Financial Advisors' 2013 assets under management and compensation were the highest since 2007, according to a Fidelity Investments Advisor Insights study. Despite this, many advisors are falling behind when it comes to positioning themselves for future success, Fidelity found.

The study found that 95 percent of advisors grew their books of business in the last 12 months, and with average assets under management at $62 million and average compensation at $240,000, advisors seem to be enjoying near-term success. It also found that many advisors overlook important steps to help ensure long-term growth, including:

• Two-thirds did not have a multi-year plan in place, and nearly half did not set formal career goals for themselves.
• Forty-three percent did not feel it is important to evolve their practice to meet the needs of younger investors. Changing market dynamics call for advisors to consider taking a closer look at building client portfolios for the future.
• Two-thirds said they believe they stand out from the competition by giving clients personal attention. Advisors may want to consider new strategies that set them apart and help position them for long-term success.

High-performing advisors are ones that have a long-term vision and a plan to get them there, Fidelity found. They also realize that the baby boomers are getting older so they need to expand their client base and try to meet the needs of a younger population. High performers also set their own path. They find ways to set themselves apart and position themselves for long-term success.

Two-thirds of all advisors said they stand out from the competition by giving personal attention to clients and almost half tout their years of experience. Only 21 percent saw teaming as a differentiator, and while 64 percent felt technology increases value to clients, only 35 percent were willing to spend money on it.