By James Morris, Questar Branch Office Designated Supervisory Principal at Ann Arbor Annuity Exchange
I haven’t met a successful financial professional (FP) that doesn’t set goals. But to be successful, they can't just set goals – they also have to hit their goals. The old adage is true: how do you know where you’re going if you don’t track where you have been and where you want to go? Much like improving your skill set through education, achieving goals is an incremental process.
So how was your first quarter?
Take a moment to examine your product mix, customer base, expenses, and realized versus projected revenue. Are these factors consistent with your year-end goals? If they are not, make the necessary adjustments now to position yourself for success in the future.
If changes are necessary, starting with a plan will help you focus your efforts. The first step in setting goals is to determine what you would like to achieve. Is waking up January 1st of the New Year knowing you will have a certain amount of assets under management important to you? What is that amount? If your business is not at the level you’re wanting, what are your strategies for growing your practice to make your business successful? Perhaps restructuring your business is one of your goals.
Are your expenses eroding your bottom line? Have your broker/dealer, E&O insurance, or vendor fees increased or been reduced? What about your business marketing expenses? Are these expenses consistent with your budget? Many FPs rely on referrals, but adding a quarterly seminar or mailing could generate leads to help you realize your business goals.
Are you up-to-date concerning available products? Interest rates have recently increased and product features are always being updated. Taking the time to broaden your product knowledge can help you achieve the goals you set. I encourage you to take a moment to call your marketer at AAAE to discuss current product offerings. Also, contacting your broker/dealer for an updated list of approved products is time well spent. You may find something that you were not aware of that will help your clients meet their financial goals.
Constant objective evaluation of your business will help you make decisions that further your success. If you would like to discuss ways you can grow your practice to help you meet your business goals for Q2 and beyond, please call me.
James Morris | Designated Supervisory Principal
Questar Capital Corporation Branch Office at AAAE
Ph: 800.321.3924 x159 | Dir: 734.786.6159
Securities offered through Questar Capital Corporation (QCC). Member FINRA/SIPC. Advisory services offered through Questar Asset Management, a registered investment advisor. Ann Arbor Annuity Exchange is an affiliate of QCC.
Designed for Financial Professionals.