Advisors are optimistic heading into 2010, with the majority focusing on acceleration and growth in the wake of the recent recession, according to a survey by Curian.
Nearly 70 percent of the 1,804 advisors polled said that their business mindset heading into 2010 was one of acceleration and growth. Meanwhile, less than one quarter said their main focus for the year would be reconstructing their asset and client bases.
When asked what type of support they will need to grow their business, most advisors answered "marketing" followed by "total account development and cross selling."
According to Dan Maurer, senior vice president of marketing at Curian, when it comes to marketing support, advisors prefer working with companies that can provide customized materials that will help attract new clients. "At the crushing end of the tech bubble, advisors were scared and unsure of what was going on, and they weren't taking the steps to maintain their business. The organizations that gave them products put their heads in the sand, too."
In addition, 70 percent of respondents planned to increase their use of separately managed accounts in 2010, while 60 percent said they would increase their use of variable annuities and 56 percent expected to use life insurance more often.
Finally, 65 percent said their clients are seeking more conservative investments, while 60 percent said their investors are looking for guaranteed income.