A lack of investor confidence in the market has triggered advisors to work feverishly to strengthen client retention techniques over acquiring newer ones, according to a recent survey from SEI.

According to the survey, more than half of the advisors (51%) said their clients are still “extremely skeptical about the economy and very concerned with future growth.” As a result, advisors are heightening their focus on keeping their existing clients. Roughly 52% have chosen to rely on “bring a friend” events, which provides an “informal, non-threatening way for a client to meet someone,” said John Anderson, SEI’s managing director, practice management.

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