As an Registered Investment Advisor (RIA), you know all too well how competitive the marketplace is. Every day you’re challenged with growing your firm, while still servicing the needs of your existing clientele. And, if you’re like most financial professionals, you’re noticing the competition intensity ratcheting up a bit each year. Not only are there more advisors all trying to claim their share of the market but now you’re facing new competitive forces from Robo-Advisors. So, how do you stay ahead of an industry that continues to move faster and faster each year? You start the New Year on October 1st.
Happy New Year!
So, here’s the concept. Back-to-school is here and soon we will be in the hustle of the holidays. Before the craziness of November/December starts (when even the most focused RIAs get distracted) get your 2018 game plan set and working! And when your competitors stagger into work after a long holiday break, you’re already 3 months down the road……because you celebrate New Year’s in October!
Here are several typical year-end activities that we recommend moving up to early fall.
Budgeting: 90% of small business does budgeting during the holiday season. Move it up to October. By Q3, most of us have a good idea of how the current year is going to end and can therefore make educated budgeting decisions.
Hire & Train Producers Now: Because their operating budget is finalized in Q4, many firms start new producers in January. Doing so puts the firm and the new hire at a disadvantage because they’re ramping up in the busiest time of the year for the firm. Get ahead of your competition by hiring new producer talent now so they’re ‘street ready’ prior to the New Year.
Identify New Markets & Growth: Of paramount importance in the budget cycle is the process of identifying and on-boarding new product solutions and initiatives that will propel your firm to new levels of growth. And given our nature to think of January as the “launching pad” for the year, new initiatives are often rolled out in the heart of Q1, when most planners are already busy. By identifying and implementing new product solutions and initiatives now, you put yourself in a much stronger position to optimize your entire new year. When the competition is sitting in January training sessions, you’re out asking for the order!
Make It Fun!
Celebrating the New Year in October is not something to do just in the corner office. Get your team involved. Christen the New Year with some bubbly (but not too much) on September 30th. Incentivize participation and be sure to include your key team members on the ‘why’ behind your sudden desire to revise the Gregorian Calendar!
Grow with Senior Life Settlements
If you’re looking for significant growth for the New Year, we should talk. We are Capstone Capital Consulting and we’re looking for a limited number of select RIA firms that want to grow exponentially. We’re in the business of helping RIA firms start a Senior Life Settlement business. For the right firm, this opportunity can transform your practice by allowing you to offer your clients an alternative investment that offers safety and absolute return along with growth benefits for your firm.
If you’d like to learn more about this asset class, let’s talk. We’ll tell you more about The Capstone Platform, the system that allows our clients to launch their own life settlements business without distracting from their day-to-day focus. We can also connect you with RIAs that have experienced extraordinary growth through Senior Life Settlements. For more information, call Jason Bokina at 404-504-7006 or email firstname.lastname@example.org.