In a recent survey of over 600 independent advisors across Canada, advisors expressed the greatest interest in areas of marketing, brand, and business models, as well as business and their personal succession planning needs.

The survey was commissioned by Equinox Financial Group to examine the “top of mind” concerns of advisors on non-cash compensation issues such as: training, technology, and conferences.

Fifty-nine per cent of advisors are looking for a better understanding of possible strategies for business models and succession plans, while 61% are seeking assistance in marketing and brand building.

“The trend towards ‘binding’ advisors to career business models, continues to lead many to examine their options. Advisors are asking for more information or are extremely interested in protecting and enhancing their independence and control.” states Kevin Wark, president, Equinox Financial Group.

The survey results indicate that advisors are mulling over their own succession plans as well as those of their clients, and reflect the interest of advisors in exploring different business models and options.

These areas flagged by the survey as being of greatest interest have been seen as less important in previous findings than incentives or product development and innovation.

“The trend for advisors is definitely in a different direction. It is no longer adequate to consider simply product based sales compensation and at the same time demand an employment based business model for Advisors” indicates Wark.

The survey also found that although 25% of advisors have no interest in time management tools, over 65% wish to know more or are very interested in client management technology and segmentation.

EFG sponsored the survey on non-cash compensation to query its independent advisors in April 2002. The questions focused on what is top of mind regarding advisors’ key needs and concerns.