For many advisory firms, deliberately focusing on attracting new prospects and converting them to clients is a function that is all too convenient to ignore. Just 43% of the firms surveyed in our latest FA Insight Study of Advisory Firms cited marketing and business development activity as a primary factor in driving their past growth.
To be fair, firms may often have the will to be better marketers but lack the necessary skills. For others, however, their lack of emphasis on marketing and business development is a point of pride, with shareholders believing these activities to be less essential given their firms’ ability to deliver superior client service.
Even the best servicing firms, however, can benefit from more proactive marketing initiatives. An effective marketing and business development function is an increasingly critical component for business success and vital for achieving sustainable growth.
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