PLANADVISER - November/December 2020 - 19
A
2020 PLANADVISER Practice Benchmarking Survey
REFERENCE
OF
Boosting
your industry
acumen
with the help
of peers
W
hen advisers evaluate the success of their practice for 2020, they will need
to factor in the influence of COVID-19-and how it has changed business
as usual. The PLANADVISER Practice Benchmarking Survey, fielded each
October, gives us insight into how retirement plan advisers ran their business over
the past year. Especially in 2020, it provides an opportunity to reflect on the differences
since last our last survey in light of the pandemic.
While a chief concern for practices is often adding new clients, this has topped
the list this year, with 58% of responses, up from 43% last year.
During a panel discussion at September's virtual PLANADVISER National
Conference (PANC), experts noted that the best new business now does not result
from marketing-it comes from referrals. This is especially true for those advisers
who specialize in specific sectors. " Referrals from existing clients, Certified Public
Accountants [CPAs] and attorneys is critical, " said Randall C. Long, founder and
managing principal of SageView Advisory Group in Irvine, California. " We have a
similar focus, with health care, higher education and government plans, " Long said.
" Many of those industries have events, and that has helped facilitate referrals. "
Preserving client connections is vital-especially in the era of COVID-19,
sources agreed. This was underlined by this year's survey findings: Client retention
was advisers' third highest concern, growing to 32% from 18% in 2019.
The past six months have provided a unique framework for determining what
clients need from their service providers. Joshua Itzoe, partner and chief strategy
officer at Greenspring Advisors, on another of our virtual conference panels, said
Art by Philip Lindeman
planadviser.com November-December 2020 | 19
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PLANADVISER - November/December 2020
Table of Contents for the Digital Edition of PLANADVISER - November/December 2020
Value Judgement
2020 PLANADVISER Practice Benchmarking Survey
Retirement-Plus
Client Onboarding
Expanding Plan Access
Sequence of Return Risk
The DOL's Latest Proposed PTE
Are You a QPAM?
PLANADVISER - November/December 2020 - Cover1
PLANADVISER - November/December 2020 - Cover2
PLANADVISER - November/December 2020 - 1
PLANADVISER - November/December 2020 - 2
PLANADVISER - November/December 2020 - 3
PLANADVISER - November/December 2020 - 4
PLANADVISER - November/December 2020 - 5
PLANADVISER - November/December 2020 - 6
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PLANADVISER - November/December 2020 - 11
PLANADVISER - November/December 2020 - 12
PLANADVISER - November/December 2020 - 13
PLANADVISER - November/December 2020 - Value Judgement
PLANADVISER - November/December 2020 - 15
PLANADVISER - November/December 2020 - 16
PLANADVISER - November/December 2020 - 17
PLANADVISER - November/December 2020 - 2020 PLANADVISER Practice Benchmarking Survey
PLANADVISER - November/December 2020 - 19
PLANADVISER - November/December 2020 - 20
PLANADVISER - November/December 2020 - 21
PLANADVISER - November/December 2020 - 22
PLANADVISER - November/December 2020 - 23
PLANADVISER - November/December 2020 - 24
PLANADVISER - November/December 2020 - 25
PLANADVISER - November/December 2020 - Retirement-Plus
PLANADVISER - November/December 2020 - 27
PLANADVISER - November/December 2020 - 28
PLANADVISER - November/December 2020 - 29
PLANADVISER - November/December 2020 - Client Onboarding
PLANADVISER - November/December 2020 - 31
PLANADVISER - November/December 2020 - Expanding Plan Access
PLANADVISER - November/December 2020 - 33
PLANADVISER - November/December 2020 - Sequence of Return Risk
PLANADVISER - November/December 2020 - 35
PLANADVISER - November/December 2020 - 36
PLANADVISER - November/December 2020 - 37
PLANADVISER - November/December 2020 - The DOL's Latest Proposed PTE
PLANADVISER - November/December 2020 - Are You a QPAM?
PLANADVISER - November/December 2020 - 40
PLANADVISER - November/December 2020 - Cover3
PLANADVISER - November/December 2020 - Cover4
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https://www.planadviserdigital.com/planadviser/march_april_2019
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https://www.planadviserdigital.com/planadviser/september_october_2018
https://www.planadviserdigital.com/planadviser/july_august_2018
https://www.planadviserdigital.com/planadviser/may_june_2018
https://www.planadviserdigital.com/planadviser/march_april_2018
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https://www.planadviserdigital.com/planadviser/september_october_2017
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