4 New Year's resolutions financial advisors are making for 2024

December 31, 2023 9:00 AM

As 2024 gets started, wealth managers are making resolutions for their practices, their health and their attitudes.

How will financial advisors make the best of this new year? To find out, we asked them for their New Year's resolutions.

It's a good bet advisors won't miss 2023. Economically, it was a year of high interest rates, stubborn inflation and continued stock volatility. But there are already signs that 2024 could be a smoother ride: In December, the Federal Reserve announced that it's finished raising interest rates and may even lower them three times in 2024.

So with the year off to a hopeful start, how do advisors plan to make this their year? Many have resolved to improve their practices, whether by gaining new expertise or by bolstering their social media presences. Others plan to work on themselves, both physically and mentally.

But New Year's resolutions are a tough thing to keep. According to a recent Forbes Health study, the average resolution lasts less than four months. Will advisors do better?

By December 2024, we'll find out. Here are four common resolutions wealth managers are making this year:

New certifications

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Earning new designations is a great way advisors can raise their games and offer more services to clients. No wonder many wealth managers are resolving to add more letters after their names in 2024.

Andrew Herzog, a wealth advisor at The Watchman Group in Plano, Texas, is studying to get his enrolled agent (EA) certification. His resolution is to earn it by the end of the year.

"I believe taxes are a field that many advisors find too boring and/or difficult, and I'd like to try to set myself apart in this sense," Herzog said. "Continuing education is always a worthwhile thing, and taxes aren't going away anytime soon, so might as well get a firm grasp of it."

Others have already earned a new designation, so their resolution is to make use of it in 2024.

"Having passed the CPWA (Certified Private Wealth Advisor) this past fall, I am looking to ramp up the value we can provide to our clients," said Lisa Kirchenbauer, founder of Omega Wealth Management in Arlington, Virginia.

Health management

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Another common resolution has nothing to do with wealth management, but is still vitally important: staying healthy.

"Our business is a sedentary one, and it takes a real effort to stay in shape — especially as you approach that last stage in your career," said Kirchenbauer. "I am tackling it as best as I can through health hacks, yoga, a personal trainer and a regular set of habits."

The tricky thing about health is while it's not always directly related to work, it has an effect on every experience. Jay Zigmont, founder of Childfree Wealth in Water Valley, Mississippi, is about to embark on a book tour in late 2024. To prepare for this grueling endeavor, he's resolved to get healthier.

"The book launch means I need to be ready to do a series of speaking and press events, along with considerable travel," Zigmont said. "I'm working on my health and speaking skills to be ready for this tough period."

Social media

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But back to business. Another resolution made by many financial advisors is to broaden their reach on social media.

Christopher Cybulski, a financial planner at Chisholm Trail Financial Group in Austin, Texas, has just started using LinkedIn and X (formerly Twitter). His resolution is in the form of a number: 10,000 followers by the end of 2024.

"There's a great advisor community online," Cybulski said. "They are eager to help, and I hope to create better, more engaging content in 2024."

Michelle Petrowski, founder of Being In Abundance in Anthem, Arizona, is also focusing on social media in 2024. But her resolution is less about numbers and more about consistency.

"I'm looking to create a regular and consistent social media plan, as well as hire someone to assist with that," Petrowski said. "The one thing I've learned from so many colleagues is that can really make a difference in staying in touch with folks and growing one's practice."

A better mindset

Cheerful male entrepreneur with crossed hands standing near offi

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Health isn't only a matter of physical strength. In 2024, some wealth managers also want to work on their mental well-being — including how they think about their own businesses.

Eric Rodriguez, founder of WealthBuilders in San Diego, shares many of the goals set by other advisors. He wants to grow his presence online, particularly on Instagram and YouTube. But he also has another resolution: to believe more in his own path.

"One of my New Year's resolutions is to stop comparing myself to other advisors and RIAs," Rodriguez said. "My focus for 2024 will be to just do me and trust my ability to continue building a thriving practice."