Four Questions Every Financial Advisor Should Be Asking Right Now

3xEquity Editorial Team
January 10, 2022

Omicron’s Effect
Preparing for the New Year
Re-evaluating Your Firm

2021 is finally in the rearview mirror, and, after another tumultuous year, it’s time to reflect on all that you’ve learned in the past 12 months and then bring your focus to all that’s to come in 2022. While many were hoping the new year would bring a return to some semblance of pre-pandemic normalcy, COVID-19 has other plans in mind.

There’s been a post-holiday domino effect of firms announcing the pushing back of their return-to-office date. With the sudden surge of Omicron and its capability to spread quickly, advisors once again find themselves putting a halt to going into the office, even if they had previously adopted more of a hybrid model.

Now more than ever, an advisor’s relationship with their broker-dealer can be make or break for their business. So as 2022 kicks off, it’s time for advisors to take a hard look and start asking themselves the questions needed to evaluate their current situation. Here are 4 key questions you should be thinking about in the new year.

Where does my technology stand? Is it up to par? Will it continue to hold up?

There’s no denying that technology is ever changing and evolving at quicker speeds than we’ve ever seen before. These days, if you aren’t staying ahead of the tech curve, you’ll find yourself falling further and further behind. With technology playing such a vital role in the client experience, having the right technology can be a game changer. As more and more advisors find themselves once again limited to the technology and connectivity they have at home, having access to both robust equipment and platforms will help to keep their performance running at full potential.

Can my firm withstand all the twist and turns the pandemic continues to bring?

Unfortunately, it seems like the pandemic isn’t going anywhere anytime soon. Time and time again, it throws us a new curveball just as we were adjusting and finding some normalcy. It’s no easy task to tackle the challenges brought on by the pandemic, and there’s only so much a firm can do to prepare for these changes, especially when they come with minimal warning. While some firms have done just fine throughout the pandemic, others find themselves worse for wear and hanging on by a thread. There’s no telling how long this will last and how many more curveballs we’ll face, so it’s time to evaluate how much your firm can handle.

Am I getting the resources and support needed to market in our current environment?

In person meetings and opportunities are still widely out of the picture, especially with the highly transmittable Omicron variant making its way through the US. Without the option of face-to-face interactions, many advisors find themselves struggling to find new opportunities. A good broker-dealer should be helping provide you with everything you need to try and find new opportunities that set your business up for growth. Remember, this is not the first time we’ve had to face this and the firms that may have been playing catch-up should have caught up by now. If you’re still not getting the support you believe you need and deserve to grow your business, maybe your current environment is not the right one for the future.

Am I ready to move on to the next big chapter? Is it time to consider an exit and retire?

The pandemic has been a big driving factor in advisors opting to start their retirement early. After all, there’s no telling when we’ll find ourselves going back to the office on a regular basis or returning to in person meetings. And for some, it’s that uncertainty that puts the idea of retirement in their minds. So, for those with retirement right around the corner, now may be the time to consider selling or restructuring your business. Even if you’re not quite there yet, it doesn’t hurt to look into your options so that you can get the most for your business when the time comes.

Don’t settle for good enough in 2022. It’s time to take your business and future into your own hands. If you find yourselves worried about what the year will bring for your business and how it will stand up to the tests the pandemic will ultimately throw our way, then you owe it yourself to find a new home for your business.

3xEquity is here to help you find a new opportunity for your business so you can start off the new year confident that you can overcome any obstacle in your way. 3xEquity can help you to get the process started and in a matter of days you can expect multiple offers from top-tier broker-dealers – all while you stay anonymous. Now’s the time to take control and start the year off strong. To get started, complete the form below.