As we approach the new year, financial advisors need to consider resolutions that go beyond personal goals and extend to professional growth. While many Americans make resolutions, financial advisors can benefit from setting goals to enhance their practice and ensure sustained success. A list of resolutions prepared by Financial Advisor News appears below. 

1. Addressing Plateaus and Client Attrition

For advisors who may feel they have hit a plateau, maintaining a stable income but witnessing client attrition, it is time to strategize for growth. During annual reviews with existing clients in January, take the opportunity to showcase the value you provided in the past year. Discuss how you navigated challenges together and highlight how you contributed to their financial success. 

2. Actively Pursue Client Referrals and Expand Your Network

During the annual review, express your commitment to continual improvement and growth. Inform clients that you are actively seeking to expand your client base and would appreciate their support in referring individuals who may benefit from your services.

3. Overcoming the Dread of Prospecting

Prospecting can be challenging for some financial advisors, akin to enduring a rite of passage. While avoiding this crucial aspect of the profession may be tempting, successful advisors recognize the need to embrace prospecting for sustained growth.

4. Reevaluate and Rekindle Successful Prospecting Strategies

Compile a list of your top 20 clients and document how each was acquired. Take note of the various prospecting activities that led to successful client relationships. Make it a resolution to reintegrate the previously successful prospecting activities into your routine. Whether it is networking events, seminars, or a specific outreach method, commit to revisiting and implementing these strategies.

5. Revitalizing Business Enthusiasm

If the once-thrilling business process has lost its spark, this resolution aims to reignite the excitement and diversify the advisory approach.

6. Rediscover the Thrill of Stock Investing

Reconnect with the roots of the profession by revisiting the excitement of stockbroking. Embrace the research-driven approach to identify promising stocks and recommend them to clients. Delve into the diverse world of bonds, understanding their various types, ratings, and call features. Highlight the appeal of individual bonds for income-oriented investors looking to hold them until maturity. Position yourself as an expert in this often-overlooked aspect of financial planning.

7. Navigating a New City

Building a client base and community connections is crucial for advisors who have recently relocated and find themselves in unfamiliar territory. These resolutions aim to guide advisors in establishing a strong presence in their new city.

8. Community Engagement for Client Growth

Identify four community groups or nonprofits aligning with personal interests. Become a member and actively participate in events organized by each group. Attend at least one event per month with each community group. Set a target to connect with six new people at each meeting. Over the course of a year, this commitment yields 288 valuable connections.

Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.