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And just like that, the year is in full swing. However, for many, it may still feel like some of their financial goals stayed behind in 2023. Now, we don’t believe in shortcuts or financial transformation overnight – but there are a few practical, sustainable, and financially smart changes that can ensure you start 2024 off on the right track. 

Here’s what you need to know about making smart(er) money moves in 2024. 

Review and update financial plans

The first step towards financial planning is to evaluate your current financial situation, as well as those of your clients. Begin the year by reviewing your client’s financial plans. Ensure that their goals, risk tolerance, and investment strategies are still aligned with their current situation and market conditions. 

This will also help you identify realistic financial goals for the year ahead and any adjustments you need to make. Use this time also to review your personal finances, including your income, debts, and savings. When doing this, it’s also essential that you analyse your cash flow and identify any areas where you can reduce your expenses, earn additional income and start paying off your debts. Ultimately, your financial goals must align with your current financial situation. 

Evaluate fee structures

It’s easy to get comfortable with your business model; however, every now and again, it’s essential to evaluate whether or not your fee structures are still aligned with the value you provide. Review your fee structures to ensure they are competitive and consider any necessary adjustments based on the services offered and market standards.

Prioritise client communication 

The beginning of the year is always a great time to check in with clients. Let them in on the game plan for 2024 and recap them on the past year. This is an excellent way to build trust and foster transparent communication with clients. Educate them about the market conditions, investment strategies, and any changes in the financial landscape. Informed clients are more likely to make sound financial decisions.

Manage your commission and fees. Beautifully.

As you plan for the year ahead, some things may feel more daunting than others, especially if you’re bombarded with the administrative burden of managing, tracking, splitting and analysing your revenue. How about we say ‘goodbye’ to tedious manual processes and ‘hello’ to the ultimate revenue management solution in South Africa ? ( Have a look at one of our previous Blog Posts: Why spreadsheets are an outdated way to manage your commission)

At Commspace, independent financial advisers capture and collate all their commission and fee statements onto one platform, which then generates insightful and powerful yet easy-to-understand analytics. Revenue management is a full-time job, but it doesn’t have to be yours. Commspace scales seamlessly to support businesses of any size, from a one-person operation to an SME to a major national group of financial advisers.

Learn more about unparalleled commission and fee management tools here.

<<Commspace 2024>>