by Frank LaRosa, President/CEO – Elite Consulting Partners
The fourth quarter of 2023 is finally upon us. Now is the perfect time for advisors to evaluate how far they have come this year and prepare for 2024. Take some time to sit down and reflect on how your practice has performed throughout the year, including what accomplishments were realized, and what improvements can be made. This will help you determine what new goals should be targeted for 2024, so you start the new year off strong.
Where You Are Now?
First, let’s take a look at where you are now. This isn’t just about your AUM, although KPIs for financials should play a part in this evaluation. After you address your financial KPIs like AUM, portfolio returns, retainer fees, and client retention rate, ask yourself some deeper questions.
How would you categorize your client relationships? Did you attract new business? Did you retain existing business? What are your referral systems and processes? What does your client experience look like?
One thing to really analyze is your efficiency, or how smoothly internal operations are running. It’s imperative that the internal processes are running at full capacity. If things are not running smoothly internally, then it’s time to look for new technology and other resources that can be implemented to further improve efficiency and client experience.
Another aspect of your business that is important to analyze is your brand presence. Your brand messaging and marketing should always be attracting your ideal client. Review your marketing strategy in 2023 to see how it performed in terms of attracting clients that match with your practice goals. The results of your 2023 marketing strategy will determine what changes you should make in 2024.
Where You Are Going?
After you review the first three quarters of this year, it’s time to look toward the future. Take a moment to put pen to paper and write down in detail your vision of success for your practice. This is an important exercise in manifesting your goals. Envision what you want your practice to look like a year from now. Write down as much detail as possible. Now, go through all the steps that you are going to need to take to make that vision a reality.
This is not a time to play small. Your vision for your practice needs to be big enough to scare you. If the goals you are setting for yourself seem too easily achievable, then they are too small. Create goals that will stretch your work ethic and discipline. Your goals should require you to push past boundaries you have never even approached before. Write the details about what your vision is, and how you are going to accomplish it, down on a piece of paper, and revisit that paper at least once a week. This will train your brain to start thinking in new ways to help you achieve your goals.
Should You Consider A Transition Opportunity?
There is one more question to ask yourself in this quarterly review process. Have you considered a transition? If you aren’t happy with where your practice is now, it might be time to look for a new firm partner. Your current firm partner plays a huge role in the success of your business. They can either help you or limit you when you’re trying to reach your goals.
Making a transition is a great way to gain resources that you’re lacking, and it’s a great way to create a positive shift in your work culture. The fourth quarter is the most lucrative time of year for advisors willing to make a move, since this is pencil-sharpening season, as firms work to hit their year-end numbers through recruiting. Now is the perfect time to make the move, especially for top performers with large books of business.
Taking time to review how far you’ve come, where you want to be next year, and exploring different options in terms of firm partners, is a great way to keep your business performing at a high level of excellence. 2024 will be here before we know it, so you want to be prepared.
