An overwhelming majority of financial advisors expect 2013 to be a better business year than 2012, according to an SEI survey released Tuesday, May 28. When asked their views on the direction of the economy as a whole, 41% of advisors polled predict “slow and steady growth ahead”. [pullquote]41% of advisors polled predict slow and steady growth ahead[/pullquote]
The biggest worry for financial advisors right now:
- federal debt, which ranked highest for 54%
- European and Chinese economies with 16%
- impact of tax increases with 13%
The poll also revealed that economic concerns dating back to 2008 have changed the advisor/client dynamic, says SEI, with 72% of advisors saying their clients have become more demanding in the wake of the financial crisis.
“It may seem counter-intuitive, but I’m not surprised that advisors are confident in their businesses, despite prevailing concerns on the economy,” says Steve Onofrio, senior vice president and head of sales for 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 industry.”
The poll showed that financial advisors are using mobile technologies in their business. 67% say they are currently using tablets or mobile devices.*
- 48% use LinkedIn
- 27% use Facebook
- 13% use Twitter
- 3% say they do not use social media at all
https://www.fa-mag.com/news/advisors-anticipate-better-year–survey-says-14408.html