For many advisory firms, deliberately focusing on attracting newprospects and converting them to clients is a function that is alltoo convenient to ignore. Just 43% of the firms surveyed in ourlatest FAInsight Study of Advisory Firms cited marketing and businessdevelopment activity as a primary factor in driving their pastgrowth.
To be fair, firms may often have the will to be better marketersbut lack the necessary skills. For others, however, their lack ofemphasis on marketing and business development is a point of pride,with shareholders believing these activities to be less essentialgiven their firms’ ability to deliver superior client service.
Even the best servicing firms, however, can benefit from moreproactive marketing initiatives. An effective marketing andbusiness development function is an increasingly critical componentfor business success and vital for achieving sustainablegrowth.
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