Questions to ask yourself when revisiting your strategies for 2025

As we begin 2025, Canadian financial advisors have an excellent opportunity to evaluate and refine their business strategies. With shifting client expectations, evolving market conditions and the ever-growing burden of regulations and compliance, maintaining a competitive edge requires delivering results and a commitment to operational excellence.

What sets the top-performing advisors apart? They’ve successfully implemented three foundational elements into their practices:

1. Defined processes
2. Clear roles and responsibilities
3. Client segmentation and service models

These three pillars are backed by research. In 2018, a study called “The next wave of financial planning” looked at what happened when advisors implemented automation within core aspects of their business. Before implementation, 70% of advisors agreed or somewhat agreed they did not have enough time for client-related activities, such as financial planning, prospecting and client meetings. After implementation, there was a 41% decrease in the number of firms that felt they did not have enough time for client-related activities. There was also a significant (66%) increase in the number of clients receiving more in-depth financial planning services, because the new processes took less time and made it easier to deliver services comprehensively and consistently.

With this in mind, here are key questions and thought exercises to help you refine your practice and align your efforts with your goals.

1. Processes: are your operations streamlined?

Processes form the backbone of an efficient practice, ensuring consistency and reliability. Ask yourself:

• What processes are critical to my practice?
  • Consider areas such as client onboarding, financial planning, marketing and administrative tasks.
  • Which of these are “need to haves” and which are “nice to haves”?
• What inefficiencies exist in my current workflows?
  • Are there recurring bottlenecks or areas prone to errors?
  • Where do team members spend time unnecessarily troubleshooting?
• How can technology support process improvement?
  • Are there tools you could leverage to automate repetitive tasks?
  • How can Artificial Intelligence-driven tools transform client service delivery and elevate the overall client experience?

Thought exercise: process mapping

Choose one key process, such as client onboarding, and map it out step by step. Highlight areas where delays or errors frequently occur. Next, brainstorm ways to simplify or automate these steps. Share your findings with your team for additional input and alignment.

2. Team roles: are responsibilities clearly defined?

A well-functioning team relies on clarity. Overlapping duties or vague expectations can hinder productivity and morale. Ask yourself:

• Are roles and responsibilities clearly outlined?
  • Do team members know their specific tasks and how they contribute to overall goals?
  • Is there a defined process for accountability and performance measurement?
• Are there gaps in my team’s structure?
  • Are certain areas, such as the client experience, under-resourced?
  • Would hiring or outsourcing specific roles add value?
• How can I better support my team’s development?
  • What training or professional development opportunities could enhance their performance?

Thought exercise: role audit

List all tasks and responsibilities within your practice. Assign each to a team member or identify if it’s unassigned. For unassigned or poorly aligned tasks, decide whether they should be redistributed, eliminated or addressed with new hires or outsourcing.

3. Client segmentation: are you tailoring your services effectively?

Not all clients require the same level of service. Segmentation allows you to deliver personalized experiences while optimizing resources. Ask yourself:

• What criteria am I using to segment clients?
  • Examples include assets under management (AUM), revenue contribution or life stage.
  • Are these criteria still relevant?
• Does my service model align with client segments?
  • Are higher-tier clients receiving differentiated, value-added services?
  • Are there opportunities to standardize service delivery for lower-tier clients?
• How do I communicate my service tiers to clients?
  • Are expectations clear to ensure transparency and satisfaction?

Thought exercise: client segmentation matrix

Create a matrix categorizing clients based on segmentation criteria (e.g., AUM vs. service level). Identify mismatches where clients may be over- or under-serviced.

Get started today and keep up the momentum

By revisiting these fundamental aspects of your practice, you can position yourself for success in 2025. The questions and thought exercises outlined here are not just a one-time activity, but part of an ongoing commitment to improvement. Engage your team, leverage technology and maintain a client-focused approach to build a thriving, scalable practice.

Are you ready to elevate your practice? Start with one question today and watch your strategies take shape for a successful 2025!

If you need a helping hand creating or implementing your answers to these questions, please reach out to your CI sales team.