The year 2016 has proven to be a confusing market for both advisors and investors, and 2017 is stacking up to be just as adventurous. Savvy advisors know that the maximization of their success next year begins now, not when 2017 is already in full swing.
Now is the time to focus on three key aspects of a financial planning practice: client services, client acquisition and business efficiencies.
1. Review Your Client Services
As a financial advisor, your number one priority is to service your clients. You should exceed their expectations. This year, invest in yourself by confirming your client service platform is up to par. Find the areas that could use improvement. How frequently did you meet with your clients? Did this work well for you and them? You should already have time blocked out for clients in the first quarter of 2017. Did you offer additional services like educational workshops? Do you provide comprehensive planning including tax, estate, retirement and protection planning? Do you show your clients you value their loyalty through client appreciation events? Make it a goal for 2017 to raise your bar for client service satisfaction.
2. Make Client Acquisition A Priority
An entire 12-month marketing plan is key to having a productive growth year. Develop your calendar now. Fill it with a meaningful marketing plan, which includes mailings, reports, education events and client appreciation events. This marketing plan should be the cornerstone of your client acquisition process. Your prospects should be included in all your mailings. Your clients should be aware they could bring guests to events. Then, take the next step—clean up your prospect list. Are there names that have been on your list for a lengthy amount of time that should be removed? Are there new prospects who should be added? Do you have accurate contact information for everyone on that list? Preparing these things today will help ensure the process next year will be smooth and productive.
3. Maximize Your Business Efficiencies
Successful practices re-evaluate their business and create an annual operating plan. What worked well this year? What procedures could be improved? Written standard operating procedures (SOPs) help run your practice like a well-oiled machine throughout the year. Review and update your written SOPs and make them easily accessible to employees. This helps keep your team accountable and sets your entire office up for optimal productivity and success.
Top practices do not procrastinate! They are focused on making their practice scalable, consistent and growth-oriented for 2017. Remember the words of Benjamin Franklin: “If you fail to plan, you are planning to fail!”
Ken Unger is the founder of The Academy of Preferred Financial Advisors, Inc., a coaching and training company for mid- to high-level financial advisors. Unger has over 30 years of industry experience, with over 16 years developing the industry’s top financial advisors.