Growing and retaining their client base is also front of mind in the next few years, with advisors targeting average AUM growth of 11% and picking up 18 new clients per year, although this is well below the 34 new clients expected by global peers.
More than half of Canadian advisors said that they recognise the need to address growing demand for financial planning services and to differentiate their offering to stay ahead, such as offering trust services (62%), personalized services such as networking services (51%) and financial boot camps for the next generation (40%) among ways they can retain assets.
Relationship building it cited as the most important priority for retaining clients and this includes engaging with the next generation.
While only 12% of advisors said they are dedicating time to prospecting for new clients, 97% of those that are stated that they are placing the highest priority on attracting clients in their 50s and 60s who are nearing retirement, while 52% are targeting those in their peak earning years (35-50 years old).
Meanwhile, only 19% of advisors place a high priority on prospecting for clients between the ages of 18 and 35, despite them making up the largest segment of the Canada population.
