It’s a new year, and if advisors haven’t yet thought about their goals, they are probably doing it now. Often, advisor goals surround streamlining firm operations, personnel and technology improvements, and growing revenue. This annual practice of goal setting is one that stands the test of time and is especially important to keep advisors focused as the year progresses. 

As highlighted in the year 2022, each year presents its own challenges, which usually are unforeseen. Last year, it was the rapid rise of inflation, the fall of cryptocurrency, an aggressive rise in interest rates, a sprinkle of social normalcy domestically, and many variants of viruses that have continually proven their staying power. 

The question is, what will 2023 bring us? In my latest conversation with ONYX co-founder Emlen Miles-Mattingly, we chatted about the 5 considerations for advisors in 2023 listed below: 

Investing Fads

First, it was bitcoin, then Web3, then the wide world of NFTs. Already 2023 has bought us a new fad, Artificial Intelligence, which is quickly occupying the brain space of retail investors. With the arrival of ChatGPT and other AI projects, investors are looking at this technology as the future. Could it be? Only time will tell, but it’s a narrative that we’ve heard before. 

Why is this important, you ask? Even if advisors are not interested in investing their personal assets or client assets in fads, they should educate themselves on these subjects because their clients may be receiving information on the growing popularity of these fads and are tempted to invest. As a sounding board and primary resource, by knowing the quick facts on burgeoning technology and investment fads, you can teach and align opportunities with your clients’ goals and risk tolerances. 

Technology Improvements & Auditing 

Advisors are always looking to do their job faster, better, and more efficiently. The most common way to do this is through wealth technology. The issue is wealth tech is made by sellers, and unfortunately, most advisors are buyers. 

Newsflash! You don’t need more technology to grow your business. You need the right technology. This year, be sure to differentiate which pieces of technology are needed to serve your client demographic and what are wants - or very likely - not needed at all. While a technology audit is probably best for the end of the calendar year, it’s never too late to readjust and redeploy capital where you might have a greater need. 

Interest Rate & Inflation Aftermath 

The cost of consumer staples went bonkers last year. For the consumer, this meant that their dollar didn’t go as far as it did in the recent past. So far this year, there are remnants of inflation still floating around the economy. The American dream of buying a house has been put on pause due to the cost of houses and rising interest rates. Many Americans have lost their jobs, and the whispers of a needed recession still linger. 

Because of this economic shift, what does this mean for your clients? How can you continue to provide value to them? Does your firm need to make any changes in light of this shift?

It’s essential that advisors stay abreast with the quickly changing macroeconomic conditions to be sure that they are making adjustments for themselves and their clients, if necessary. 

Savings Cures A Lot of Things 

It’s time to get back to financial planning basics. In recent years, I’d argue that many people have spent more money. Yet, in light of the recent economic shift, many people might feel the repercussions of their actions. Whether this is you or not, everyone should get back to financial planning basics, and that starts with saving. 

What are your goals?

Do you have a solid emergency fund?

Are you taking your own financial medicine?

Be the example for your clients, and encourage them to save this year so that they can have the financial peace of mind that we all strive for. 

Growth Marketing 

In 2023, how do you expect to get to your next client? If you haven’t developed a cadence for your marketing yet, this is the year to do it. There are people that are looking to work with you, and experience your service offering. Yet, if they cannot find you, you will never have the opportunity to grow with them. ‘

2023 is the year to be proactive with your marketing. Outline your ideal client profile. Figure out their needs and preference and market to that. Building without marketing is a gamble and could increase the time it takes to reach the goals that you’ve outlined for your firm. 

Client Service 

This year I’ve created a client service calendar. I’ve done this to ensure that I was able to set proper expectations for my growing client base and to make sure that I could keep myself accountable for the work that needed to be done. Selfishly, this calendar allows me to own my schedule and plan vacations for my family. 

It’s important for advisors to create a client service experience and expectation that separates their firm from others. By thinking through your client experience, you will be able to deliver value to existing clients while communicating effectively with prospective clients. 

Community Support 

Alone you can go fast, but together you can go far. In my 10+ years of experience in this industry, I have not met a single advisor that knows everything. Communities like the Onyx Advisor Network empower and equips advisors of all stages to efficiently start, scale, and sustain their businesses while saving on technology spending. 

If you haven’t already, 2023 should be the year that you consider going the distance with a network that works for you.