Jan 27 2023
How to stay ahead of the curve in 2023
By Audrey Heng, Melinda Woo
Focus on what really matters
Let go of the things that do not get you closer to your goals; for example, doing administrative tasks, being selective of your clients, letting go of trying to control the market, and so on. Focus on not just business goals, but life goals as well. When we take care of ourselves as a Whole Person, our business automatically grows from there and we will see improvements in our personal relationships, family relationships, personal growth, and health goals.
— Gregory Fok, 16-year MDRT member with four Court of the Table qualifications
Make time for self-reflection
Don't dive into your goals immediately! Remember, your biggest supporter and enemy is your own self. Reflect on what you have done — both good and bad habits in Financial Year (FY) 2022, and review and revise the bad habits while adopting the good ones. As the saying goes, goals are temporary, but habits are forever. Once you are satisfied with your personal self-review, it’s time to set your goals.
Small steps help achieve the biggest goals
When you break down your goals into bite-sized pieces, it becomes easier, especially if you are setting a major goal for yourself this year. A huge goal can appear to be unachievable, but if you breakdown your goals into weekly, monthly, quarterly and yearly targets, they will not seem daunting. Track your progress weekly and be prepared to modify or adopt new strategies. This will ensure that your strategy is fluid enough especially for the current unpredictable market condition.
— Ibrahim Sanusi, five-year MDRT member with one Court of the Table qualification
Review and renew
Take a day out in January to not work in your practice but on your practice. Spend the day reviewing the businesses that you’ve written and the initiatives that you’ve executed for the past year. Evaluate the things you will continue to do, what you need to stop doing and what to improve on. Bring your financials up to speed and align them with your business and personal goals. At the end of the review, renew your commitment to your goal. This exercise will help you find clarity and confidence to grow meaningfully throughout the year.
— Vincent Gan, 13-year MDRT member
The power of listening
Many young advisors may appear too eager to speak, to share information and knowledge to their prospect. However, this is not the best way to communicate your intent to serve. Master the power of pause and silence to allow your prospect to speak so they can be heard. Only when you truly listen and be present during meetings, will you be able to pick out what matters to your prospect and give a suitable solution.
— Veronica Lek, two-year MDRT member
Plan out your goals
We tend to feel like it is natural for clients to refer people over to us because of great service rendered but the truth is, this may not always be the case and there can be ways we can encourage that to happen. For instance, how can we create opportunities that encourage referrals to flow naturally?
Using the MDRT targets set is an easy benchmark to work toward. Aiming for MDRT/Court of the Table/Top of the Table would mean the numbers are charted out right from the start so we can pace ourselves across the year according to the highs and lulls of the market trends.
— Shermaine Tan, One-year MDRT member
Self-growth and delegation for high productivity
I have three tips to help fellow financial advisors to increase their productivity for 2023:
By delegating administrative tasks to reliable support staff, you will be able to find time to enhance your skills and knowledge and increase face time with clients.
- Focus on personal growth
I believe that a great way to learn from very successful people such as Bill Gates is to read books authored by them daily.
- Focus on high-quality referrals
By focusing on the right clients, you will find that you are able to acquire quality business and connections, which naturally leads to higher productivity as a whole.
— Kenny Lim, seven-year MDRT member with two Top of the Table qualifications
Always remain “referrable”
To ensure high levels of productivity daily, always plan out a proper schedule and stick to it to improve your time management skills. In the new year, it is good to set goals and make sure to provide excellent client servicing so you will always be a “referrable” financial advisor to your clients.
— Karyl Phua, two-year MDRT member