Prepare for January’s opportunities

At this time of the year it should all be about ‘good tidings of comfort and joy’; indeed in an ideal world the Christmas break should always be about relaxing, spending time with family and friends, and hopefully putting worries about work to one side for a short period of time.

We all work for the majority of the year with little respite and therefore it is absolutely right that we enjoy the time off and shift our focus away from the ‘day job’.

Unfortunately the truth of the matter is that, for many people, putting aside the stresses and strains of work and business is easier said than done. The Christmas holidays can become a period of even greater stress because of the ‘time to think’ aspect coupled with a level of growing anxiety about, for example, business levels or lead generation.

Given this is a time when most people are not busying themselves with thoughts of their own financial affairs many advisers worry even more about ensuring client activity is maintained and income levels are sustained.

However, the simple fact is that December is never normally a record-breaking month so as long as you have planned for this and, very importantly, are ready to hit the ground running in January, then you should allow yourself a brief moment of relaxation (and the odd tipple perhaps) over Christmas.

Think of it this way – January will undoubtedly provide greater opportunities and if you are prepared then you will be able to take advantage of them. Next year January 4th will not only signal the first day back at work for many but it will also provide a hard-hitting realisation about their current situation.
 
This could mean a re-evaluation of their personal lives – it is no surprise that more people join gyms in January than in any other month – or it could provide the inspiration to look at their financial affairs in order to get them in order.
Come January of course the realities of Christmas spending will be fully realised when the credit card bills come through the door. Plus those who have chosen to use the holiday season as a time to forget money issues will no longer have that luxury and will need to face the issues head on.

This is of course where advisers come in, be they specialist equity release, mortgage, independent financial advisers, or chartered financial planners, they should all be ready, available and visible to the many who will be seeking and needing financial advice.

The preparation to make the most of this increased interest in financial advice should have begun already. It may well be that you need to book networking meetings with potential introducers, or you may be looking at other areas of your marketing mix, perhaps ‘special January offers’ that single your service out from your competitors.

Essentially, you should ensure your own business development machine is fully functioning in the first weeks of the New Year – why not contact all your existing clients on your database with a 1st January 2011 newsletter or make sure you drop a marketing email into their inbox on that first day back in work? Ask for referrals from those existing clients – even if they themselves are not looking for your advice and services yet, the chances are they will know of others who will.

It’s important to remember existing customers are not just those who’ve transacted business with you, they may be clients with whom you’ve had an initial meeting but through your recommendation no product sale was made. These clients have the potential to be your biggest advocates.

The New Year is clearly a great motivating force for many people – resolutions will be made, and while some may be quickly broken like using the gym three times a week, others are not so easily shied away from.

Financial matters are one such area which often require immediate help and support; for instance, a survey recently from Aviva found 11% of all over-65s has mortgages averaging £70,313; by the time they’re 75 years old they owe an average of £72,500. These are not insignificant sums and all suggestions are that the numbers of retired people with sizeable levels of debt in their retirement are going to grow.

The holiday period is a time when families get together and discussions about the financial situation of parents or grandparents can come to the surface for the very first time. Those who may not have realised the seriousness of their predicament can have their eyes opened and again, many people will be waking up in the New Year wanting to quickly seek advice and solutions to secure financial situations.

All in all then, now is certainly the time to enjoy the holiday period but at the same time make sure your business is ready and well-prepared for the likely increase in financial advice demand come the new year. Don’t leave it until 2011 to make your move because the likelihood is that your competitors will not be resting on their laurels. Keep in close contact with your client base, welcome them to the New Year, and reacquaint them with the services you offer and the advice you can provide.

On that note, as this is my last blog of 2010, I will also wish you a very Merry Christmas and a prosperous start to the New Year.