Make better New Year’s resolutions

Goals should be aligned with your long-term plans

By: Dwarka Lakhan
December 15, 2015 October 30, 2019
11:50

Financial advisors, like most people, like to make last-minute New Year’s resolutions. These resolutions are often set in absolute terms, defining what the advisor hopes to achieve.

But New Year’s resolutions are often put together as spur-of-the-moment ideas rather than carefully considered, achievable goals. If these plans are not well thought out and realistic, they can become meaningless and result in unfulfilled expectations by the time the next yearend comes around.

Here are some ideas to help you make more achievable New Year’s resolutions:

> Last minute just doesn’t cut it
Any commitment you make for the new year must be well thought out and aligned with your long-term plan, advises Andrea Andersen, regional leader and financial advisor with Edward Jones in Calgary. Andersen typically sets aside a day or two with her team to set realistic, measurable and sustainable goals, which are then reviewed prior to yearend, before setting new goals.

> Have a strong commitment
You will typically have an initial burst of energy once you have established your plan, Andersen says.

“But the difference between a good advisor and a great advisor,” she says, “is the ability to execute. Have a system that focuses on execution and keep a scorecard of your achievements.”

> Set goals, not absolutes
It’s easy to frame resolutions in absolute terms. You might resolve: “I am going to add 100 new clients next year” or “I will grow my book by $25 million.”

But such resolutions — while probably achievable — are usually not based on an evaluation of what can be accomplished unless you have investigated your operating environment. Your resolution should be based on a plan that you can use as a guide, Andersen says.

So, in order to gain those clients and assets, you might resolve to contact a certain number of qualified prospects every week.

> Anticipate obstacles
In any business, there will always be obstacles and speed bumps. “You have to be resilient to overcome obstacles,” advises Andersen.

In order to overcome difficult times, Andersen says, you must have three things: a support system, a positive attitude and a sense of control.

A support system is essential, and a positive attitude helps you operate outside your comfort zone, Andersen says. A sense of control helps you overcome a feeling of being overwhelmed. You can gain control by “taking small pieces at a time or breaking down activities into smaller, chewable bites.”