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Eric Reed

For financial advisors, the New Year is a great time to take stock and reset.

The investment year is over. There is a tax harvest. Contribution limits have been reset. And many clients want new approaches.

So what opportunities will we have next year? What were some of your past mistakes and how can you improve in 2023?

SmartAsset consulted Kristen Anderson, CEO and founder of Catch, a financial service for independent workers, and Treyton DeVore, financial planner and founder of AllStreet Wealth and Creatorbread.

Here are four New Year’s resolutions advisors should make in 2023.

If you’re looking to grow your financial advisory business, check out SmartAsset’s SmartAdvisor platform.

Streamline your business First, the new year is a good time to improve how your business works, says DeVore.

In particular, consider automating as many routine tasks as possible. This is especially important for financial professionals given that many advisors work for themselves or small businesses.

“Being independent is hard because you have to manage your personal and business finances yourself. It can be very overwhelming.” Devore says. “When you run a business alone, time is your most valuable asset, so you should spend less time on repetitive tasks.”

It may seem paradoxical, but the more time you spend managing your own money, the less time you spend managing your customers’ money. The same is true for office processes, marketing, email, website management, and other administrative tasks. Self-employed financial professionals tend to spend a lot of time on mundane business processes.

In the new year, find ways to offload that work as much as possible. Find services that help you manage the parts of your business that aren’t serving your clients so you can spend your time doing the work that matters.

Improving Existing Tools On a related note, the New Year is a time to improve the tools you already use.

“In my experience, understanding your customer’s needs and finding the right tools and services to support them is key.” Devore says.

It’s no small thing.

Like many professionals, financial advisors and investors tend to pay less attention to business tools over time. As long as the email arrives, they don’t think much about the inbox software they use. As long as the paperwork is filed, they don’t think much about the record keeping process. And, ironically, as long as the bills are paid, we hardly think about financial management software.

There’s a world of difference, so it could be a mistake “It’s working” When “Not broken.” In 2023, focus on the tools and services your business relies on every day. Are you using the right one or are you using the same one? This is an important question that can make a big difference for you and your client.

Building Services for Independent Clients It is important for financial professionals to tailor solutions and advice based on individual client needs. This is especially important when it comes to independent workers, says Anderson.

“Solopreneurs, freelancers and contractors are a big part of the market and growing.” says Anderson. “And they need solutions that solve their unique challenges. Add advisors to make sure clients are doing the right thing if employers don’t handle taxes and retirement for them.” is responsible for

Independent workers, whether freelancers or small business owners, need their own basket of financial services. They don’t have employers who automatically withhold taxes and retirement benefits on their behalf. They have the one-two punch of very low individual retirement account (IRA) contribution limits and self-employment taxes. They have to manage quarterly taxes, business payments and smart investments, but that’s just the beginning.

There are more independent workers than ever before, and the population is growing. In 2023, it’s worth building services and tools that meet their needs.

Stay aware of tax changes, especially health insurance changes compared to previous years. In 2023, tax laws haven’t changed much. As such, financial professionals tend to overlook the fact that it is still changing in some very important ways.

In particular, be sure to follow changes in health insurance premiums and credits.

“There are some new and important changes you should be aware of when purchasing your own health insurance.” Anderson reminds financial advisers that the Inflation Reduction Act has authorized billions of dollars in health insurance tax credits. “Accurately estimating your income is the most important part of getting these credits and can lead to significant savings.”

These are details that are often overlooked in the midst of volatile markets, skyrocketing interest rates, and questions about inflation. please do not. For many clients, costs such as health insurance premiums have a significant impact on their budgets. Please keep them protected.

Bottom line: It’s a new year and new opportunities for financial professionals to keep improving. Try his four solutions below to enhance your services and business in the coming year.

If you’re looking to grow your financial advisory business, check out SmartAsset’s SmartAdvisor platform. We match qualified financial advisors with the right clients across the 2023 USTax changes. An expert reviews his top 2023 tax changes advisors should know.