If the number of households that use advisors rose by 10%, Canada’s real GDP could climb $2.3 billion above the baseline, says a new study by the Conference Board of Canada.

That’s because more families could save and invest, and thus boost the economy. The board’s findings and savings estimates are based on its national econometric forecasting model and on 2012 survey results.

Read: Banks need to innovate to keep clients: Deloitte

This is why it’s crucial for advisors to expand their books and reach new audiences.

If you find you can’t land prospects, though, check out Melissa Shin’s editorial from the May issue of Advisor’s Edge. She offers three tips to those who are having trouble bringing in clients.

You’ve spent hours crafting your pitch; your staff’s briefed; you wear your lucky suit. During the meeting, everything goes according to plan. But the prospect doesn’t sign.

It’s comforting to assume his financial circumstances changed or his sister convinced him to choose another advisor. But it’s also worth scrutinizing your approach.

To read more, click here.

Originally published on Advisor.ca

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