Six Ways to Invest In Your Advisory Practice in 2023

Making these investments in your business can provide a lot of bang for the buck. Try one, or try them all, says our columnist.

By Bryce Sanders
Bryce Sanders
Bryce Sanders

New Year’s resolutions make brilliant sense. They can be another way to drive incremental improvement for yourself and for your practice. If you could do one thing better every year, you would have done five things better after five years, and so on. Let us chose to forget that reportedly only 41% of Americans make these resolutions and only 9% actually keep them. You can be among that 9%.

Here are six areas where you should resolve to spend some money in 2023 to drive your business.

1. Join a country club

You want to gain high-net-worth individuals as new clients. Why not join a place that historically attracts them? Country clubs are expensive and the more exclusive the club, the more hoops you need to jump through; but it gets you in with the right crowd.  In addition to meeting new people, you can impress clients and prospects by inviting them to play golf or have lunch as your guest.

2. Hire a business coach

Let us stick with the country club theme. Golfers work with pros to help improve their game. The more serious the competition, the greater the need for professional coaching. Put another way, Olympic athletes have coaches. If you are a financial advisor seeking to take your business to the next level, consider hiring some expertise. Talk with advisors you admire and ask them who coaches them. (FYI: I do not do coaching.)

3. Invest in continuing education

Ever hear the expression, “Just when you think you are winning the rat race, along come faster rats?” OK, so you aren’t a rat — but you are competing with other advisors to add new clients and keep the ones you already have. What are you going to bring to the table that the other advisor can’t offer? By now, you have developed a niche. What additional skills would be attractive to prospects in your niche?

4. Take clients out for meals

Many clients like to be entertained. Years ago, I heard a snowbird client ask, “When we are in Florida, we see all these dinner seminars put on by your firm. We are clients too. Are we allowed to attend them?”

Taking a client and their spouse out for a meal is a wonderful way to say, “Thank you for your business.”  It’s a comfortable setting to discuss new business. It’s an ideal way for them to introduce you to a referral. You might not have an expense account, but you are investing in your business.

5. Incentivize your sales assistant

Many firms have (or should have) a way for you to either pay your assistant or periodically provide a bonus.  You have seen the TV ads proclaiming, “We do better when our clients do better.” (Fisher Investments) Your assistant might be overworked, but they are often the first point of contact when clients and prospects call.  They make a lot less money than you do. If you share the wealth, they are invested in your success. This should boost loyalty and retention too.

6. Join a museum

Perhaps the country club idea is too expensive. Become a member at the local museum instead. Here is the brilliant bit: Museums know who has money in the community.  They figured it out, signed them up as members, cultivated them for donations and put many of them in a room once a month for a reception or exhibition opening.  Joining at the right level should get you into the room.

Additional Reading: Next-Gen Grooming Takes Many Forms 

Which of these ideas sounds like it would reap the greatest reward? That is a good choice for your first resolution for the New Year.

Bryce Sanders is president of Perceptive Business Solutions Inc.  He provides HNW client acquisition training for the financial services industry.  His book, “Captivating the Wealthy Investor” is available on Amazon.


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