Despite the plethora of digital tools on the market allowing advisors to contact and manage prospective clients, a recent survey finds that less than half of advisory firms track how many leads convert to paying clients. 

According to F2 Strategy's survey of 31 chief technology officers, CEOs, and other senior executives at large financial services firms, only 42 percent measure how many prospects end up completing client onboarding paperwork or funding an account. About half of the firms that refrain from tracking those metrics shared that "clients end up opening accounts with less than 75 percent of the expected or committed assets, meaning advisors are leaving money on the table." 

Investing in technology is one thing, but advisors also must learn how to use it effectively. Advisors should receive training in the following areas: how to maximize their use of digital tools; how to track prospects' progress through the onboarding process; and when to follow up with clients that might encounter issues with the process. 

Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.