Casual Friday: Top six New Year’s resolutions for advisors

1. Tell your story
If you haven’t done so yet, make this the year you define your value proposition as an advisor, says George Hartman, managing partner of Accretive Advisor Inc. in Toronto.

In an industry that is becoming commoditized, it is becoming more difficult for clients to see the differences between advisors. It’s your job to reveal the traits and talents that set you apart.

Much more than a tagline or mission statement, Hartman says, your value proposition starts with a small collection of stories, honestly told, that reveal your essential value to clients and prospects.

2. Watch the movie
Make 2013 the year you take a realistic approach to growth, says Julie Littlechild, CEO of Advisor Impact Inc. in Toronto.

Advisors need to stop regarding growth as a combination of luck and circumstance.
Opportunities for growth, Littlechild says, are often buried in your numbers and, if you look hard enough at the data, you can find opportunities for growth — through referrals, for example.

Littlechild suggests an unusual source for inspiration: “Rent the movie Moneyball, make some popcorn and think about what it means for your business.”

3. Plan to plan
Build planning into your routine, suggests Dan Richards, president of Clientinsights. Blocking time to schedule your activities — on both a daily and a weekly basis —forces you to identify top priorities and act on them accordingly.

Planning also helps ensure that big ideas don’t get lost in the day-to-day shuffle.

4. Face more prospects
A simple but effective resolution, Richards says, is to clear three hours in your schedule each week to focus on getting in front of prospective clients.

Many advisors are in a rut, he says, in which they focus only on existing clients. While that’s not entirely a bad thing, you should resolve to concentrate on prospects, as well.

Having that time already penciled in makes it more of a priority.

5. Plan for your departure
Make 2013 the year you create a succession plan if you don’t already have one.

Building a successful practice, Hartman says, must include taking steps to ensure that your business will endure and prosper in your absence. Think of it as making yourself redundant, which requires a mindset that’s different from what is required to run a successful practice on a daily basis.

“Make all the necessary decisions,” Hartman says, “to make your practice self-perpetuating.”

6. Hit “reset”
Don’t be discouraged, Littlechild says, if you break a resolution.

Littlechild herself has made the resolution to hold herself accountable to specific goals. Everyone at Advisor Impact will know throughout 2013 what they need to do and how to get there.

“And if we veer off-course,” she says, “we’ll hit the ‘reset’ button every month.”