The majority of independent advisers still expect to increase assets and develop new business this year, despite difficult market conditions, according to a survey SEI Investments Co. of Oaks, Pa., released last week.
In the survey, which was entitled "The Year Ahead," 51% of advisers predicted that the markets will rebound by the second quarter. In addition, advisers offered New Year's resolutions such as "grow the business 20%," "add $30 million in assets under management," and "increase revenue by 15%."
SEI said the resolutions "indicate they are focused on growing their practices, not just sustaining them."
According to the survey, 45% of advisers say they can replace lost revenue by exploring initiatives to acquire clients.
Twenty-four percent said they would work to increase distribution through accountants and estate attorneys, and another 24% will strengthen their referral processes. Only 7% said they planned to do nothing but focus on retaining current clients.
The survey was conducted last month through interviews with 285 independent advisers.
SEI had $162 billion in assets under management as of Dec. 31.