Filed Under:Markets, Senior Market

Most advisors view regulations in negative light

More than 7 in 10 financial service sales professionals identify rigid legal, regulatory or oversight rules as the two top negative elements of their job, according to a new report.

HNW Inc. published this finding in a nationwide survey of more than 200 sales professionals. Unveiled at a media breakfast in New York on Tuesday, the survey polled both financial and non-financial sales professionals, each comprising 50 percent of the survey respondents.

More than a quarter (27 percent) of the survey respondents says that compensation opportunities and the firm's reputation are the two top positive elements of their job. Fewer of those polled cite among the two top elements:

--independence (22 percent)

--autonomy (15 percent)

--interacting with fellow employees (13 percent)

--The intellectual simulation they receive (13 percent),

--Hours spent on the job (12 percent).

When asked which channels are most effective for interacting with existing clients, nearly 8 in 10 respondents (77 percent) flag in-person communications. A smaller proportion (74 percent) identifies phone calls; and just 49 percent point to e-mail.

The advisors surveyed devote on average 36.8 percent of their time directly interacting with or managing client affairs. They spend less time prospecting for new clients (19.7 percent), managing staff (16.2 percent), managing internal-facing activities (12.4 percent), engaging in marketing activities (8.3 percent) and addressing corporate oversight or regulatory issues (5.9 percent).

Additionally, more than 4 in 10 (45 percent) of the financial service professionals polled say they need more technology resources and support to stay in touch with their clients.

Most of the respondents (68 percent) currently rely on a customer relationship management (CRM) system that houses client contact information. Significantly less than half use mobile sales tools (16 percent), systems that allow them to track and measure content usage (21 percent) or solutions that customize and distribute client-ready communications digitally (30 percent).

Less than half (45 percent) of the financial service professionals say (1) they have the ability to personalize marketing and sales materials for clients; and (2) indicate that the capability is important. Still fewer financial service sales professionals use social media—Facebook, Twitter or LinkedIn—to prospect with clients (29 percent), conduct client communications (19 percent), build personal brand (25 percent) or gain market insight (18 percent).

 

Featured Video

Most Recent Videos

Behind the scenes with Vicki Gunvalson [VIDEO]

Provided by LIFEHEALTHPRO

In this exclusive interview, Vicki Gunvalson shares how she built a $15 million a year annuity business by planning for...

Regulator: Market may need to reinvent LTCI

Provided by LIFEHEALTHPRO

Cioppa says Maine's governor wants to spur the creation of better products.

Dementia: It's more than Alzheimer's

Provided by LIFEHEALTHPRO

An association calls for policymakers to remember lesser-known neurodegenerative conditions.

Protesters Disrupt WellPoint Annual Meeting

Provided by LIFEHEALTHPRO

Hecklers call for more disclosures of information about political contributions.

Related resources

More Resources

Comments

Power your business with up-to-the-minute insurance news, analysis, and best practices from LifeHealthPro Daily eNewsletter – FREE.

Power your business with LifeHealthPro Daily eNewsletter – FREE.

Enter a valid email address.
Close
Nichole Morford

Nichole Morford
Managing Editor

Thank you for subscribing to LifeHealthPro Daily!

Check Out More eNewsletters Now! Close

Advertisement. Closing in 15 seconds.