[updated article; original publish date 12/14/22]

1 Reflect

You can start by reviewing your notes from the past year.

• What did you set out to do? 
• What did you accomplish?
• Which goals were prioritized or deemed unimportant? Is that still the case?
• Which commitments did you fall short on? Do you have time to reconcile, or should you reset expectations?

Try to end the year on a high note by celebrating your successes. Then be clear about what you should carry over to next year’s business plan.

2 Schedule annual plan reviews

Pull out your calendar and finish scheduling your annual reviews with plan sponsors. Take a close look at each client’s objectives for this year, the strategies you deployed, and the results.

Identify what worked and what didn't

Group the wins, so you can double down in these areas—and see if there’s anything you can carry over to other clients. Then assess any shortfalls. Identify the reasons why outcomes didn’t meet expectations and use this opportunity to make improvements.

Take inventory of your clients’ objectives and goals

• What do your clients want to focus on for the new year? You can help them set quantifiable goals. 
• Are they focused on greater retirement readiness for plan participants? If so, what’s success look like? 
• What percentage of participants do they want over the threshold in the next year? In three years or more?

3 Plan your requests for proposals

Identify which clients have expiring provider agreements in the upcoming year and initiate the review process with them. 

• Are they happy with their providers? 
• Is a brief benchmarking exercise enough? 
• Are there ongoing issues? 
• Is it time to initiate a more formal request for proposal? 

Speak to your clients to ensure you’re aligned. Then start gathering details to contact competing providers. Consider spreading your RFPs over the year to balance your workload.

4 Outline your participant education strategy

If you typically leave employee education to the providers you work with, this will be a quick step. If you’re more hands-on, you might consider the following:

• How much time each week or month can you dedicate to education?
• What percentage of that time goes toward one-on-one discussions versus giving seminars to larger audiences?
• Which approach is the best use of your time?

Focus on improving financial wellness

Schedule educational seminars and invite your clients to join. Look for timely topics to focus on, such as how to build financial resilience and reduce longevity risk—or the potential to outlive your retirement savings. You can start by sharing our participant-focused webinar series with your clients, who can pass this information on to their employees.

Discuss longevity planning strategies

Discuss with your clients how increased life expectancy affects retirement income needs and plan sustainability. Visit our prepare for a better retirement hub for the latest research, articles, and educational materials on longevity and retirement planning. Share actionable insight with your clients so they can help participants prepare to live longer and better lives.

5 Develop a plan for prospecting

If you’re focused on expanding your business, evaluate your prospecting strategies. Consider incorporating online prospecting tools if you haven’t already.

From the comfort of your home, you can:

• Locate businesses in your preferred geographic region
• Find specific plan types you want to service 
• Identify plans with underperforming metrics or poor plan design

Once you have a list of prospects, you can use social media, including LinkedIn, to find common interests or connections. Having a mutual bond can make for a warmer introduction when you message them.   

6 Find ways to optimize your practice

Consider where you can streamline your processes, save yourself time, and reduce your overhead costs. Even making small changes can make a big difference over time.

• Which repetitive processes can be automated or eliminated? 
• Can you save money by outsourcing tasks or integrating AI technologies?
• If you haven’t already, do you want to make your website self-serviceable to save yourself time?
• Where else can you reduce spending? 

7 Update your compliance calendar

If you don’t already have an annual compliance and ERISA calendar, consider creating one. Given the changing legislative and regulatory landscape, a calendar can help you stay organized and on top of important deadlines for retirement plan sponsors. Share your calendar and send reminders to your clients to help them maintain compliance and avoid penalties for late submissions. Some key dates include:

• March 15—Deadline for highly compensated employees (HCEs) to receive refunds for prior year ADP/ACP testing failures (not applicable for eligible automatic contribution arrangements). Failure to meet the deadline will result in a 10% excise penalty to the plan sponsor for any refund amounts that were due to the HCEs.
• April 1—Deadline for taking your first required minimum distribution (RMD) in the year after you reach age 73, with subsequent distributions due by December 31 annually.
• July 31—Deadline for Form 5500 filings or extension requests
• September 30—Deadline for summary annual reports to be sent to participants (assuming the plan has a December 31 year end and hasn’t filed a Form 5500 extension)

8 Determine your continuing education needs

Do you have certifications or licenses that require continuing education credits between renewals? Know how many hours you have left for each, when you need to complete them, and find events and seminars that will help you get there. Mark any renewal deadlines for the upcoming year, so you don’t let any licenses lapse.

Turn your checklist into a business plan

A financial planning checklist is more than a year-end task—it can serve as the foundation for your annual business plan. You can use your checklist to identify growth opportunities, set measurable goals, and create your strategic plan for the year ahead.