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Shy wealth firms overlook most basic way to win clients

by Dylan Lobo on Jun 30, 2014 at 10:16

With regards to age, the study found that the respondents under 40 referred the most clients if asked on a quarterly basis by wealth firms at 40%, while those over 60 referred the least at only 8%.  

'It’s well known that a referral is one of the strongest tools in an adviser’s marketing arsenal, and what we’ve learned is that there is no exact science to winning client referrals,' SEI chairman and chief executive Alfred West, Jr, said.  

'Client behaviour and confidence in advisors varies based on personality, age, and location, and, thus, is unpredictable. However, by taking action wealth managers increase their likelihood of organically growing their business.'

SEI senior vice president Ryan Hicke added: 'This finding should not be taken lightly. The relationship side of the business is ever-important, and managers must take the time to implement strategies that allow them to focus more heavily on personal interaction, without sacrificing quality.'

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