4 New Year's resolutions wealth managers are making for 2025

January 1, 2025 9:00 AM

As 2025 begins, financial advisors have a wide range of goals for the new year.

As 2025 approaches, many financial advisors are excitedly looking forward to the new year. When the clock strikes 12, what resolutions will they be making to make the best of it?

There is ample reason to be optimistic. In the final months of 2024, U.S. stocks broke record after record. Inflation remained relatively low, with the consumer price index hovering at 2.7% in November. And by the end of December, the Federal Reserve fulfilled its pledge to lower interest rates three times.

So by all appearances, 2025 is shaping up to be a strong year for the American economy. And after Donald Trump won the presidential election, advisors' confidence in U.S. markets reached unprecedented heights.

"This will be the best economy of our lifetime," one wealth manager told Arizent's Financial Advisor Confidence Outlook (FACO) survey.

But resolutions are hard to keep, and financial resolutions are even harder. The average New Year's resolution lasts less than four months, a study by Forbes Health found. As for financial goals, 56% of people who made money-related resolutions in 2024 had given up on them by the end of the year, according to research by Edward Jones.

So do New Year's resolutions actually work? Some planners have their doubts.

"I used to set hard and fast goals for the new year," said Jay Zigmont, founder of Childfree Wealth in Mount Juliet, Tennessee. "The problem is that we rarely hit those goals, and may be disheartened when we come up short."

But that doesn't mean Zigmont is giving up on self-improvement. He's just handling it differently this year.

"I'm focusing on small, incremental changes that help me to head in the right direction," Zigmont said. "The key is to focus on the journey, not the destination."

Many advisors are also taking this gradualist approach. Others are shooting for the moon. Here are four resolutions wealth managers are making for 2025:

More networking IRL

It's been almost five years since the peak of the COVID pandemic, but the legacy of that crisis is still with us. One part of that legacy is remote work, which has become highly common in wealth management. In 2024, 79% of financial advisors worked at least partly from home, according to Arizent's 2024 Predictions report.

But when every meeting is over Zoom, some think a certain human element gets lost. Andrew Mescon, CEO of Ballast Rock Private Wealth in San Diego, is resolving to do more networking in person.

"Post-COVID, we've all gotten a lot more comfortable with the concept of virtual meetings," Mescon said. "However, I still believe there's room for more traditional forms of professional networking that, in some ways, may provide benefits that can't be easily replicated online."

Whether it's a prospective client or a business partner, Mescon believes meeting with someone in the real world makes a lasting impression.

"There is still value to looking someone in the eye while shaking their hand," he said.

No more haggling on fees

It's important to have a good relationship with each client, but it's still a professional relationship. That means the advice planners give has a cost, and defining that cost — and sticking to it — can sometimes be a challenge.

Filip Telibasa, owner of Benzina Wealth in Sarasota, Florida, wants to make 2025 the year he sticks to his guns.

"My resolution is to hold my ground when pricing planning services to clients," he said. "More specifically, I would like to stay disciplined in communicating the results of a predetermined fee calculator and not offer discounts for various reasons."

Telibasa doesn't expect this to be easy. When he's behind on revenue goals, he said, sometimes he's tempted to offer a discount in order to catch up. But this is ultimately counterproductive, because he ends up with "more clients to reach the same revenue target." His energy and attention get spread thin, and each client receives a lower standard of service.

In 2025, he wants to break this cycle.

"It's important for us to be patient as business owners and realize our true worth," Telibasa said. "In the end, this will prove fruitful not only for ourselves, but also for clients in that they will receive the highest quality service possible."

A video debut

Social media can be a tricky tool to use. Like all modern professionals, wealth managers know there are ways to use LinkedIn and Facebook to boost their careers, but there's a fine line between underusing these platforms and oversharing on them. And with so many formats available on each app — text, photos, videos, surveys — what's the best way to reach prospective clients?

In 2025, Noah Damsky is betting on video.

"My New Year's resolution is to get in front of the camera and create video content," said Damsky, the founder of Marina Wealth Advisors in Los Angeles. "I've seen others have great success creating videos, so why not try?"

There are many ways to reach a wider audience online. But to Damsky, video seems like the closest thing to a one-on-one conversation. The challenge, as he sees it, will be to keep up a regular schedule of video content and stay disciplined about it — but he's confident he can pull it off.

"I'll be able to stick to it because it's like any other discipline, such as going to the gym regularly or eating healthy," Damsky said. "It takes some work, but it's manageable when you make it part of your routine."

Refocusing on health

Just as they did in 2024, many wealth managers are resolving to take better care of their health this year.

"As you get older, you finally realize how fragile we are, and that without health, there is nothing," said Kashif Ahmed, president of American Private Wealth in Bedford, Massachusetts. "Nothing else matters."

Zigmont, too, pledged to get healthier in 2025. Last year he lost 75 pounds, and this year he's hoping to build muscle and endurance. But with a book tour and a new product launch coming up, he's tempering his expectations.

"As with many people, I'm on a health journey and trying to make small improvements each day," Zigmont said. "I'd love to improve my work-life balance, but I'm realistic that this year isn't going to be a good one for balance. This year will be one of hustle and grind, but hopefully so that I can get to my bigger goals in the future."

Ahmed's resolution, meanwhile, places less emphasis on the hustle and grind and more on wellness — both mental and physical.

"I intend to focus on making sure I take care of my health and spend more time on the things that actually matter, like my children," Ahmed said, "because that has a direct impact on your well-being as well."