Study of Advisory Success defines what success means for advisors in today’s environment and highlights the most salient issues facing advisors. Pershing’s inaugural study found that the most successful advisors anticipate what will lead the next generation of advisors. This year’s study finds that successful advisors adapt to client communications and client expectations.

1. THE SECOND ANNUAL STUDY
OF ADVISORY SUCCESS
A New Age of Client Communications and Client Expectations

2. CONTENTS
IN BRIEF—What You Need to Know in 30 Seconds 3
A New Age of Client Communications and Client Expectations 4
Pulse Check: Positive Momentum, But Still Room to Grow 6
Missed Connection: Understanding—and Capitalizing On—the Value of Your Brand 8
Communications Choices: How and When Do Advisors Communicate with Clients Today? 10
Digital Matters: Assess Your Online Presence Through Clients’ Eyes 12
Next Steps: Six Tips for Communications Success 17
What’s on the cover?
Banyan Tree, Ankor Wat, Cambodia
The banyan trees of Ankor Wat are incredibly resilient
trees that have flourished through decades of
modernization and development. Banyan trees grow
new roots that descend from its branches, pushing
it into the ground and forming new trunks. Similarly,
advisors can adapt to new digital client touchpoints
by forming roots so they can grow into the future.

3. THE SECOND ANNUAL STUDY OF ADVISORY SUCCESS: A NEW AGE OF CLIENT COMMUNICATIONS AND CLIENT EXPECTATIONS 3
IN BRIEF—WHAT YOU NEED TO KNOW IN 30 SECONDS
More advisors than ever report that their
businesses are doing better than ever
The vast majority measures success by how
they positively impact the lives of
their clients.1
Advisors say they are satisfied, but
wouldn’t recommend the career to
their children
Most are content with their career choice,
but they are less enthusiastic about
recommending the profession to the
next generation.
One major challenge:keeping up with the
demands of the business
Most advisors are concerned about having
time to get things done.
Advisors are keen to have strong brands—
yet aren’t quite convincing investors
Although advisors agree that it is important
to have strong personal and firm brands
and value propositions, most investors
cannot articulate what sets their
advisors apart.
Bad news tends to drive client
communications—good news is
sometimes overlooked
Declining markets or portfolios often
prompt client calls, while positive events
are less frequently used to enhance
the relationship.
Many advisors do not manage their
online presence
Due to a general discomfort with technology,
many advisors have not yet created
personal websites, pursued thought
leadership strategies, or even searched
their names and images online.
Social media represents uncharted
waters—but it’s time to start swimming
Advisors are entering the social media pool
at the shallow end—most have LinkedIn
accounts—but using other potentially
beneficial channels lags behind.
The most successful advisors are actively
using multiple technology tools
Advisors who are “doing better than ever”
tend also to be making better use of
websites, social media and other
technology tools.
3
3
3
3
3
3
3
3
1
Unless indicated, all data in the study is based data from a Harris Poll study conducted on behalf of Pershing.The advisor survey was conducted online within the
United States in December 2013, among 356 U.S. advisors at least 18 years of age, sampled from the Harris Interactive Panel of Financial Advisors.The investor
survey was conducted online within the United States from April 3-7, 2014 among 2,060 adults ages 18 and older.

4. 4 PERSHING
A NEW AGE OF CLIENT COMMUNICATIONS AND CLIENT
EXPECTATIONS:TRANSLATING CLIENT COMMUNICATIONS
INTO NEW OPPORTUNITIES
Since the 2013 Inaugural Study of Advisory Success,we find that today,things are good for many advisors—
in fact,things are better than before.However,even the most successful advisors are increasingly worried
about having enough time to get things done.The rising tide of client expectations and the increasing
number of communication touchpoints present new challenges for growth-minded advisors.
Study of Advisory Success defines what success means for advisors in today’s environment and
highlights the most salient issues facing advisors. Pershing’s inaugural study found that the most
successful advisors anticipate what will lead the next generation of advisors. This year’s study finds
that successful advisors adapt to client communications and client expectations.
Twenty years ago, advisors connected with clients through three primary channels: telephone, mail and
meeting. Today, these channels have been joined by dozens of other options. For some, the variety—
and the time it takes to master them—can be dizzying. Technological advances are driving this
revolution. For example, in 2014, there will be more mobile devices on earth than people.2
Meanwhile, a
new generation of digital communication tools, from e-mail to social media, have become even further
ingrained in our lives and preferences. The bar for effective communications between advisors and
clients continues to rise.
In this year’s study, we examine advisors’ perceptions of their communications, digital presence,
value proposition and overall success level. We identify opportunities for advisors to strengthen their
connections and grow their businesses. The results may also help advisors feel greater satisfaction
from their work and deepen their client relationships.
2
Cisco, Cisco Visual Networking Index:Global Mobile Data Traffic Forecast Update, 2013–2018, 2014

5. THE SECOND ANNUAL STUDY OF ADVISORY SUCCESS: A NEW AGE OF CLIENT COMMUNICATIONS AND CLIENT EXPECTATIONS 5
SAMPLING METHODOLOGY
The advisor survey was conducted online in December 2013, among U.S. advisors at least
18 years of age, sampled from the Harris Interactive Panel of Financial Advisors. 356 interviews
were conducted:
103 among RIAs (independent RIAs not working at a wirehouse or affiliated with a
regional brokerage)
100 among wirehouse advisors (those working at wirehouses or regional brokerage firms)
153 among other advisors (those working at insurance agencies, independent broker-dealers
or banks)
The investor survey was conducted online within the United States by Harris Poll on behalf
of Pershing LLC from April 3-7, 2014, of 2,060 adults ages 18 and older among whom 385 are
defined as investors who say that they have investable assets of at least $100,000. This online
survey is not based on a probability sample, therefore, no estimate of theoretical sampling
error can be calculated.
For complete survey methodology, including weighting variables, please contact Ken Louie,
ken.louie@pershing.com.

6. 6 PERSHING
3
Gibson, Kate (2013, December 31). Wall Street closes 2013 at records;best year in 16 for SP, 18 for Dow, CNBC. Access Online:http://www.cnbc.com/id/101303244.
PULSE CHECK: POSITIVE MOMENTUM,
BUT STILL ROOM TO GROW
In our new research, the largest segment of advisors (38%) reported that their business is “doing better
than ever before,” which is a significant rise from the 31% who fell into this same category in 2012.
TERM THAT BEST DESCRIBES STATE OF YOUR BUSINESS TODAY
■ Struggling ■ Maintaining status quo ■ Regaining momentum we once had ■ Doing better than ever before
22%4% 35% 38%
Total
4% 20% 35% 41%
RIA
5% 21% 39% 35%
FA – Wirehouse
4% 25% 32% 39%
FA – Other
73%
About three-fourths (73%) of financial advisors across all firm types describe their
state of business as “regaining momentum” or “doing better than ever before.”
It would be easy to dismiss this sense of stronger momentum as solely a reflection of recent record
market performance—a rise of nearly 30% in the SP 500 in 2013.3
However, advisors do not measure
success based exclusively on assets under management. The most important criterion advisors use for
defining their success is consistent with our previous findings and consistent across advisor segments:
positive impact on clients, which trumps financial gain. In fact, this sentiment has become more
pronounced since last year—71% (up from 66%) of advisors say “positively impacting the lives of my
clients” is their top criterion for success.

7. THE SECOND ANNUAL STUDY OF ADVISORY SUCCESS: A NEW AGE OF CLIENT COMMUNICATIONS AND CLIENT EXPECTATIONS 7
MOST REWARDING ASPECTS OF BEING A FINANCIAL PROFESSIONAL
Helping my
clients meet their
financial goals
Having clients who
appreciate the
value I provide
Helping clients
make the right
financial decisions
Having my
clients refer
their friends
and acquaintances
to me
Having clients
who come back
to me with
additional needs
Developing
a relationship
with my clients
beyond business
Having my clients’
children become
my clients
66%
61%
50%
57%
25% 25%
11%
60%
54%
47%
28% 26%
12%
71%
■ 2012 ■ 2013
I’m On Top, Not Those Guys
Nearly half of advisors (48%) believe they have achieved the highest level of success, scoring
themselves as 8, 9, or 10 on a 1-10 scale. However, only 21% believe the average success of other
advisors is at that same level. Such perceptions invite a comparison to Garrison Keillor’s fictitious Lake
Wobegon, where “all the children are above average.”4
The gap between perception and reality might
be explained by over-confidence, or simply each advisor’s sense that his or her hard work must be
achieving a measurable advantage over other advisors.
Surprisingly, advisors who believe they are among the most successful are also less likely to have
written business plans or succession plans. This may imply that such advisors, hyper-focused on
maintaining today’s momentum, miss out on growth opportunities that formal goals and action plans
would facilitate.
4
Keillor, Garrison. A Prairie Home Companion.

8. 8 PERSHING
Right for Me, Maybe Not for You
Most respondents continue to enjoy the career field they’ve chosen, with 69% saying that they are very
satisfied being an advisor. Yet, surprisingly, many are hesitant to encourage the next generation to enter
the field. Only 37% would recommend the profession to their children or another young person. Even
among advisors “doing better than ever,” less than half (49%) would make such a recommendation.
Such hesitancy might be part of a broader sentiment that professional careers are evolving in ways that
make future success appear daunting. In the medical field, for example, a 2012 Physicians Foundation
survey found that 58% of physicians would not recommend medicine as a career to their children or to
other young people.5
As in medicine, that act of helping people underpins career success for financial advisors. Accordingly,
there appears to be a serious need for advisors to seek a stronger, more dynamic relationship
with clients. The challenge, as with most major efforts, is the lack of time. Nearly two-thirds of
advisors (63%) are concerned about “having enough time to get things done.” In this time-crunched
environment, it’s even more important for advisors to become more efficient and effective as they
communicate with and serve their clients.
WHO’S DOING WELL?
Go Team—Advisors “doing better than ever” are more likely to say they are “team-oriented”
than advisors “regaining momentum” (37% vs. 24%).
Sociability Succeeds—These “doing better” advisors also are more likely to say they are
extroverts than advisors who are “maintaining status quo” or “struggling” (45% vs. 25%).
Online, On Point—Those “doing better” are more likely than those “maintaining status quo”
or “struggling” to have a team website (26% vs. 6%).
MISSED CONNECTION: UNDERSTANDING—AND
CAPITALIZING ON—THE VALUE OF YOUR BRAND
Financial advisors harness the power of two brands, their personal brand and that of their firm. Our
survey looked at perceptions of these two brands separately, with interesting results.
We learned that more than half (53%) of advisors strongly agree that their personal brand is more
important than their firm’s brand when it comes to their clients. This perhaps represents advisors’
confidence in having earned respect and personal trust that transcend their firm affiliations.
5
The Physicians Foundation, Practicing Patterns and Perspectives, 2012.

9. THE SECOND ANNUAL STUDY OF ADVISORY SUCCESS: A NEW AGE OF CLIENT COMMUNICATIONS AND CLIENT EXPECTATIONS 9
On the other hand, when it comes to recruiting new clients, only 40% strongly agree that their personal
brand matters more than their firm’s brand. This implies that the firm’s brand acts as a door opener for
attracting prospects, with the advisor’s personal brand moving into first position later.
Connecting With the Right Clients
Many people think of brands as platforms for attracting lots of customers. But, brands help to
attract and engage the right customers. For example, the oft-praised Apple brand appeals to design-
oriented consumers willing to pay a premium price—not those who want a basic, functional device
at a more affordable price. Focusing brand efforts maximizes advisors’ likelihood of resonating with
the right individuals.
By taking the time to consider what they want their personal brands to be, advisors may gain greater
insight into the ideal client profiles with whom they would most prefer to work. With this deeper level
of self-reflection, advisors will be better poised to shape their value proposition to appeal to their ideal
clients. In addition, their clarified value will help existing clients make more successful referrals.
Clarifying the Value Proposition
Encouragingly, our study finds that 83% of advisors say they have a defined value proposition.
However, there may be some opportunity for more effective engagement. When asked if their clients
can articulate what differentiates them from other advisors, only 26% of advisors strongly agree. This
number rises to 34% among those advisors who rate themselves highest on the success scale (8, 9, or
10 on a 10-point scale). Even this most successful group has room to improve.
CLIENT POINT OF VIEW: I CAN’T SEE HOW MY ADVISOR STANDS APART
Only a small minority of investors who work with an advisor (37%) say,“I can articulate what
sets my financial advisor apart from other advisors.”
Not surprisingly, advisors who focus on their brands seem to enjoy greater success. We found that
those that described themselves as “doing better than ever” are more likely than their peers to have
revisited marketing plans and value propositions within the last year. By contrast, advisors who are
“regaining momentum” are more likely than those “doing better” to have revisited these elements
between one and four years ago. This finding implies that keeping your messaging and marketing
sharply focused within a fast-paced industry can yield better business results.
WISHING FOR A BETTER FIT
Advisors in our study would fire 11% of their current clients if they could. By aligning their
brands to attract clients who might be a better fit, advisors would be better able to depart
from less-compatible clients.

10. 10 PERSHING
COMMUNICATIONS CHOICES: HOW AND WHEN DO
ADVISORS COMMUNICATE WITH CLIENTS TODAY?
The 1970s and 1980s ATT slogan,“Reach out and touch someone,” aimed to convince consumers
that long-distance calls delivered an emotional impact that mailed letters couldn’t match. For today’s
advisors, the telephone carries similar overtones of humanity—although a more fitting slogan might
be,“Reach out and hold onto your clients.”
Our study found that most advisor outreach is instigated by negative news and usually happens over
the phone. Fifty-eight percent of advisors reach out to touch base when markets go down, as do 68% of
advisors when the client’s personal investments drop in value. This is not surprising since a proactive
call demonstrates that the advisor is tuned in and eager to advise and listen.
Accentuate the Positive
What is surprising is that advisors are less likely to reach out with positive news (that the markets or
personal investments are up). Based on the findings we discussed earlier about how most advisors
define success by the positive impact they have on their clients, touching base regarding good news
may also increase advisor satisfaction. It is an encouraging reminder that advisors are continuously
helping clients to meet their goals. It’s perhaps no coincidence that advisors “doing better than ever”
are more likely than those “regaining momentum” to communicate face-to-face when a client’s
personal investments go up (27% vs. 16%).
ADVISORS ARE LESS LIKELY TO REACH OUT WITH POSITIVE NEWS
Schedule face-
to-face meeting
Email Social MediaPhone Call Mailed Letter/
Newsletter
25%
33%
22%
12%
21%
52%
35%
16%
25%
27%
23%
24%
3%
0%
2%
2%
0%
3%
45%
68%
58%
48%
53%
39%
21%
6%
14%
13%
7%
15%
■ When the
Market Goes Up
■ When the Market
Goes Down
■ Investments
Go Up
■ Investments
Go Down
■ New Change/
Fed Policy
■ Educate
Clients
POSITIVENEGATIVE

11. THE SECOND ANNUAL STUDY OF ADVISORY SUCCESS: A NEW AGE OF CLIENT COMMUNICATIONS AND CLIENT EXPECTATIONS 11
Social Media Underused
Client education most often happens via face-to-face meetings and e-mail, with roughly half of
advisors using these two channels. Surprisingly, only about 2% of advisors use social media channels
for client education. This can offer a very efficient and dynamic means to educate and update many
clients at the same time.
CLIENT POV:YOU’RE MISSING MY LIFE MILESTONES
Two out of five investors surveyed (41%) say they have never received a mailed card or
telephone call from their advisor after a positive life event, such as a birthday, new job or birth
of a child.
Among various life events, retirement and divorce most often warrant in-person meetings. Yet,
shockingly, 20% of advisors do not reach out at all when a client divorces. The financial implications
of divorce are so profound that advisors who fail to respond promptly to such a development may
jeopardize the client relationship going forward.
For their own part, advisors have critical life milestones that they must ultimately communicate, too.
The matter of succession is very sensitive and has implications for the continuing success of a firm.
Perhaps this is why the number one concern advisors have about succession planning is how they
will communicate the transition to clients. It ranked above the logistics of actually executing the
transition itself.
CLIENT POV: ASK ME WHAT I WANT
Most investors (75%) prefer that their advisor contact them via a telephone call, indicating
that the personal touch still matters a lot. However, 71% of investors younger than 35 say they
prefer their advisors communicate with them via e-mail, compared to only 45% of investors
55-64 years of age.
Both Generation Y (35 years of age) and Baby Boomer (55+) investors prefer that their
advisors have in-person meetings. However, Gen X investors are less likely to say they want
their advisors to have in-person meetings.
Not sure which channels your clients prefer? They might be waiting for you to ask. Only 43% of
investors say “my financial advisor has asked me for my preferred method of communications.”

12. 12 PERSHING
Investors’ Preferred Channels of Communications With Advisors, by Age
All Ages 18-34 35-44 45-54 55-64 65+
Telephone call 75% 46% 60% 77% 88% 82%
In person 69% 70% 57% 57% 78% 71%
E-mail 55% 71% 66% 60% 45% 49%
DIGITAL MATTERS: ASSESS YOUR ONLINE PRESENCE
THROUGH CLIENTS’ EYES
Today’s financial advisors, like virtually every professional, must operate in a world where digital
information follows them wherever they go, as a glowing halo or, sometimes, an embarrassing cloud.
Prospective and existing clients, competitors and allies alike, can go online and with a few keystrokes
investigate an advisor’s affiliations, credentials, political contributions, family connections, even recent
vacations and other personal details.
In this digitally liberal context, you would imagine that advisors are actively managing their online
personal brands. Yet, our survey found quite the opposite. More than half of advisors (52%) have not
searched online for themselves in the past year, and even more have not searched for their firms,
clients or competitors.
Recent research shows that four out of five people in the U.S. will “pre-stalk” a first date online before
meeting in person.6
It follows that many people will check you out online too, particularly if they are
considering whether to trust you with their investments.
Among investors younger than 35 years of age who work with an advisor, 42% report,“I did an Internet
search on my financial advisor’s name before we started working together.” These same investors are
10 times more likely to conduct an Internet search for their advisors than their older counterparts
(ages 55-64).
Actively Managing Online Presence
Advisors have a powerful tool at their disposal to counterbalance this potentially dizzying patchwork
of digital information: a modern, up-to-date website. Yet, shockingly, we found that 28% of advisors
reported having no website for their firms. Also, 76% said they had no individual website, which means
that they are neglecting what is likely their most effective platform for building a personal brand.
This may be part of a general discomfort with technology. Sixty-five percent of advisors say that are
“technology-embracing,” a significant drop from the 76% we recorded last year. And while the youngest
advisors (ages 25-39) remain more comfortable with technology than their older counterparts, they too
show this downward shift in enthusiasm.
6
CBS, Accessed Online:http://mix1065fm.cbslocal.com/2013/07/19/79-of-people-pre-stalk-online-before-a-first-date/

13. THE SECOND ANNUAL STUDY OF ADVISORY SUCCESS: A NEW AGE OF CLIENT COMMUNICATIONS AND CLIENT EXPECTATIONS 13
Embrace Tech, Enjoy Success
Not surprisingly, those advisors who report having the most career success are also more likely to use
technology. Our research found that advisors who are “doing better than ever” are more likely to have
entered their own names into a search engine in the past month (46% vs. 31% of advisors “maintaining
status quo” or “struggling”), and also are more likely to have published thought leadership articles on
their individual websites (62% vs. 28% among those “regaining momentum”). Some of their success
may come from effective delegation: those “doing better than ever” are also more likely to have a
person managing the firm’s social media content (61% vs. 37% among those “maintaining status quo”
or “struggling”).
Are You Digitally Fit?
Use this simple checklist of steps you can take to successfully manage your personal online brand. If
you aren’t able to check many of the boxes, you still have work to do.
¨ Enter the elements below into a search engine such as Google and decide if the results would give a
positive impression to your prospective or current clients:
¨ Your own name
¨ Your firm name
¨ Your own name + firm name
¨ Your firm has a website and it is up-to-date.
¨ You have a website and it is up-to-date.
¨ All headshots of you (on your firm site, your own site, social media) are up-to-date.
¨ Any social media presences you wish to keep for personal use (e.g. Facebook profile) are set to private.
¨ Profile information on professional social media presences (LinkedIn, Facebook, Twitter) is
consistent and up-to-date.
¨ Review comments on your professional social media presences. If there is a point that begs for a
response, write one.
¨ Delete any lingering social media presences that you have forgotten about and do not want
to maintain.
¨ Search your name and firm on Google Images and make sure no unwanted images surface in the
results. If they do, work with the originator of that image to have them removed.
¨ Review any comments issued in connection with your firm or name on public message boards or
financial services referral and evaluation websites.

14. 14 PERSHING
CLIENT POV:YOUNG CLIENTS WANT TO CONNECT WITH YOU ONLINE
Younger investors are more likely than their older counterparts to welcome a social media
connection with their advisors. We found that 38% of investors younger than 35 years
of age who work with an advisor say “I would connect with [my advisor] on his/her business/
professional social media account” compared to 10% of investors 55-64 and 9% of
investors 65+.
The Network Effect: Now Is the Time to Leverage Social Media
Our research shows that advisors have mixed feelings about social media. Many think it won’t help
their businesses. However, they report positive experiences after using it.
Most advisors (53%) plan to increase their use of social media in the next few years, but that’s like
letting your Maserati idle in the driveway. Social media, used strategically, is efficient and scalable.
Advisors can use it to engage many prospective and existing clients, and to share content quickly and
easily. And for younger prospects, an advisor’s invisibility on the Web and on social networks is a signal
that he or she might be too “old fashioned” to be a viable financial advisor for them.
Our study found that 79% of advisors disagree with the statement,“I actively use social media to manage
my personal brand as a financial advisor.”And,in fact,a mere 4% strongly agree with this same statement.
Two in five advisors (40%) do not use social media for business purposes at all. But, once they try it,
they garner great results. Among those who have used social media for business, the vast majority
(73%) have had positive experiences and noticed an impact on their businesses.
The most popular social media platform among advisors, by far, is LinkedIn, which was cited by 58%
of advisors in 2013, up from 41% in 2012. Currently, 46% of advisors use LinkedIn to generate new
business, while 35% use it communicate with existing clients.
Listen. Learn. Leverage.
Advisors using social media today tend to distribute personal updates (47%) rather than news or
thought leadership. Yet, this is at odds with the social media strategies that advisors claim to be
pursuing: 46% say their content is meant to focus on market commentary.
Part of the reason for this paradox is a simple lack of time. In fact, more than half (52%) of advisors feel
that they have not invested enough time in social media. One way to be more efficient is to borrow or
curate content to share, rather than expecting to create original articles on a regular basis.
Time invested in listening on social media matters as well, yet 11% of advisors say that they have not
listened enough to clients there. Responding counts, too. Advisors who say they are “doing better than
ever before” are more likely to follow up on prospective clients’ comments or messages in social media
than those “regaining momentum,” or “maintaining status quo.”

15. THE SECOND ANNUAL STUDY OF ADVISORY SUCCESS: A NEW AGE OF CLIENT COMMUNICATIONS AND CLIENT EXPECTATIONS 15
Social Media “Quick Start” Guide
Three social media platforms offer powerful ways to ramp up your social media presence quickly.Learn
what each of these platforms does best,and then master the basics so you can establish effective
connections with your target clients and audiences.Let clients know what your preferred social platform is.
LinkedIn is the most established social platform for professionals with a special emphasis on
job-hunting and networking. Interactions are fairly formal, and you need not share content as
often as you might with other platforms.
We recommend that advisors have a LinkedIn presence, with at least your professional
experience, education, and career highlights.
Have a professional profile photo that matches that of your company’s or team’s web site and
link to each site, as appropriate. In fact, having a professional picture makes your profile 7x
more likely to be viewed.7
Create a descriptive headline that uses keywords someone is likely to search for related to
what you do. Keywords improve your searchability within LinkedIn and on the web overall.
Set your browsing mode to “anonymous” and adjust your activity feed settings if you are
concerned about clients seeing your activities (such as visiting their profiles) on the site.
Join industry and special interest groups.
Post relevant industry content.
Keep your profile, including headshot, skills, and employment, up-to-date and relevant.
Facebook is oriented towards friends and family, with special emphasis on engagement
(“comments”) and public preferences (“likes”). Due to the intimate nature of its content,
Facebook may be a less likely way to connect with clients.
Decide whether you really need a professional presence on Facebook. If not, rather than
contacting clients through your personal Facebook, reroute them to your LinkedIn or Twitter
profiles and set your Facebook profile to private.
“Like” your firm on Facebook to affirm your affiliation for clients searching for your profile.
Note that some clients may feel uncomfortable “friending” you on Facebook, especially
younger clients.
7
LinkedIn, The Sophisticated Marketers Guide to LinkedIn, 2014

16. 16 PERSHING
Twitter lets people share opinions and circulate ideas in real time. It is both professional and
personal in nature, allowing you to distinguish yourself through tweets (140-character posts),
direct messages or DMs (private messages between users), and retweets or RTs (shares of
others’ tweets).
Reference your firm’s Twitter handle and your website in the bio (e.g. @firmname) Consider
adding the subhead:“Opinions are my own” (your firm’s compliance team might require this).
“Quality not quantity” counts on Twitter:Follow organizations in your industry to tailor your feed.
Retweet content that you agree with or find interesting and add your own commentary to
establish yourself as a thought leader. (Copy the text of the tweet, paste it into the input box,
add the letters “RT” and the tweet author’s @username, and add your own brief commentary).
To tweet at someone directly, use the @ symbol before their username.
Keep your tweet to 100 characters or less, making it easier for others to retweet and add their
own comments.
Include hashtags (#) to join relevant conversations and make your tweets easy to find.
Tweets with images received 150% more retweets8
—like they say, a picture is worth a
thousand words (but doesn’t take a toll on your character count!)
If you maintain your presence in these channels, promoting it can encourage greater interaction.
Include links to your profiles in your email signature and your firm’s and personal websites. Also,
to avoid potential missteps, consider keeping separate phones for your personal and professional
communications if you are going to use yours for social media. In a recent UK study, 1 out of 10 people
sent an inappropriate text message to the wrong person!9
Be sure to check your company’s social media policies and guidelines before using any social media
sites for business purposes.
8
Buffer, 2013. Accessed online:http://blog.bufferapp.com/10-recent-changes-made-to-twitter-facebook-and-linkedin-that-you-should-know-for-a-better-social-
media-strategy
9
Recombu, Accessed Online:http://recombu.com/mobile/news/half-of-uk-adults-have-sent-a-sext-one-in-10-to-the-wrong-person_M17564.html

17. THE SECOND ANNUAL STUDY OF ADVISORY SUCCESS: A NEW AGE OF CLIENT COMMUNICATIONS AND CLIENT EXPECTATIONS 17
NEXT STEPS: SIX TIPS FOR COMMUNICATIONS SUCCESS
Most advisors are enjoying greater success than they did a few years ago, but many are challenged
by how to communicate best with clients. There are so many opportunities to reach out, and so
many channels available, that it can become a daunting task to formulate and execute a
communications strategy.
Here are six action steps to help you ramp up your client communications:
1 See yourself the way your clients do, particularly online. This means taking
the time to discover your own online presence through searches, and then
refining that presence to be more effective.
2
Reach out with the good news too. When you communicate with clients for
a range of reasons, your outreach in times of declining markets or other
negative news will seem less reactionary and forced. Relationships require
tending and regular contact.
3
Capitalize on social media. There are a number of zero or low-cost platforms
that can provide you with an efficient tool for listening (research and market
commentary), distribution, and engagement (interactions with clients). If you
haven’t started investigating these tools, this is the year to get going.
4
Don’t kill yourself by trying to create original content. Part of your
professionalism is your ability to discern whether information has value.
Curate content smartly and enjoy benefits that are similar to those you
might acquire by writing things yourself.
5 Don’t overextend. Make sure you can reasonably maintain any social
properties you create. A few dynamic connections to clients are better
than multiple stale properties.
6 Figure out how your clients prefer to be engaged and communicate
accordingly. Have you asked them yet? Now is the time.
Remember that even as the channels and formats of client communication change, what you say and
how fast you respond still counts. It is even more important in these days of instant online connections.
The timeless truth is that clients need to know you’re always on their side. Keeping in touch
with them—in good and bad times, through whatever medium works the best—is a great way to
demonstrate your engagement, and galvanize your success.

18. 18 PERSHING
The Success Dashboard
FEELING OF
SUCCESS
TRENDING ISSUE:
THE NEXT
GENERATION
TOP THREE
OPPORTUNITIES
2013
(Inaugural)
31% of Advisors
say they are
doing “better
than ever.”
Next Generation of
Talent. The study finds
gaps in human capital
development. The
emerging generation
of advisors will define
success in new ways,
which demand a shift in
focus on recruiting and
retention strategies.
1. The Right Team. Over three-quarters of
advisors prioritize having the “right team”
as a necessity for success, but significant
fewer report having that team in place.
2. Recruiting the Next Generation of Talent.
The advice profession will be short
237,000 new advisors over the next
decade.
3. Tech-Savvy Advisors. Technology evolves
quickly. Successful advisors bring young
advisors into their team, particularly
those fluent in the latest technology.
2014
(Second
Edition)
Largest
segment of
advisors (38%)
reported that
their business
is “doing better
than ever
before.”
Next Generation of
Digital Touchpoints.
Client expectations
have been lifted
with technological
advances—there will
be more mobile devices
on earth than people
by the end of 2013.
Successful advisors
are those that embrace
the next generation
of digital touchpoints,
from e-mail to social
media.
1. Value Propositions. Eighty-three percent
of advisors say they have a defined value
proposition. However, when asked if their
clients can articulate what differentiates
them from other advisors, only 26% of
advisors strongly agree.
2. Communication Choices. Fifty-eight
percent of advisors reach out when
markets go down, as do 68% of advisors
when the client’s personal investments
drop in value. Yet, few spread positive
news.
3. Online Presence. Seventy-six percent
of advisors said they had no individual
website, which means that they are
neglecting what is likely their most sought
out and effective platform for building a
personal brand. Moreover, less than half
(48%) of advisors have searched their
name online in the past year.
2015
(Third
Edition)
Optimistic
projection for
2015.
Next Generation
of Advice. The
transformative shift
to advisory is gaining
momentum. Glimmers
of economic, market,
regulatory and
demographic shifts
are changing financial
advice. We project
that transitioning
to advisory will be a
salient issue for 2015.
To Be Determined

19. FOUR KEYS
TO YOUR SUCCESS
Our experience and research
show that four key issues
represent the greatest
challenges facing advisors
today. Our practice
management solutions
target the areas that may
have the largest impact
on your business.
THIS PAPER HELPS YOU
OPTIMIZE GROWTH.
GROWTH
Achieve your potential
through client acquisition and
retention, referral programs
and mergers and acquisitions
HUMAN CAPITAL
Attract, retain and develop
top talent while preparing for
a smooth succession
OPERATIONAL
EFFICIENCY
Take control of rising
overhead costs and build a
more streamlined, scalable
infrastructure for your firm
RISK MANAGEMENT
Stay in step with fast-
changing regulation, and
protect your business against
unexpected events

20. FIND OUT MORE ABOUT THE COMPANY
WE’VE BUILT FOR YOU
We Are Pershing, a BNY Mellon company
Pershing LLC (member FINRA/NYSE/SIPC) is a leading global provider
of financial business solutions to more than 1,500 institutional and
retail financial organizations and independent registered investment
advisors who collectively represent more than 5.5 million active investor
accounts. Located in 23 offices worldwide, Pershing and its affiliates are
committed to delivering dependable operational support, robust trading
services, flexible technology, an expansive array of investment solutions,
practice management support and service excellence. BNY Mellon is a
global financial services company focused on helping clients manage and
service their financial assets, operating in 36 countries and serving more
than 100 markets. Pershing is a member of every major U.S. securities
exchange and its international affiliates are members of the Australian
Stock Exchange, Deutsche Börse, Irish Stock Exchange, the London Stock
Exchange and the Toronto Stock Exchange. Pershing LLC is a BNY Mellon
company. Additional information is available at pershing.com.
pershing.com
Important Legal Information—Please read the disclaimer before proceeding.
• Please read these terms and conditions carefully. by continuing any further, you agree to be
bound by the terms and conditions described below.
• This paper has been designed for informational purposes only.The services and information
referenced are for investment professional use only and not intended for personal individual
use. Pershing LLC and its affiliates do not intend to provide investment advice through this
guidebook and do not represent that the services discussed are suitable for any particular
purpose. Pershing and its affiliates do not, and the information contained herein does not,
intend to render tax or legal advice.
• Warranty and limitation of liability
• The accuracy, completeness and timeliness of the information contained herein cannot
be guaranteed. Pershing and its affiliates do not warranty, guarantee or make any
representations, or make any implied or express warranty or assume any liability with regard
to the use of the information contained herein.
• Pershing and its affiliates are not liable for any harm caused by the transmission, through
accessing the services or information contained herein.
• Pershing and its affiliates have no duty, responsibility or obligation to update or correct any
information contained herein.
Copyrights and Trademarks
Except as may be expressly authorized, all information contained in this guidebook may not
be reproduced, transmitted, displayed, distributed, published or otherwise commercially
exploited without the written consent of Pershing LLC.
© 2014 Pershing LLC. Pershing LLC, member FINRA, NYSE, SIPC, is a wholly
owned subsidiary of The Bank of New York Mellon Corporation (BNY Mellon).
Trademark(s) belong to their respective owners. For professional use only. Not
for distribution to the public.
One Pershing Plaza,Jersey City, NJ 07399
PAP-PER-II-SUCCESS-5-14
FOLLOW US
pershing.com