A recent LIMRA/McKinsey study identified four strategies that increase advisor productivity by more than 30 percent.
The study found that the most productive advisors use one or more of these four strategies:
- Teaming (regularly partnering with other advisors for specialized needs): The percentage of advisors teaming with others has increased eight percentage points since 2008. Today, 1 in 5 advisors team with at least one other advisor and share more than 20 percent of their revenue.
- Client Specialization (targeting specific client segments): Forty-three percent of advisors specialized in a client segment, typically by affluence or occupation.
- Retirement Planning for Pre-Retirees (Creating formal retirement plans for 30 percent additional clients): While most advisors have not provided their clients with formal retirement plans, the study found those who do are 15 percent more productive.
- Knowledge of Life Events (Increasing awareness from 5 to 8 life events per client): The study found that knowledge of life events (getting married, buying a home, changing a job) correlates to higher productivity.
Member companies can learn more about the findings of this survey by reading Highlights from the 2012 LIMRA-McKinsey Experienced Financial Advisor Study (2012).
Non-members/press may contact LIMRA Public Relations for more information.