What should advisors consider when creating 2017 business plans?

December 2, 2016 by Dan Pappas

A close-up of a man writing out his business plans on a whiteboard

About the author:

Dan Pappas

Business development representative

As a recent graduate of the Milwaukee School of Engineering, Dan likes to bring his technical background into understanding the FinTech industry. Paired with a desire to help others, he is working to make sure everyone has a chance to succeed in what they are doing.

With 2017 just around the corner, it is time to start finalizing business plans and budgets for 2017. We recently talked about communicating confidence in your services to clients, as well as your future business plans. Are your 2017 business plans ready to send out? Take some time to figure out the direction you want to take your business and start prepping. Here are a few topics to consider when flushing out your plan.

The importance of focusing on client retention in your business plans

It costs less to retain a client than it does to onboard a new client; therefore, client retention must be taken into consideration for every financial professional’s new year business plans. Fortunately, there are many ways to improve retention.

For example, it is important to keep clients engaged in your services, and one way to do that is through frequent communication. Remembering a client’s birthday and reaching out with a personalized message demonstrates that you care and are there to support them. In turn, this will strengthen your relationship and keep them in your book of business.

How will you ensure revenue growth?

Everyone wants their business to be successful and to grow year over year, and there are steps that must be taken to do so. Advisors must analyze the channels with which they are working and decide in which direction they want to grow.

Do you want upsell and continue focusing on your existing client base, or do you see yourself winning new sales through prospect outreach? Either way, you must differentiate yourself from your competition and continue to add value if you want to experience that growth.

Utilizing technology to in compliance strategies

As always, compliance with the impending DOL Conflict of Interest Rule will be on the forefront of many financial professional’s mind. While most financial professionals are already acting in the best interest of their clients, not everyone can actually prove it in the event of an audit.

By leveraging technology such as a comprehensive financial planning software or a client portal, FinTech can help you prepare DOL rule implementation. Advicent has developed the most comprehensive financial planning software for nearly 50 years. Fiduciary standards such as those set forth by the Department of Labor are not new to Advicent.

Our unmatched experience means Advicent is always prepared for industry changes — ensuring our development of best-in-class tools meets ever-changing industry regulations while still exceeding the needs of our clients. We want to help you retain your clients, become more profitable, and see more referrals. At Advicent we don't consider you our customer. We consider you our partner.

Click here to learn more about how The Compliance Blueprint from Advicent can be leveraged in your DOL compliance strategies and 2017 business plans.