SEI Reveals 2015 New Year's Resolutions for Advisors

OAKS, PA--(Marketwired - Dec 15, 2014) - With advisors optimistic heading into the New Year, SEI (NASDAQ: SEIC) today released its annual list of New Year's resolutions for advisors focused on fostering growth for their firms in 2015. A recent SEI Quick Poll¹ showed nearly unanimous positive advisor sentiment, with almost 96 percent either cautiously optimistic or excited about next year, and 72 percent expecting firm growth in excess of 5 percent.

Advisors identified increasing current client referrals (84 percent), using technology to make their practice more efficient (66 percent), and meeting new centers of influence (60 percent) as their three highest priority areas for improvement in 2015.

"Further growth is forecasted for next year, and while this is a positive trend, it presents a set of challenges for which advisors need to prepare," said John Anderson, Head of Practice Management Solutions, SEI Advisor Network. "These resolutions identify some of the hurdles that advisors may soon face and offer some advice on how to best move their businesses forward from both a profit and people perspective."

The full list of resolutions includes:

Meet Your Friends' Friends - Referrals from current clients or centers of influence -- such as accountants or lawyers -- can be the biggest boon to future business. However, current clients need to know that advisors are more than just the products they sell. Establishing a solid value proposition helps create a clear understanding of the value that advisors add to their clients' lives, and how others can benefit from the same value.

Learn the Technology Trends - The right technology can make advisory firms more efficient, clearing some of the operational clutter that gets in the way of advisor-client interaction. Technology is at times complicated, but the benefits can be significant: fully integrated platforms, back office automation, eliminating manual trading and rebalancing, streamlined work flow processes, easier client communication, better client service, etc. What works for some firms might not work for others. Advisors need to consider whether certain technology is truly helpful, or if the functions the technology is designed to handle still require manual interaction. Advisors should be sure to learn about the specific technology trends that best fit their business.