How advisors can gain an edge this RRSP season GlobeInvestor
Growth-focused advisors who spend US$5,000 or more on marketing a year are light years ahead of their peers who spend less than that amount in acquiring clients and boosting their assets under management.The winter months can be slow for some professionals, but not for Canada’s financial advisors. They’re at the peak of competition for new clients as March 2, the deadline for Canadians to contribute to their registered retirement savings plans for the 2019 taxation year, fast approaches.
For starters, 43 per cent of advisors who spend US$5,000 or more annually on marketing brought 20 or more new clients on board over the previous year compared to just 16 per cent of all other advisors. In fact, the marketing spend appears to be the key variable between these two groups, who otherwise have similar acquisition strategies. Both groups of advisors offer a balanced mix between financial planning and investments. There’s also nothing to choose between them in terms of their target demographics; baby boomers and members of Generation X remain their primary targets.
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