Are you making New Year’s resolutions this year? It feels good to have a fresh start on January 1, when you see the year spread out before you and you’re ready to go. Making resolutions for yourself as a financial professional can help you grow your business, particularly when you make them from the vantage point of looking back over the past year to see where you made strides and where you were held back. The other trick to making a resolution stick is making it in advance. This doesn’t mean just saying them aloud before January; you’ll set yourself up for success by creating actionable plans that you can implement in steps throughout the coming year.
Resolutions are just another way to look at goals for improvement, and that should be your focus every year. Your success with your resolutions means your clients’ success in their own financial goals. You’ve got the power to make 2025 a year of continuous growth and upward movement for your business. Consider the following as guidelines for resolutions you might consider for yourself.
- Resolve to Communicate Better: A huge part of your business’ success hinges on your communications with clients. They need to feel that you have their best interests at heart all the time, which means steady and transparent communication more than just once a year. Look at how you communicate. Are you scheduling regular check-ins over several different methods (phone, in-person and virtual meetings, emails)? Do you provide relevant content in the form of newsletters, social media, or blog posts? Do you allow your clients to ask questions and then make sure they understand the answers? Do you provide explanations for investment-related terms that clients may not know, or offer other financial education?
- Resolve to Continue Your Own Education: Bettering yourself through education will only make you a better guide for your clients. Regulations and offerings and strategies continue to shift and evolve, and while it can be a hassle to keep up, it’s a vital one. As an entrepreneur, consider continuing education to be part of the job. Rising above and beyond the required courses for your firm, explore courses and workshops (online and in your local community) that can broaden your understanding of products and strategies. Delve more deeply into topics that may aid your clients, such as resources available for senior citizens, childcare, new tax credits, etc. There may even be additional certifications for you to pursue that would give you more opportunities.
- Resolve to Strengthen Cybersecurity: While the world is more and more online, the dangers online also increase when it comes to keeping sensitive data safe. Make sure that you’re on the frontline to protect your clients. Schedule regular updates of your software and systems to ensure that there are fewer vulnerabilities. Educate yourself and your team on best practices, particularly focusing on new phishing and hacking attacks. Re-examine your security technology on your business machines, both in and out of the office (is your phone secure? Is your home internet?) and update or upgrade if necessary.
- Resolve to Diversify Offerings: The clients of now have different needs than the clients of twenty years ago. Make sure that your services match clients’ evolving needs. Even if you’re very comfortable and skilled with what you have now, if you’re not meeting your clients where they are, they’re bound to seek those services elsewhere. Look to see what your clients have mentioned, and then consider adding those services. Perhaps tax planning, Medicare guidance, care or estate planning, or more advanced strategies should be added to your menu. You can also look to investment technologies for a digital experience that will add convenience and smoothness to your interactions with clients and their accounts.
- Resolve to Aim for Sustainability: You’re in this for the long haul, and long-term success requires forward thinking. Sustainability matters when you’re looking to build a practice that will last and weather the ups and downs that are inevitable. While this is not an overnight change, you can create a plan to work on sustainable business practices. How are you invested in and involved with your local community? Do you work with other local professionals to complement one another’s services? When you consider investments, are you researching local opportunities? Within your own office, are you creating a workplace that values quality and longevity rather than quick turnover and cheap wages? Let 2025 be the year you start to really concentrate on making your practice a business that will stand the test of time.
Remember, this is not all going to be accomplished by January 2. Create a weekly, monthly, and quarterly plan to accompany your resolutions. Smaller building blocks throughout the year, with accountability check-ins for yourself at regular intervals, will see your greeting next December with a year of accomplishments and perceivable growth behind you. Commit to improvement that lasts throughout the year. It’ll treat you better than that abandoned gym membership from last year’s
