Imagine you\u2019re a prospective client paying a first visit to a financial advisor\u2019s office. What strikes you about the space? Does it look tidy, efficient and well ordered? Or is it messy, cluttered and chaotic? Whether or not an advisor wins a client\u2019s business may well hinge on the answers to those questions.
\u201cFirst impressions are lasting,\u201d says Joanne Ferguson, a partner with Toronto-based Advisor Pathways Inc. <\/b> \u201cYou want to inspire confidence about your ability to handle a client\u2019s finances. And if your office looks disorganized, they may think you\u2019re too busy and look elsewhere.\u201d
A well-organized environment creates the impression that you have things under control, adds Tami Reilly, president of Vancouver-based Get Organized for Success Ltd. <\/b> \u201cPerceptions are important, especially at the beginning of the relationship,\u201d Reilly says. \u201cClients want to feel confident that their financial advisors are on top of things, so you need to convey an aura of competence and professionalism.\u201d
The state of your office also affects employee morale. Studies show that people work better and more efficiently in a well-organized office. A tidy workspace also means you waste less time looking for things and helps you feel that you\u2019re in control of your work life.
Says Ferguson: \u201cAn organized workplace helps to minimize stress because you can find what you want when you need it. It also means fewer interruptions while you search for important information. \u201d
Unfortunately, getting organized is easier said than done. Many of us have to overcome internal resistance before we can tackle the mess. And the longer we wait, the worse the problem usually becomes.
If you need some inspiration, Ferguson suggests, recall a time when you couldn\u2019t find a file or an important note because your office was disorganized.
\u201cWhat were the consequences of that situation, in terms of your ability to work with clients?\u201d Ferguson asks. \u201cWhat did it cost your team financially? What about lost client opportunities? When you recognize the impact of the mess on your business, you\u2019re more likely to resolve to keep it from happening again.\u201d
If you\u2019re feeling overwhelmed, Reilly suggests, start by taking a garbage (or recycling) bag and move around your office, throwing away everything you know you don\u2019t need. If in doubt about something, put it aside to tackle later.
The next step is to group similar things. Designate piles for client correspondence, receipts, project ideas and others.
\u201cKeep a to-do list handy and make notes as you go along,\u201d Reilly says. \u201cWhen you start writing, you regain control and the feeling of being overwhelmed recedes.\u201d
Offices aren\u2019t the only areas that need attention. Boardrooms \u2014 frequently the site of client meetings \u2014 are often a mess because they\u2019re used to store old files and prospectuses. \u201cThe clutter distracts clients,\u201d Ferguson says, \u201cand makes it difficult for them to focus on the business at hand.\u201d
Much of that stored material is probably outdated and easily disposed of, she adds.
What you keep can be stored in an area designated for that purpose. \u201cSome advisors set up a library for client packages and prospectuses,\u201d says Ferguson, \u201cwhere everyone can find what they need easily.\u201d
If space is at a premium, paper files can be stored at a secure, off-site location. Many firms now scan material and store it electronically, which is much cheaper than storing paper data. Electronic information is also easier to archive.
\u201cYou can scan most things, although some \u2018old-school\u2019 advisors still want to keep paper copies of files,\u201d Ferguson says. \u201cAsk yourself: \u2018Why are we keeping this? How will we use it?\u2019 And if you keep it, put it where everyone can access it.\u201d
Exercise caution if you\u2019re thinking of scanning files and destroying the originals, Reilly warns: \u201cFiles take up room but scanning is time-consuming. There can also be problems if a document isn\u2019t scanned properly and the original has been destroyed.\u201d
When moving to electronic storage, make sure you have a good backup system that\u2019s been proven to work. \u201cAlso, have a disaster recovery plan in place,\u201d she adds. \u201cAnd make sure you\u2019re covered, in terms of Canada\u2019s privacy laws, which require you to protect client information, and the Canada Revenue Agency, which requires you to keep records for seven years.\u201d
Once your office is in good shape, the challenge is to keep it that way.
@page_break@\u201cSpend 15 minutes tidying your desk at the end of the day, even if you don\u2019t feel like it,\u201d says Ferguson. \u201cThat means you can start fresh every morning.\u201d
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