The most successful financial advisors revisit their business planning every year. Here are some questions to jump start the process.
Where are you now? Where do you want to be? How will you get there?
These are fundamental questions that financial advisors regularly ask their prospects and clients as a core part of the financial planning process.
How often do you ask yourselves the same questions?
As the year quickly winds down, it's a great time for advisors to answer these questions to develop a robust business and marketing plan for the year ahead.
The high majority of top performing advisors and teams commit time each year to writing an annual business and marketing plan, while a very small percentage of lower producing advisors put pen to paper to do the same.
In our opinion, the correlation here is not a coincidence; those who have a detailed strategic plan tend to run practices that are both more organized and continue to grow. A good business and marketing plan covers three general areas:
1. Where are you now?
Take a snapshop of your practice as it exists today. Look at the metrics of your practice thus far for 2022 – how much in new assets acquired, revenue produced, new relationships established, the types of clients targeted and acquired, and the marketing approaches used to attract new business.
