Research conducted by industry research group LIMRA reveals that, when asked what kind of support they want from their companies, the top request from young advisors usually involves obtaining leads and references to pursue new clients.
However, LIMRA studies also show that 25% of advisors rank learning how to run a business as one of their top challenges, and that the need for practice management support is not just limited to those who are new to the business; 67% of all independent financial professionals surveyed by LIMRA said that business support is a critical factor to their success.
"There are several reasons to suggest why practice management support is in more demand now than in the past," reads the LIMRA report. "Advisors today must be able to understand and explain complicated financial products to an increasingly complex client base. Advisors are also expected to understand and deliver the right solutions for clients of different generations and culturally diverse backgrounds, each of which have unique needs."
While technological issues can pose challenges, with 62% of companies reporting that they face resistance or lack of buy-in from advisors when they roll out new IT, 78% of younger advisors say that technology tools for client services are the most important sales support they could receive, and 75% also wanted technology that can help them manage their practices.
"So while leads and references are essential, the challenge of running a business is also top of mind with today’s advisor," concludes LIMRA.