You can improve the efficiency of your practice significantly by establishing repeatable processes for routine, predictable activities.
“Repeatable processes enable consistent execution and foster a uniform client experience,” says Nadira Lawrence-Selan, marketing and communications consultant with Hathleigh Consulting in Woodbridge, Ont. “They can also help financial advisors better manage their own time as well as that of their team.”
There are many aspects of your business that involve routine tasks, such as client on-boarding, communication, client-relationship management (CRM) and lead generation. These activities involve repeating the same processes. Therefore, if you standardize the processes involved in these activities, repeating them becomes easier.
You can still be flexible, Lawrence-Selan says, because “you might not be able to fit all clients into the same box.” For example, some of the services required by high net-worth clients will be different from those of average retail clients.
“Depending on the size your client base,” Lawrence-Selan says, “you could either make exceptions or have separate processes for different segments.”
Either way, certain elements of your process should remain consistent, such as your CRM system.
The goal, she says, is to make managing your workflow easier, saving time and effort. While your assistant or other staff members can complete repeatable tasks, you can concentrate on what you do best. Below are some ways to create repeatable processes:
> Map it out
The first step in developing repeatable processes is to map out your workflow, Lawrence-Selan says. This step will allow you to clearly see all the tasks that are routine and are applicable to all clients.
“You may wish to prepare a grid that shows all your activities and events on one bar,” she says, “and what’s involved in completing them on the other bar.”
For example, client onboarding requires the completion of specific documentation, and you may have different types of accounts, such as registered and non-registered. Lawrence-Selan suggests that you prepare clearly identified packages of information for the various types of accounts; each package would contain all the relevant forms and a checklist of what must be completed.
This would not only save time but could exempt you from involvement in completing the documentation yourself.
“Better still,” Lawrence-Selan says, “you can have the packages online for greater efficiency.”
> Document your processes
Document each step of your processes that are repeatable and prepare checklists for each process — as if you were preparing an instruction manual.
“Think of the instructions to set up your phone,” Lawrence-Selan says. “They go through [the process] step by step.”
The same set of instructions might apply to several models of the phone, with some variations. These variations, she says, “are somewhat equivalent to different client types.”
This strategy would make implementation easier and allow you and your staff to repeat each step without having to think twice. For example, you might outline the process you follow when you acquire a new client — such as sending the client a welcome package, establishing a client review schedule and entering the client’s information in your CRM system.
> Use your technology
You must make use of the most appropriate technology to maximize efficiency. Lawrence-Selan says the grid you prepared would show that you perform several repeatable tasks, which are integrated.
You might normally maintain client data, prepare financial plans and client statements, monitor performance, communicate with clients and schedule meetings. With an efficient CRM system, for example, you will know what you have to do for each client because the process is repeatable for all clients.
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