Mastering 2024: A Financial Advisor’s Guide To Starting the Year Strong

Executive summary:

  • Financial advisors are gearing up for a successful year and preparing for client reviews.
  • We offer four actionable ideas and practices to help advisors address some key concerns many investors are having about the year ahead.
  • We believe financial advisors who understand client concerns, embrace rediscovery, and foster meaningful relationships have the potential to grow their practices in the year ahead.

As we usher in 2024, financial advisors are gearing up to set the tone for a successful year. Many of you are thinking about client reviews and the issues clients may talk about in those meetings. Here we share four actionable ideas and practices to empower those conversations while addressing some key concerns many investors are having about the year ahead.

1. Understanding client concerns through rediscovery

Being aware of the concerns topping clients' minds is a place to start for many financial advisors. During one of our webinars in early January, we conducted a poll with 165 advisors. This revealed that key client concerns for 2024 include the decision about where to invest excess cash now and the potential threat of a recession.

Rediscovering client priorities. In a rapidly evolving landscape, rediscovering client priorities becomes paramount. More than ever, we believe advisors should initiate a rediscovery process. Understanding clients' shifting priorities and personalization needs is essential for building trust. We have an interactive discovery process that focuses on five key areas of life that have financial implications. The wealth wellness wheel provides a structured exercise to help advisors identify and prioritize clients' top three concerns. A review meeting can be a great time to ask, how are you feeling about these buckets right now? This not only opens the door for discussion but also provides a segue to revisit the initial purpose of the financial plan—and whether it needs to be revised due to renewed market turbulence, with foresight into potential challenges.

Wealth Wellness Wheel