With 2024 fast approaching, there is plenty to be done before the end of the year. This is why Vanderbilt wanted to provide a checklist of things all financial professionals should do before January 1. These 5 things can be beneficial in getting off on the right foot in 2024 and help with making it a successful year for you, your team, and your clients.
Here is your chance to review with your clients, their portfolio, and their financial situation. Discuss their financial changes in the last year and what their goals are for 2024.
These meetings should go beyond financial discussions and cover personal matters as well.
The answers to both financial and personal questions will be helpful in planning the course of action for the coming year.
An example of questions might be:
- How satisfied is the client with the value you created this year?
- What keeps the client up at night?
- What would clients change about your service?
- Are there any major life changes the client predicts in the future?
Meet with your support team to address any changes that need to be made. It is important to take suggestions from your staff and make sure they have the tools to succeed.
Employees who are not well-positioned to help clients, or who are not able to perform their jobs efficiently, can create challenges for your business.
This is also the perfect time to go over all the industry rules and regulations, both new and old, with your team.
This is your chance to go over the financial data of your own business. The end of the year is a great time to go over the financial changes of your business not only in the last year but throughout your business's history.
Key things to go over should be:
- AUM changes over the last 1,3,5 & 10 years
- Number of clients
- Number of staff
- Operating costs
- Which clients, if any, do you want to move on from?
- How many prospects do you have?
The importance of your business's web presence is growing in importance year after year. Whether it's social media, specifically LinkedIn, or your website, it is important to update it regularly and take advantage of the features that regularly become available.
At Vanderbilt, you are able to reach out to the firm's marketing team for help with these, so make sure you check in with your broker-dealer to see if those features are available to you.
Set goals for your clients, team, business, and yourself for the next year. These will serve as benchmarks for the upcoming year and give something for you and your team to strive for and can serve as great motivation.
These will be reviewed at 2024's year-end review, where you can see if you have achieved these goals.