Stressed-out financial advisors would be wise to heed the advice they often preach to their clients – develop a plan and follow it through – in order to build a more time-efficient and rewarding practice. But many advisors are so focused on developing financial plans for their clients that they neglect to create workable schedules for themselves.
The most important challenge in getting your time under control, says Joanne Ferguson, president of Advisor Pathways Inc., an organization that offers consulting and coaching services to the financial services industry, is to look at where you are and where you want to be – and how you can reach your goal.
Says Ferguson: “It forces you to take ownership and accountability on how to get there.”
Follow these time-saving steps to help you manage time, improve your efficiency and reach your business and personal goals:
– develop your own long-term plan
While advisors are experts at developing financial, investment, retirement and other plans for their clients, Ferguson says, not enough advisors take the time to reflect and develop a process for the activities they must engage in and the tasks they must accomplish each month.
As well, you need to plan ahead and define a reasonable picture of what your practice should look like over the long term. Some examples: How can you best ensure client satisfaction? How many clients would you be able to serve adequately? What should your average client look like in terms of age, assets and profession?
With a plan in hand, Ferguson says, you will be able to develop processes aimed at achieving your goals. This will keep you out of the “reactive mode” mentality that forces many advisors to lose sight of their priorities.
– develop a client road map
Bob Simpson, president and founder of Synchronicity Business Coaching Inc. in Mississauga, Ont., insists that the advisors he works with develop a road map for dealing with their clients.
As a hub of all your interaction with your clients, your road map breaks down how and when you should interact with your clients – whether over the phone, face to face or digitally – over a period of one to two years.
Simpson says that every client road map should have a defined purpose and agenda so that all discussions remain focused.
“When you have a client on a [road map] plan, you won’t experience any time-management problems,” Simpson says. “Instead, most days are planned. You can come in, fulfil your client obligations, do your planned activities and go home. End of time-management problems.”
– develop client meeting prototypes
Building off your client road map, your next step is to refine your plan by finding ways to achieve maximum efficiency when dealing with your clients in meetings.
Consider developing a tailor-made schedule or a meeting prototype for whatever type of client meeting you are undertaking.
“You can develop meeting prototypes for annual reviews, investment planning meetings, retirement planning meetings and so on,” Simpson says. “When you find the best way to achieve results in all the wealth-management areas [for your clients], you will save yourself hundreds of hours of work.”
© 2012 Investment Executive. All rights reserved.