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How many financial advisors are wasting time researching prospects?

That was the question that was at the top of our minds as we reviewed the results of a recent survey we posed to over 300 financial advisors. Also, are financial advisors aware of where their competition comes from, and what leads they are competing for. The answers to those questions and others are in our recently released Financial Advisor Benchmarking Statistics on Prospecting Study.

The study reveals the percentage of advisors that are pursuing the same leads and where those leads appear on the wealth spectrum. Hint: it is generally not on the low end.

Next, the study reveals the amount of time financial advisors spend researching their prospects and the methods used. The most common source is LinkedIn. The amount of time spent is astounding. And most advisors at firms of all sizes are finding leads and doing the lead research on their own. Download the study to see how you compare.

We found another surprise in the data related to methods used to engage leads. An affordable and easy to deploy method ranked dead last amongst those that advisors utilized. The top method is their website.

We also looked at methods to find new clients. No surprise that referrals ranked #1. We were surprised however how the top 5 lined up, especially as we looked at the difference between small and large firms. Spoiler alert: large firms are almost 2x more likely to find new clients on social media than mid-sized firms.

Lastly, we looked at where financial advisors are prospecting. Our conclusion is that financial advice is no longer a local business. Check out the report to see where advisors in your area are prospecting, and where competition for local leads may be coming from.

Click here to download the report today.