Beverly Flaxington is a practice management consultant. She answers questions from advisors facing human resource issues. To submit yours, email us here.
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
Dear Bev,
I am struggling with a time management issue. I’m very productive and get a lot done, but last year I did not follow through on my commitments to growing my advisory practice. I have a strong team and we have processes in place, but we devote most of our time to client communications and portfolio changes. These are the activities that fuel business, so I am reluctant to spend less time doing them. My preference would be to provide the same level of investment and client service but to find time to grow as well. Do you any tips for me?
David R.
Dear David,
Your question is a common one. Financial advisors in large and small firms struggle to allocate time in the best way. There are a few tricks I have developed over the years. See if any of the following can help you stay on track with your growth goals:
-
Start with a written growth plan. Write down your current state and your desired outcome for success. Commit to numbers. Identify your goals in the different channels such as client referrals, direct mail and working with Centers of Influence. Be clear and specific.
Allocate your growth goals by quarter, then by month, then by week. How many meetings will you need to have each quarter? How many new clients at what asset levels? How much time is needed?
Break your goals into specific steps. Chunk them down as small as possible. Have a weekly plan, and a daily plan. What can you do each and every day to move closer to the overall goals? If the steps are chunked, they are easier to complete.
Consider who else on your team can help with this effort. Can you outsource anything? Do you have resources you can find and leverage to assist you?
Complete a time management “study.” Take two weeks and write down what you are doing every fifteen minutes. Be as specific as possible. Review the list at the end of the two weeks and circle any non-priority items. See if you can identify trends where you spend concentrated amounts of time that are “low-gain” activities (such as typing up notes or researching client questions). You could potentially delegate these activities to others.
At the start or the end of each day, review what you have to do and organize it in priority order. Most people simply make to-do lists and don’t organize the items according to what’s most important. Stay focused every day on what matters most to your success.
Set time limits and watch the clock. It’s easy to get carried away when you are interested in something. Make sure you don’t spent more time than is needed completing your tasks.
Effective time and personal management is often a stumbling block for financial advisors planning for growth. It’s sometimes easier to focus on the things you like to do and the processes already in place. It takes discipline and focus to shift this behavior. Try any one of these suggestions (or hopefully all of them) and see if you can achieve some different results in 2015!
Dear Bev,
We have a small advisory firm and every hire matters. We have had three operations assistants over the last five years and none have worked out. We’re getting ready to pull the trigger on a new person. What can I do to ensure that the next hire is best for our firm?
Dave I.
Dear Dave,
As I am sure you are well aware, your firm’s bad experiences have caused more than just frustration. According to research by Dr. Bradford Smart and described in his book Topgrading, a poor hire can cost a firm up to 27 times salary! I think firms often overlook the importance of hiring, so you are right to seek advice this time.
There are many aspects to consider in making a good hire, but I’ll highlight five really important ones for you:
Many employers are influenced by the interviewing aptitude of a candidate and can be swayed because they liked the person or felt good about them. Be sure you have a list of prepared interview questions and that you are asking behavioral questions to uncover exactly how a person acted and what they did in a former role. Don’t rely on feelings. Have an organized questioning approach.
Solicit input but make sure everyone involved is armed with the same questions and has a “rating sheet” to use so they are watching for certain things you have deemed most important to the role and job.
Have a written position description with clear expectations for success. Lay out milestones for the 1 year, 6 month, 3 month and 1 month mark. Ask your candidate how they plan to reach these milestones. What will they do? What support will they need? Be sure they know what they are going to do next and what you expect of them.
-
Don’t just do references for the file. Ask hard questions like “What was the worst day you ever experienced with this person? Why and what did they do? How did they handle themselves?” Or, “How did this person fit or not fit in your environment?” Get specific.
I also recommend using behavioral profiles such as DISC (Dominance, Influencing, Steadiness and Compliance) and Motivators to learn about a person’s preferred natural style and what they care about. Research some of the tools that are available to see which might be right for your firm. This allows you to have objective conversations with people without being accusatory.
I hope these ideas can help with your efforts with this candidate.
Beverly Flaxington co-founded The Collaborative, a consulting firm devoted to business building for the financial services industry in 1995. In 2008, she co-founded Advisors Trusted Advisor to offer dedicated practice management resources to advisors, planners and wealth managers. She is currently an adjunct professor at Suffolk University teaching undergraduate students Leadership & Social Responsibility. Beverly is a Certified Professional Behavioral Analyst (CPBA) and Certified Professional Values Analyst (CPVA).
She has spent over 25 years in the investment industry and has been featured in Selling Power Magazine and quoted in hundreds of media outlets, including the Wall Street Journal, MSNBC.com, Investment News and Solutions Magazine for the FPA. She speaks frequently at investment industry conferences and is a speaker for the CFA Institute.
Read more articles by Beverly Flaxington
