December Week 3: Identifying and integrating life goals

Your business is critical, but it’s not the entirety of your life. What’s important to you? What do you want to accomplish? Since you can’t do everything, what are things would you most like to do?
DEC 15, 2008
This month we are focusing on your 2009 business plan. Over the last two weeks we reviewed your 2008 successes and what you want to accomplish next year. This week, we’re going to focus on an issue that may seem tangential to your business plan, but is tremendously important — your own life goals. What do YOU want? Your business is critical, but it’s not the entirety of your life. What’s important to you? What do you want to accomplish? Since you can’t do everything, what are things would you most like to do? One top adviser told me he really wanted to coach his daughter’s soccer team. To do that, he reached a compromise with his branch manager; he’d come in early on the days he coached. An adviser in the Midwest wanted to work from Florida in January and February. To do that, he hired a junior partner and trained him for a year. Now the senior adviser has a flexible work schedule and can escape the cold winters. The hardest part about aligning your personal life with your business plan is determining what’s important to you and then making a commitment to your key goals. It helps to be precise about stating your goals and mindful of how your choices are likely to affect your work life. For example, one personal goal might be moving to a bigger house or a better neighborhood. But that may require several extra hours of work every day. Is that worth it? Will being away from your new, bigger home in order to afford it the right trade-off? Only you know the answer. Here are some questions to ask yourself when setting life goals: What are the specific elements of a perfect day? What specifically would I like change about my current way of living? What will it take to get there? After you jot down a few goals, highlight the two or three that will fit within your business plan. Add these to your business plan. Without a comprehensive plan that combines and balances your business and personal goals, you are less likely to attain either or reach your highest potential. Reminder: Pick-up the Phone If you haven’t contacted your top 50 clients this month and talked to them personally, STOP all other activities and do so this week. Investors disappointed in portfolio performance will feel few qualms about leaving an adviser who hasn’t spoken with them and listened to their concerns. In fact, many investors are considering changing advisers after they get their year-end information in January. DON’T let the lack of communication be the reason your clients leave — call your top clients this week and e-mail the rest. Add an article or investment insight piece in your mailings and reassure them that you have felt the market downturn too. Next week: Building your activities for January

Latest News

Investors wins lawsuit against Atlanta B-D over tax shelter investment, potentially a first
Investors wins lawsuit against Atlanta B-D over tax shelter investment, potentially a first

InvestmentNews reported in 2017 that the IRS was scrutinizing the tax shelter land deals, called syndication conservation easements.

Pontera unveils non-discretionary advice tools in continued retirement platform buildout
Pontera unveils non-discretionary advice tools in continued retirement platform buildout

Advisors gain a second workflow for 401(k) guidance as the fintech expands beyond bulk rebalancing, backed by new policy research on advice access.

HSA balances hit record high, but are clients using them wrong?
HSA balances hit record high, but are clients using them wrong?

New data shows most people do not have enough saved to cover costs and are not fully utilizing their accounts.

Advisor moves: LPL, Cetera, Raymond James, NewEdge Wealth
Advisor moves: LPL, Cetera, Raymond James, NewEdge Wealth

Firms announce new recruits this week, with teams overseeing hundreds of millions in client assets switching affiliations.

Stratos Wealth adds $400M with RPI Financial Life Planners
Stratos Wealth adds $400M with RPI Financial Life Planners

It’s the 12th deal for Stratos since SEI's investment and follows 11 acquisitions worth $4.8B in 2025.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income