23 Ideas to Make the Most of 2023
As the final quarter of 2023 rapidly approaches, we’re presented with a golden opportunity: 100 days to make a lasting impact on our business and set the stage for the year ahead. In this guide, we explore 23 actionable strategies segmented across various sections of your wealth management firm, from marketing and sales to portfolio management and strategic planning.
Marketing and Client Outreach
1. Seasonal Marketing Campaigns
Utilize holidays like Thanksgiving or New Year’s to target specific client needs, such as year-end tax planning, with specialized marketing campaigns.
2. Client Appreciation Events
The end of the year is a great opportunity to get your clients together. Build stronger bonds by hosting events, either online or in-person, where clients can network with each other and you can share exciting updates for 2024.
3. Handwritten Cards
Send personalized, handwritten notes to select clients, expressing gratitude for their business and highlighting key milestones or achievements in their financial journey. If you want to take it a step further, sites like handwrytten.com will write and send the cards for you!
4. Content Blitz
Amplify your website and social media by releasing a concentrated stream of high-quality content—blogs, whitepapers, videos—focused on pressing financial issues or trends. It doesn’t have to be released this year, but could be used to get a head start for next.
5. Social Media Challenge
Engage with both clients and prospects by running a 100-day financial education challenge on platforms like Twitter or Instagram, offering daily tips or quizzes.
6. Tune into the Fearless Investing Summit Online
Stay ahead of industry trends and best practices by participating in the Fearless Investing Summit Online Experience, featuring sessions with Michael Kitces, Dr. Daniel Crosby, Stephanie Bogan, Robert Sofia, and more. You can confirm your place here.
Sales and Revenue Growth
7. Referral Program
Introduce a year-end referral campaign for existing clients. Learn the proven tactics that can help referrals become a top client acquisition channel for you by downloading the complimentary Referral Scorecard resource here.
8. Cross-Sell Services
Identify opportunities to offer additional services to existing clients. You can use end-of year client review meetings as an opportunity to discuss these additional services, showcasing how they can bring more financial stability or growth for the year ahead.
9. Uncover Heldaway Assets
A conversation about outside assets is always worth it. Learn how a firm uses Nitrogen to win clients and uncover held-away assets here.
Operational Efficiency
10. Tech Stack Audit
As your firm grows, it’s time to review moving away from all-in-one providers and focusing on offering best-in-breed technology for your clients. The 2023 Firm Growth Survey noted that hyper-growth firms look at the all-in-one platforms that bundle in for free the second-rate products they’ve acquired, and they ascribe the same value to those “free” features that the all-in-one platforms do: zero.
11. Process Optimization
Identify bottlenecks and implement automation where possible. Complete the complimentary Workflow Readiness Assessment to determine if your firm is ready to institute workflows for all repeatable processes.
12. Compliance Check
As the year comes to a close, conduct a comprehensive review of your compliance protocols and documentation. Ensure that all regulatory filings are up-to-date and that your firm is in alignment with the latest industry regulations and standards. Use this opportunity to train or retrain staff on compliance best practices, minimizing the risk of costly legal complications in the future
Staff Development
13. Training Programs
Develop a structured curriculum of courses or workshops aimed at enhancing both technical and soft skills within your team. Additionally, identify key conferences in 2024 that could provide valuable industry insights or networking opportunities. Decide which team members would benefit most from attending these events, whether as a group for team-building or individually for specialized learning.
14. Mentorship Initiatives
Establish a formal mentorship program where junior staff members are paired with seasoned advisors in the firm. The program should include regular check-ins, goal-setting sessions, and opportunities for reverse mentoring, where senior staff can learn new skills or perspectives from their junior counterparts.
15. Realign Staff Assignments
Ensure your firm runs optimally with the right staff in the right roles with the complimentary Staff Weekly Assignment Matrix. Identify overlap and overload, and make sure everyone knows their operational responsibilities.
Portfolio Management
16. Rebalance Portfolios
As the year-end approaches, conduct an in-depth portfolio health check for each client. Evaluate asset allocations against their financial goals and risk tolerance. Rebalance portfolios as needed to ensure they are aligned with clients’ investment objectives using Nitrogen’s Intelligent Tax Optimization.
17. Tax-Loss Harvesting
Examine your clients’ portfolios for assets that have underperformed during the year. Consider strategically selling these assets to realize losses that can offset gains, thereby optimizing the client’s tax liability. You can learn more about strategy with other tax-saving measures for maximum effectiveness with Nitrogen’s Automated Tax Loss Harvesting.
18. Client Review Meetings
Schedule comprehensive year-end financial review meetings with your clients. Use these meetings as an opportunity to discuss not only their portfolio performance but also any life changes that might affect their financial goals. Outline plans for the upcoming year, and identify any adjustments that need to be made to their financial strategies.
Strategic Initiatives
19. Market Research
Conduct a thorough analysis of prevailing market trends, economic indicators, and consumer behaviors. Utilize this data to identify both new opportunities—such as emerging investment sectors—and potential threats, like regulatory changes. Update your business strategy accordingly to capitalize on these insights.
20. Competitor Analysis
Take time to assess your direct and indirect competitors in the wealth management space. Evaluate their service offerings, marketing strategies, and client engagement techniques. Identify gaps or unique selling propositions that can help you differentiate your services and gain a competitive edge.
21. Learn From The Best
To truly grasp what sets the most successful firms apart, it’s crucial to study real-world examples. Visit Nitrogen’s Success Story page to read case studies on how top-performing wealth management firms have effectively utilized our growth tools to optimize their practices. Whether it’s innovative client acquisition strategies or cutting-edge technology adoption, these success stories offer actionable insights that can be directly applied to your own business.
Forward Planning
22. 2024 Planning
As the current year winds down, start laying the groundwork for the next by drafting your strategic goals and budget for 2024. This should involve a collaborative effort across team members to align objectives and allocate resources effectively. Consider both short-term milestones and long-term visions, factoring in anticipated market trends and potential business risks.
23. Year-End Summary
At the close of the year, compile a comprehensive year-end report that covers key performance indicators, completed projects, and any challenges faced. Use this document as both a retrospective analysis and a planning tool. Share it internally for a full team review, encouraging feedback that can inform your strategies and objectives for the upcoming year.
As we close the chapter on 2023, the last 100 days offer a valuable window to not just hit your yearly targets but to also lay a robust foundation for 2024. Whether it’s fine-tuning your marketing strategy, maximizing revenue growth, or future proof your practice, each of these 23 strategies provides a stepping stone toward holistic success. It’s not about cramming in last-minute efforts; it’s about making calculated, impactful moves that yield long-term benefits.
To elevate your firm as we approach the year’s end, consider scheduling a demo of Nitrogen—our suite of growth tools designed specifically for wealth management firms. Seize this opportunity, and let’s make the final stretch of 2023 a period of remarkable growth and transformation for your financial advisory practice.