they are an investment advisor. More than a third of those polled (39
percent) describe themselves as a wealth manager. A nearly identical
number of respondents (37 percent) describe themselves as a financial
planner, while 16 percent of those polled said they customize their
approach to match each individual client.
The poll showed that advisors are using mobile technologies to foster
client relationships. Two-thirds of respondents (67 percent) said
they are currently using tablets or mobile devices to enhance client
service. The poll also revealed that the adoption of social media by
advisors is nearly complete, as almost half of those polled (48
percent) said they currently use LinkedIn, more than a quarter of
respondents (27 percent) said they use Facebook, and 13 percent said
they use Twitter. Only three percent of respondents said they don't
use social media.
SEI conducted the survey at its National Strategic Advisor Conference
for more than 150 advisory firms that partner with SEI. The advisors,
evenly distributed around the country, are industry veterans
primarily managing large books of business. Half of the advisors have
been in the business more than 20 years and an equal percentage
manage more than $150 million in assets.
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 $36.3
billion in advisors' assets under management (as of March 31, 2013).
The SEI Advisor Network is a strategic business unit of SEI. For more
information, visit www.seic.com/advisors.
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 March 31, 2013, through its
subsidiaries and partnerships in which the company has a significant
interest, SEI manages or administers $495 billion in mutual fund and
pooled or separately managed assets, including $206 billion in assets
under management and $289 billion in client assets under
administration. For more information, visit www.seic.com.
+1 215-564-3200 x110
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