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MF News Year-end checklist for advisors

Year-end checklist for advisors

Prep your practice for 2019 using this checklist.
Shreeta Rege Dec 31, 2018

A New Year heralds hope and optimism. It is that time of the year when we learn from the past and resolve to make new beginnings. 

Here is a checklist to make your business 2019 ready.

Understand your income stream 

Carefully analysing your business books helps you evaluate how concentrated or diversified your income is. For example, if you earn a large portion of your income from equity AUM, your income will vary with the movements in equity market. If you have a substantial SIP book with several perpetual SIPs, it can translate into a steady build-up of assets. Assessing your income stream can help you evaluate the direction in which your business is heading and if you need to change your strategy.

Recognise what went wrong

Before the year ends, it is important to reflect on missed opportunities and any errors on your part. Identify how you could have avoided these errors. Devise strategies so that you can capture the missed opportunities next time around.

Set new goals 

The end of a year is the time to set targets in terms of AUM, client acquisition, adding new products to your bouquet. Build a preliminary roadmap for achieving the goals. Having a strategy in place will help you attack these goals right at the start of the New Year. 

Connect with top clients 

As an advisor, your clients are your real assets. Their trust in your advice helps you grow your business. Identify your top clients who give you a lot of business. Personally wish them a prosperous new year. You can also send them a handwritten note or a card thanking them for their patronage. 

In addition, send New Year wishes via email to all your clients. In the email, you can also reiterate your commitment to giving them unbiased advice.

Read about upcoming trends

Analyse what are the key trends, which will affect your business in the coming year. Read expert views and connect with industry veterans to get a sense of how the industry will shape up in the coming year.

Learn new skills

It is important to update your knowledge regarding financial products and advisory practices regularly. Figure out the gaps in your learning. Shortlist educational courses and business seminars, which can help enhance your knowledge and make it a point to attend them in 2019.   

Mine the potential in your client base

Analyse the insights that you gain from your clients and convert it into business opportunity.   To elaborate, if you know one of your client is getting married, recommend a term insurance to him to protect his family in future. You can gain a minefield of information through client interactions. Make a plan to channelize it into increased business for you.

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2 Comments
K. Nagaraja · 3 months ago
Very informative for the distributors. Thank you
narendra gupta · 3 months ago
very much informative for our communities
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