I have always loved the beginning of the new production year because it means I’m not behind! With a clean slate, the firm’s top producers and I are both at the same starting point. It won’t stay that way though. Here are a few ideas on how to start the new year by putting some numbers on the table:
- Talk with clients about New Year’s resolutions. Many people make the usual resolutions about losing weight, exercising more or dropping bad habits. How about introducing some upbeat, financially focused resolutions? They might commit money to the stock market every month through dollar cost averaging, or they might start saving toward their children’s college educations.
- Bring scattered assets in house. Your clients have accounts held elsewhere. As Tax Day looms, they need to gather monthly account reports and tax reporting statements to enable their accountant to organize and file their tax return. There might be orphaned IRAs out there! You can make a good case to make life easier by collecting them all under one roof.
- Make annual IRA contributions now. Let us assume money makes money. The stock market doesn’t deliver this result all the time but earning interest does. Let us assume your client has the choice of making their IRA contribution immediately or at the last minute. If they wait until the last minute, any interest their money earned until that moment is taxable. If they make the contribution immediately, whatever it earns is tax deferred.
- Ask for referrals. People are reflective in January and in the mood to make changes. Do your clients know other people who are not getting the kind of personalized attention you deliver? Do your clients know anyone who complains that “My advisor never calls”? Let them know that you would be interested in talking with them.
- Who is retiring in 2023? Your client might be young, but there are people in their office or business who are planning to retire. Who are they? Mention there are a lot of decisions they need to make as they approach retirement. You have helped other people in that situation, and you might be able to help them too. Would they introduce you?
These are proactive strategies that might lead to immediate business or help fill your prospecting pipeline. If everyone is starting at the same point in January, why not take an early lead in the race?
Bryce Sanders is president of Perceptive Business Solutions Inc. His book “Captivating the Wealthy Investor” is available on Amazon.
For more ideas to start your year out right, read:
- “Setting intentions for a successful year” [Available in nine languages]
- “Best year ever” [Available in nine languages]
Thanks Chrishantha! I am glad you found my article useful!
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