1. BE A TECHNOLOGY INNOVATOR.

Highly successful advisors use technology to improve office efficiencies and accuracy as well as in client relationships. Successful advisors rate technology second among the most important factors for driving profitability, while all other advisors rate it fourth (35 percent, compared with 28 percent). (Photo: Shutterstock)

10. PLAN YOUR SUCCESSION.

Successful advisors aren't just planning for the immediate future; they're planning for the next generation and beyond, both for their firms and for their clients.

One way they do this is to develop a succession plan for the firm by developing and promoting talent so that there's a future generation of leadership waiting in the wings. (Photo: Shutterstock)

9. BEAT FEE COMPRESSION.

Rather than engaging in the "race to the bottom" on fees, spurred on by consumer demand for lower costs and transparency, successful advisors challenge the notion that the only way to go is down.

They put clients first, turning technology into an ally and find the best ways to gain a competitive edge. (Photo: Shutterstock)

8. BE BULLISH ON M&A TRENDS.

Take advantage if you can of mergers & acquisitions in the industry to enhance the growth of your own firm.

7. TAKE ACTION ON TAXES.

With taxes the single largest investment expense faced by clients—in particular the high-net-worth—successful advisors are responding to new tax law changes by adapting their approach to tax-advantaged investing, as well as enlarging their service offerings to accommodate more tax planning business.

6. RETAIN HEIRS.

The next generation of business helps to drive the most successful advisors, who have strategies in place to keep clients' heirs as customers of their firms—and to keep AUM that would otherwise be lost to another firm. Considering that boomers will transfer $30 trillion to the next generation, this is a major factor in success. (Photo: Shutterstock)

5. BE A MARKETING INNOVATOR.

Having a strong client base sounds great but it isn't enough. To reach younger generations, it's necessary to meet them where they are—which is on social media and through mobile communications. The study reveals that the most successful advisors use broad avenues of communication. (Photo: Shutterstock)

4. TARGET AN EMERGING MARKET.

That means GenX and millennial investors, and many advisors fail to approach them. Highly successful advisors pursue profitability and future successes by finding ways to reach younger generations rather than relying on a boomer client base. (Photo: Shutterstock)

3. PUT CLIENTS FIRST.

When clients come first, practices thrive -- and regardless of the fate of the fiduciary rule, successful advisors adopt it to align with their clients' interests and earn their trust. (Photo: Shutterstock)

2. USE ARTIFICIAL INTELLIGENCE TO YOUR ADVANTAGE.

Highly successful advisors are using AI to change the customer experience from beginning to end. (Photo: Shutterstock)

1. BE A TECHNOLOGY INNOVATOR.

Highly successful advisors use technology to improve office efficiencies and accuracy as well as in client relationships. Successful advisors rate technology second among the most important factors for driving profitability, while all other advisors rate it fourth (35 percent, compared with 28 percent). (Photo: Shutterstock)