What a great year in the market! Our clients who were invested almost certainly did very well and that benefits them as well as us. With such a good year almost behind us, what are you planning for 2014?
The primary objective for most of us is to grow our business on some level and although we probably grew our businesses simply on the basis of the market’s performance in 2013, the great performance may not necessarily be the case in 2014. Talking with advisers, there are several approaches that may work, including obtaining a greater share of assets from existing clients, working client referrals, marketing to potential new clients (other than referrals), bringing on a book of business from another adviser, improving our business model, and more.
If you’ve given thought to these ideas, it is likely you have chosen one or two of them to focus on in 2014. One could be spread pretty thin if all of these ideas were on the list to implement. Take a little time to look at where the greatest opportunities lie, given your current business, client base and preferences. The best choice may jump out at you or you may have to dig for it.
What will you be doing in 2014 to grow your RIA business? Share your ideas on this important topic for advisers.