How many new clients does the average financial advisor acquire in a year? I have been asking advisors and sales managers this question for several months. The most common answer: two.

In an age of declining fees, greater churn from intergenerational wealth transfer and increased competition from robo advisors, that’s not going to be enough. Many advisors are already generating less revenue from the same number of clients, so advisors need to pick up their acquisition game. The situation is exacerbated by the Department of Labor’s fiduciary rule, which raises the standards on retirement investment advice; that will further compress fees that wealth management firms charge clients and divert more advisor attention away from business-growing activities. Firms are recognizing that they need a better approach to growing their business.

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