Four New Year's
resolutions for advisors

A new year brings a fresh start along with a tradition of goal-setting and resolution-making to make the new year even better. Eating healthy, starting a new hobby, or becoming more tech-savvy often top the list.   

But aside from your personal and self-improvement resolutions, what about establishing resolutions for your practice?

Long-term success

Consider these four New Year’s resolutions to position your practice for sustainable, long-term success.

  1. Improve your fiduciary responsibility 

    Financial exploitation is on the rise. As a fiduciary for your clients, you can be an important first line of defense. According to the New York State Cost of Financial Exploitation Study, between 10 and 44 cases of elder financial exploitation go undetected. Victims reported just 2% of all cases, with family members, banks and other fiduciaries the most common source of referrals.

    Do you know the signs, red flags, and where to report abuse? Organizations such as LIMRA and NASSA have developed training programs, some even going as far as working with state regulators, to help registered representatives and financial professionals identify and report suspected elder financial abuse.  
  2. Prioritize financial literacy

    Financial literacy is a chance to deepen and increase engagement with your clients. Clients that are financially literate are better equipped to value – and follow – your advice and be more engaged in the planning process. Consider hosting quarterly seminars, educational-based networking events, and even providing flyers or tip-sheets to help your clients increase their financial literacy on important topics and trends and increase engagement and collaboration.
  3. Bridge the generational gap 

    Baby Boomers are nearing or deep into retirement, Generation X are moving towards more high-profile leadership positions, and Millennials represent the workforce as the largest working groups. To help bridge the generational gap, financial professionals have adopted technology offerings and hired younger talent to help support their evolving need for practice growth. But what are you doing to engage the next-generation of clients? 

    Host your next event at an unconventional location such as an art gallery, museum, or even sports arena. Invite 10-20 of your best clients and ask them to bring their children. Building rapport with these new contacts and understanding their goals as future leaders and business owners is equally important as your understanding of their parent’s needs. Bring a junior advisor or your own next-generation of talent to help contribute to a more natural conversation.
  4. Get social

    Have you looked at your social media profiles recently? Are they up- to-date? Optimizing your profile can help you become more discoverable. Small profile improvements make a big difference when it comes to search capabilities. Incorporate keywords, add skills, and update work experience to help differentiate you and the services you provide to clients.

These are just a few suggested solutions to help kick-start 2018. There is no right or wrong when it comes to goal-setting. The important thing is that you establish goals, track your progress and try your best.