SEI to Advisors: 2008 Is the Year to Communicate
SEI Quick Poll Shows Increased Communication and Face Time Top Advisors' New Year's Resolutions
OAKS, Pa., Dec. 14 /PRNewswire-FirstCall/ -- With the holiday season upon us, being disciplined at work gets tougher every day. SEI (Nasdaq: SEIC), however, says now is the time for advisors to buckle down and focus on strengthening their businesses. According to a recent SEI Advisor Network Quick Poll, in thinking about 2008, advisors' New Years resolutions are focused on how client interaction will lead to a successful year. Based on approximately 200 advisors' responses, SEI presents five resolutions advisors can make to help strengthen their business in the New Year:
1. Get interactive - for real. Increasing face-to-face interaction is at
the top of the client satisfaction food chain, with 42 percent of SEI
advisors ranking it the number one priority for them and their
businesses. But time remains a huge challenge, so many advisors still
default to email or phone calls to check up on clients. While making a
commitment to communicate with clients is a great first step, to have a
real impact on satisfaction, client interaction must be more than just
checking names off of a list. A sampling of advisors (roughly 10
percent) expressed interest in exploring educational initiatives for
clients; in addition to individualized meetings, hosting group seminars
for clients is a great way to conduct face-to-face interaction and
maximize your time.
2. Travel through time. 2007 has been the year of declining confidence,
with numerous industry indices reporting record declines in investor
confidence. For example, the Spectrem Millionaire Investor Index
experienced its second steepest drop of 11 points in November, just shy
of its largest all-time decline of 14 points, which occurred in March.
While addressing the market's effect on client confidence today is
essential, it's equally important that advisors also manage their
expectations for the future. Educating clients on what causes market
volatility, as well as using innovative strategies designed to
specifically manage volatility and downside risk, will be key in 2008.
Communicating how advisors are planning appropriately for the future
will help provide clients with the confidence that they're prepared for
the future - despite the challenges of the present.
3. Cover more ground. As client demands increase, advisors need to
communicate on broader levels and deliver advice that extends beyond
just their clients' investment picture. That's why 31 percent of
advisors polled stated they planned to explore and/or add more wealth
management services to increase client satisfaction and meet other
needs. SEI warns advisors to make decisions cautiously, however, as
adding the wrong type of services can further diminish profit margins.
To achieve a balanced offering that fosters profitability, SEI
recommends offloading non-client facing functions like proposal
generation and reporting to increase efficiency.
4. Get smarter. Advisors expect Boomers to continue to be a challenging
client segment in 2008. When asked to predict investor attitudes for
the coming year, nearly 52 percent of advisors said that Boomer clients
would scrutinize financial advice more than ever, a reasonable
expectation due to market instabilities in 2007. This means advisors
need to have easy access to the answers clients seek - which includes
being armed with knowledge AND the tools to differentiate advice,
communicate effectively and give clients the confidence their life
goals will be met.
5. Remember - money isn't everything. When asked what they'd have done
differently in 2007, 40 percent of advisors said they'd have focused on
more frequent communication with clients. To gain trust and show their
ability to guide clients through any kind of financial storm, however,
SEI notes that it is important advisors proactively demonstrate their
expertise on a broad range of industry trends that affect their
clients' lives. Don't wait for a panicked client to call in the middle
of the night about a market rumor or event; clip and send news
articles, forward links to interesting studies, give personal
perspective on an emerging trend. Talking about more than the nuts and
bolts of financial planning can go a long way to position you as the
trusted expert your clients need you to be.
About the SEI Advisor Network
SEI Advisor Network provides independent advisors with outsourced wealth management platforms that are designed to meet the demands of a new generation of wealthy clients. In an evolving wealth management industry, the group offers an end-to-end process for successfully transforming their clients' businesses in every critical area, including marketing, practice management, investment strategy and client relationship platforms. The SEI Advisor Network is a strategic business unit of SEI. For more information, visit www.seic.com/advisors.
About SEI
SEI (Nasdaq: SEIC) is a leading global provider of outsourced asset management, investment processing and investment operations solutions. The company's innovative solutions help corporations, financial institutions, financial advisors, and affluent families create and manage wealth. As of September 30, 2007, through its subsidiaries and partnerships in which the company has a significant interest, SEI administers $423 billion in mutual fund and pooled assets and manages $202 billion in assets. SEI serves clients, conducts or is registered to conduct business and/or operations from more than 20 offices in over a dozen countries. For more information, visit www.seic.com.
(1) The Spectrem Millionaire Investor Index measures the confidence of investors with $1 million or more in assets.
Company Contact: Media Contact:
Dana Grosser Caralyn Gilotti
SEI Braithwaite Communications
610-676-2459 215-564-3200 x112
dgrosser@seic.com cgilotti@braithwaitepr.com
SOURCE SEI
Released December 14, 2007