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Summary: Advisors often start a new year with the best intentions. They set goals such as, "I want to increase my personal income by 25%," or "I want to add 10 new $1 million accounts."But, surprise! Midway through the year, they lose interest. The New Year's goals become an afterthought as the day-to-day stuff gets in the way.
Sound familiar?
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Summary: The veteran advisor who has built a billion-dollar wealth management firm says there’s one troubling issue he and his owner-advisor peers share. While the next generation of advisors has many great skills, it doesn’t know how to sell. The firm run by this advisor is an SEC-registered, proudly fee-only RIA firm. “Fee-only” and “sales” are rarely uttered in the same sentence, but his point is well-made. All advisors are salespeople, even if the only “thing” they’re selling is their firm.
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Summary: Experience tells us that bullish stock markets will inevitably turn bearish: often, dramatically. Our Nov. 24 blog—“Buying High and Selling Low: Are you ready for the next downturn?”—suggested that the damage to independent advisory firms from failing to be prepared for the next down market almost always outweighs any growth gained during the tail end of a run up.
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Summary: The landscape for financial advisors is rapidly evolving, and it can be difficult to keep up. Now that a new year is at hand, it’s time to reevaluate your business and take a fresh approach to growing it. Here is my list of the 15 big business moves advisors should make in the new year.
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Summary: If you want insight into how wealthy investors think — and how to keep them as clients — it would be hard to find a more informed source than Charlotte Beyer.
