Financial advisors have a lot of practice encouraging their clients to do a formal estate plan, to ensure that their clients’ assets and legacies are left in perfect order. However, advisors don’t always take this same advice in preparing a succession plan for their own business. The task can seem daunting, but just as you would take your clients step by step in reaching one of their goals, you can do the same for your own plan by following this simple outline: reflect, select, communicate, and document.
For me, the perfect time to change the batteries in my home’s smoke detectors is New Year’s Day. By doing it on the first of the year, I give myself a fresh start for the year ahead, as well as peace of mind knowing the detectors will be in full working condition for the year.
Have you considered what fresh batteries you might put into your practice for 2019? Whether 2019 will bring about some serious change, or will be more about maintaining momentum, the New Year is always a great anchor point for a business refresh. Dust off your 2018 business plan, and take the time to assess what goals you achieved, which ones you missed, and what items just fell off the radar. Consider the following aspects of your business as you gear up to prepare for the year ahead:
Michael Lynch Thu Nov 29 10:15:00 EST 2018
When a person starts a new role at a new company, companies will usually have an onboarding program that gives the new employee all of the resources and information they need to hit the ground running. This initial training usually includes an HR orientation, a shadowing program with a tenured employee, a benefits overview, and a review of other rules and expectations. The idea is to ensure the new hire is set up for success.
When a person enters retirement, there is no guide, handbook, or orientation setting them up for success. We should help soon-to-be retirees prepare in the same way a company helps new employees. Financial advisors are in a unique position to offer this kind of help, because they have witnessed the pitfalls, challenges, and successes of myriad retirements. Here are a few ways you can help your clients prepare for their transition into retirement.
Evolving technology, such as robo-advisors and do-it-yourself investment platforms, has made investing available to everyone, and has made it necessary for financial advisors to demonstrate value beyond investment picking. Luckily, financials advisors have the power of two-way communication; unlike technology, advisors have the ability to listen to their clients and respond by providing personalized solutions for living within their financial means.
From a recent survey of financial advisors, we found that communication between advisors and their clients is escalating, and that trend is expected to continue. In this vein, technology doesn’t need to be a threat to advisors, but rather a tool they can use to enhance their practice. Here are a few ways advisors can leverage technology to communicate more efficiently and conveniently with their clients.
I recently wrote a blog post discussing how to help your clients have a successful and fulfilling retirement, especially when considering the unpredictability of the future. After it posted, one of the comments suggested including the importance of philanthropy and giving back for having a fulfilling retirement, and I couldn’t agree more.
One of the most rewarding things retirees can do that can fill the calendar and the heart is giving back. As I’ve traveled the country, some of the happiest people I meet are dedicated to giving back—they have found a deeper sense of purpose and their lives seem more complete. There are several different ways to give back that can help your clients find purpose during retirement, whether it’s with money, time, or knowledge.