Being in the right place at the right time was the fifth most important factor for millionaire investors. That comes in just above frugality, which ranked just off the chart at number six.
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Effective use of social media can help advisory firms enhance branding, relate to clients and generate leads for new business, says Joanna Belbey, a social media and compliance specialist for Actiance.
Not every firm needs to segment its client base, but for those that do, effective communication with both staff and clients is key, says Fidelity's practice management head David Canter.