2014 countdown: 14 critical mistakes advisers will make next year

(IN) - From ignoring social media to being unable to delegate, advisers who fall into these traps will fail to thrive.

The financial industry is evolving rapidly and advisers need to evolve with it. Each new year brings fresh challenges and opportunities that can be stepping stones to greater success, or stumbling blocks to failure. What are the 14 biggest mistakes advisers will make in 2014? Let's count them down.

14. Forgetting about the next generation

Generation X and Millennial investors will inherit more than $41 trillion by 2052, and even now, 29% of wealthy investors are under age 50 and control 37% of investible assets. In spite of this, most advisers still focus their marketing efforts on aging baby boomer clients whose wealth will gradually diminish as they draw down their retirement accounts. What's left over, plus any hard assets and life insurance payouts, will go to their children. As it stands today, though, those children won't be using their parents' financial advisers. Surveys show that 86% of them will move the money to new advisers. This should be a wakeup call for advisers who want to make sure their book of business will stand the test of time. 2014 is the year to start engaging clients' children in a big way!

13) Keeping an outdated template website 

Most of the adviser websites I see feature the same garbage stock photos of retired couples riding bikes on the beach, dueling bulls and bears, Wall Street signs, or white columns that are supposed to represent who knows what. What's worse, the majority of the content on those sites usually consists of irrelevant articles written ten years ago by someone who doesn't understand our business. In many cases, the advisers I help with their websites are even using similar templates as their competition! 2014 is the year to throw cheap template websites out the window. Today's consumer is more discerning than ever. They crave unique experiences, authenticity, and valuable information delivered in bite-size, visually appealing, and interesting ways.