NEW YORK (MainStreet) Next year, your financial advisor is very likely to pop the question: "Is there anyone you know and care about that might benefit from the work I do?" The referral pitch. It's the top New Year's resolution for advisors heading into 2014 -- increasing referrals from their top clients -- according to a survey released by SEI, the investment processing provider.
An overwhelming majority (85%) place gaining referrals at the top of their resolution list. But efficiency is a big runner-up. Systemizing internal processes to increase efficiency (67%) and integrating technology to increase efficiency (59%) were also top priorities.
For advisors, it's all about growing their book of business. Other ways financial consultants are looking to start the year off right: meeting new centers of influence (59%), being more selective of new clients "for fit" (48%), and finding more prospects through social media (31%).
"2013 was a very good year for many advisor firms and the resolutions show they are thinking about building on their successes," said John Anderson, head of practice management for the SEI advisor network. "I think it is great to see that while still focusing on growth (mostly via referrals) advisors are looking to make their offices more efficient and better organized allowing them to run a better business. Increased gross revenue and lower expenses should lead to a better 2014 for all. I hope they keep those resolutions."
More than two-thirds of the advisors surveyed were "cautiously optimistic" about the coming year, while just 18% said they were "excited."