This article was recently featured in Financial Advisor Magazine. Read the original version here.
Whether we’re ready or not, 2025 is here. Members of Trust & Will’s Financial Advisor Contributor Panel reflected on what they recently accomplished and where they would like to go in the coming year.
Taking Care of Themselves
Particularly for solo practitioners, self-care isn’t optional. An advisor’s ability to stay on top of their game could make the difference between business growth versus treading water. Moreover, it’s a matter of filling up their own cups so that they can continue providing clients with white-glove service.
That’s why Matt Ricks, CFP, Founder of Haystack Financial Planning, wants to make sure he creates more time to take care of himself. That will not only make him a better family member and friend, but also a stronger financial advisor.
“As a solo business owner, self-care is for you and your firm,” Ricks said.
So whether that’s meditating, finding a quiet hour for yourself, or moving your body, it’s important for advisors to take care of themselves so that they can also take good care of their clients.
A Renewed Focus on Multigenerational Planning
Understanding a client’s family dynamics not only endears advisors to their clients, but it also provides the opportunity to ask about financial plans involving other family members.
Al Faber, CFP, of Woodson Wealth Management, utilizes Family Echo with his clients so they can build out a family tree. He finds it helpful to see people’s names and understand the relationships between everyone.
“Creating a family tree also helps you see how long people live,” noted Faber, which can help with appropriate retirement planning.
Family trees also provide an opportunity for single clients to look for trustees or guardians and physically see some potential options in front of them.
Embracing Communities
Ricks hopes to become more embedded with the community of individuals with disabilities as a resource for their financial needs. He encourages advisors who want to integrate into new populations to start earning their trust steadily and then share resources that will be beneficial to them.
In the individuals with disabilities community, Ricks stresses that it’s important for parents to not only focus on their loved one’s needs but also to take care of themselves. Along the lines of self care, parents who are stretched too thin or exhausted can’t provide the quality of care they want for their loved one.
Ricks asks the parents to consider in 2025 what they’re doing for their own future.
Incorporating Estate Planning
Domenick D’Andrea, AIF, co-founder of DanDarah Wealth Management, will be incorporating estate planning more into his practice next year. He has seen the value it provides to his clients and the referral base that it can generate for him.
In 2025, D’Andrea is also hoping to add more referral sources within his network to further round out his comprehensive financial planning services. “One of my important goals, if not the most important, is making sure that every client of mine has a complete estate plan,” said Vinee Mehta, founder of Truly Unbiased. “Some clients have complicated estates with many moving parts while others have more simple situations...but regardless, they all need some form of an estate plan.”
Trust & Will-utilizing advisors agree that estate planning is critical for everyone, regardless of the amount of assets they have.
For Mehta’s clients who don’t already have an estate plan, he has been reminding them of the importance of his and will be reaching out in January to start or continue the process with them.
And for all clients with an estate plan, Mehta anticipates in May that he can start reviewing their plans to ensure they are up-to-date.
Marketing
As Garrett Harper, CFP, of Harper Financial Strategies, evaluates his year, he acknowledges, “I have found that most of my network either doesn’t know what I do for a living or doesn’t understand the services offered over other ‘advisors’ in our industry.”
To combat that, Harper is challenging himself to do more content marketing and brand evangelism work for his firm in 2025.
Whether it’s finding time for that weekly sauna session or incorporating estate planning or family trees into their practice, Trust & Will encourages advisors to take 2025 by the horns and make it their best year yet. As the Great Wealth Transfer is materializing, advisors who evaluate their current status, identify opportunity areas and pursue continuing education will be primed for success.
Building Their Centers of Influence
For D’Andrea, “one of the biggest reasons for year-over-year growth is working with COIs (Centers of Influence). The relationships that have worked best for our team are CPAs and estate attorneys. We are able to refer our clients to them and they are able to refer their clients to us.”
These COI relationships are two-way streets that benefit both professionals and maximize the client’s financial life at the same time.
D’Andrea resolves to add at least one new CPA and estate attorney to his firm’s COI list as well as to continue to cultivate his existing relationships.
Interested in partnering with Trust & Will to enhance your own clients’ estate planning needs? Learn more about how you can join over 10,000 financial advisors and firms who are delivering peace of mind to their clients by offering a comprehensive estate planning solution. Schedule a free demo today. Trust & Will is an online service providing legal forms and information. We are not a law firm and we do not provide legal advice.
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