By this I mean owning land, titles, Church power, political power, a Wizards Tower, Thieves Guild, Rangers Society, Druidic Circles, being part of the Watch or a Knight, and other appropriate power for other characters.
What characters do with this power should become more interesting as time goes by, as they get more confident with it. Perhaps actually going on adventures would become a distraction. This sort of thing will also somewhat replace levelling as the way in which the character grows and changes.
Also – when you give a character something they value, you then have the option of taking it away.