A recent Fidelity survey found that 42% of advisor firms report marketing and business development growth as a top priority; however, there is a wide dispersion across firms on how and if they achieve it. Some advisors have primarily experienced asset growth due to market appreciation, while others are seeing a significant increase due to strong organic growth strategies.
Despite it being a top priority, many firms are struggling with how they execute their growth strategy, with more than 50% of advisors identifying new client acquisition as a challenge. Interestingly, firms note that existing clients remain a major source of generating leads and account for more than half (56%) of qualified leads in the past 12 months. Further, only about half (46%) of advisors feel their firm has “fairly strong” or “advanced” business development capabilities to support the client lifecycle.
To help firm leaders and advisors improve how they grow businesses organically, Fidelity created a Growth Hub. The new tool offers more than 50 resources to help advisors sharpen their approach to acquire new clients, expand relationships, and scale their businesses.
"Providing these on-demand resources allows advisors to take action in a way that best meets their unique goals, fueling their business’ long-term success regardless of market uncertainty,” said Rohit Mahna, head of Client Growth at Fidelity Institutional Wealth Management Services. “Focusing on controllable firm practices can boost success regardless of external factors. With the new Growth Hub, we are putting advisors in the driver's seat, empowering them to take control of their organic growth journey, no matter the stage.”
New Growth Hub
Fidelity drew from its deep business development experience as well as practice management, technology and investment consulting to develop a suite of resources to help guide advisors through their organic growth journey.
- The new Hub provides strategic insights with how-to guides and on-demand courses to propel advisors through each stage of their journey—prospect, expand, scale. Whether looking for resources on how to implement effective lead generation or trying to segment clients to improve profitability, Fidelity’s dedicated growth toolkit outlines strategies, guides, and technology solutions to help advisors optimize organic growth.
- A new thought leadership paper, Gaining traction with GrowthTech: Leveraging technology to propel your business forward, which outlines opportunities for firms to drive scale, improve lead acquisition, and future proof their business through front office technology.
“The concept of GrowthTech helps firms create a more end-to-end technology stack that addresses front-office operations,” said Gwendaline Mazzara, vice president, senior business consultant at Fidelity Institutional. “There is an entire ecosystem of tools to help advisors better attract, retain, and engage clients in real-time. This can be a game changer for organic growth, as it helps advisors become less reliant on client referrals, create more personalized interactions, and ultimately deepen relationships that can improve share of wallet.”
To learn more, explore the Growth Hub here.
Methodology: The 2023 Fidelity Financial Advisor Community – Growth Tech and AI Survey. The study was an online blind survey (Fidelity not identified) and was fielded during the period Dec 6 through Dec 20, 2023. Participants included 414 advisors who manage or advise upon client assets, either individually or as a team, and work primarily with individual investors.
Advisor firm types for this study included a mix of banks, independent broker-dealers, insurance companies, regional broker-dealers, RIAs, and national brokerage firms (commonly referred to as wirehouses), with findings weighted to reflect industry composition. The study was conducted by an independent firm not affiliated with Fidelity Investments.
About Fidelity Investments
Fidelity’s mission is to strengthen the financial well-being of our customers and deliver better outcomes for the clients and businesses we serve. Fidelity’s strength comes from the scale of our diversified, market-leading financial services businesses that serve individuals, families, employers, wealth management firms, and institutions. With assets under administration of $12.6 trillion, including discretionary assets of $4.9 trillion as of December 31, 2023, we focus on meeting the unique needs of a broad and growing customer base. Privately held for 77 years, Fidelity employs more than 74,000 associates across the United States, Ireland, and India. For more information about Fidelity Investments, visit https://www.fidelity.com/about-fidelity/our-company.
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Information provided in, and presentation of, this document are for informational and educational purposes only and are not a recommendation to take any particular action, or any action at all, nor an offer or solicitation to buy or sell any securities or services presented. It is not investment advice. Fidelity does not provide legal or tax advice.
Before making any investment decisions, you should consult with your own professional advisers and take into account all of the particular facts and circumstances of your individual situation. Fidelity and its representatives may have a conflict of interest in the products or services mentioned in these materials because they have a financial interest in them, and receive compensation, directly or indirectly, in connection with the management, distribution, and /or servicing of these products or services, including Fidelity funds, certain third-party funds and products, and certain investment services.
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