Expert tips for 2019

You may have read our 2019 Global Investment Outlook or attended our webinar last month to hear our investment experts’ views on what’s ahead in the markets for 2019. We also asked our practice management partners for their perspectives on this question: What’s the most important thing advisors need to keep in mind when it comes to running their businesses in 2019?

Here are their thoughts:

Ajamu Loving, Ph.D., advisor education consultant: With all the uncertainty pervasive in the market, advisors may lean toward holing up and playing defense. I suggest you resist that impulse and play offense. Call clients to make sure they see you as a steady port during violent storms. Remind them of their important goals and help them stay the course.

Nathan Harness, Ph.D., CFP, advisor education consultant: Evaluate your value proposition for 2019 and beyond. As fees continue to compress, advisors need to be able to clearly articulate the value added outside of investment performance. Research shows that advisors who produce holistic financial plans and consult with clients beyond investment performance experience deeper client relationships and higher assets under management. Do your clients clearly understand your value proposition?

Bruce Johnston, advisor social media consultant: My prediction is that a growing number of advisors will stop thinking about content marketing as a separate discipline and instead realize that a successful client acquisition and retention strategy involves content marketing. Advisors will come to the realization that you can’t create good PR or successful client acquisition campaigns without a commitment to meeting their existing and potential clients’ needs with valuable and interesting content. The buzz around artificial intelligence (AI) will become deafening, and advisors will need to begin to understand where AI fits into their businesses. Their firms will push them to adopt AI, and the introduction of AI will be viewed as more disruptive to advisors than social media was five years ago.

With those thoughts in mind, I'd like to give you one piece of advice for 2019. We’re in a relationship-driven business – and I expect that we will be in 2019 and beyond! Find ways to manage your time so that you can keep focused on what’s most important: building and maintaining those strong relationships that you have with your clients and your teams. And don’t forget to practice good habits when it comes to self-care. Build in the time you need to reset and recharge, to be present every day. Don’t let it be easier said than done. Commit!

The information provided is not intended to be a forecast or guarantee of future events or results.

All third-party marks cited are property of their respective owners.

The views expressed are those of the author and do not necessarily reflect those of Macquarie Investment Management (MIM), or any of its employees.

For educational purposes and for investment professional use only. Not for use with the general public.

© 2019 Macquarie Management Holdings, Inc.

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