2023 Advisor Benchmark Study on Growth Strategies

The document is a benchmark study that outlines the findings of Capital Group's 2023 Advisor Benchmark Study, focusing on the growth strategies employed by successful advisory practices. It details how the highest growth advisors differentiate themselves through distinct branding, enhanced marketing strategies, and procedural prospecting. The study highlights that these advisors have a greater confidence in their marketing skills and are more likely to implement defined acquisition goals. It presents data indicating that while referrals remain a significant source of new clients, high-growth advisors are increasingly focusing on marketing efforts. The report also discusses the importance of offering a broad range of services beyond investment management, such as educational and charitable planning, to deepen client engagement. Furthermore, it notes that the highest growth practices are more likely to have standard operating procedures in place, which contribute to their efficiency and effectiveness in client acquisition and retention.