Feeling overwhelmed? You’re not alone. Over 90% of financial advisors struggle with time management issues, says Tyrone Matheson, a business and personal development coach with LMI Canada Inc. in Mississauga, Ont.
The problem, says Matheson, starts with the fact that advisors are usually entrepreneurs. “They’re typically quick starts,” he explains. “They have plenty of ideas but often lack follow through.”
George Hartman, CEO of Market Logics Inc. in Toronto, agrees. Problems with time management are among the most common complaints he hears from advisors.
“As a practice gets larger it becomes increasingly complex and more management is needed,” Hartman says. “And because some people either can’t or won’t invest in systems to handle the extra work, they spend more time managing the business than practicing their craft.”
The following tips can help you improve efficiency and profitability by making better use of your time:
> Manage your email
“Most people check their email first thing in the morning, which immediately puts you in reactive mode,” Matheson says. “Then, they spend time reading and answering messages. Unless it’s related to your appointments for that day, most emails are not that important and don’t require your attention first thing.”
Hartman suggests that you block out two one-hour periods of time — one before lunch and one at the end of the day — to deal with email.
“Remember,” Hartman adds, “that on average, it takes 15 to 20 minutes from the time you stop working and start reading an email until you return to work.”
Social media can be a much bigger consumer of time, says Eileen Chadnick, principal and certified coach with Big Cheese Coaching in Toronto. “Ask yourself if you’re making good use of email and social media,” she says. “Twitter is great, but you can start reading links and quickly get lost, so it’s important to set boundaries.”
> Don’t be a slave to your phone
Telephone calls can be equally disruptive, Hartman says, especially if you take every call as it comes in.
He suggests that you block off a period of time during the day to respond to phone messages, rather than grabbing the phone every time it rings.
> Leave technology to the experts
Some advisors spend time “playing” with office technology, trying to install new software programs or, worse, hardware, Hartman says.
“You’re better off,” he says, “to leave that to the experts.”
> Delegate
One way to free yourself to do what’s really important is to get others to do some of your tasks.
“Delegate work to someone who is capable of doing the job or can be trained to do it,” Hartman says. “It should be someone who values the job, knows it’s important and enjoys it. Then lay out a formal process for their role and responsibilities.”
Delegating can raise trust issues for some advisors, Matheson notes. “Some people don’t think that anyone can do a job as well as they can, so the idea of delegating can be problematic.”
Matheson says he overcame that problem himself with the use of affirmations and goal setting: “I realized I needed other people to meet my goals and learned to let go.”
This is the first in a two-part series on time management. Next: Prioritizing your work