Sharing, delegating that work load

When coaching advisors, one of the most important things our team works on is how to get the advisor focused on the important client-facing tasks and delegate the rest to their team.

What if you don’t have a team? Perhaps you are a new advisor and cannot afford an assistant or maybe you work in an environment where this isn’t in your control. Luckily there are still many options available to get some of these non client-facing tasks off your plate. You just need to be willing to spend a bit of money and think creatively.

The first step is to analyze your list of daily tasks to get a better idea of where you need help. You can use the easy priority system of ABCDE. A are the top priorities. For advisors, these are the tasks related to spending time with clients. B and C are your second and third priorities. Everything in D are tasks that, theoretically, can be delegated to someone else and E are tasks that can be eliminated entirely.

Once you have your list of D tasks, here are some ideas to get these tasks off your plate:

Hire a Professional Organizer If clutter, paper, and a lack of systems are holding you back, a professional organizer is a lifesaver. They will come in and work with you on a project basis to help you clear up your backlog and get you organized to free up time and mental space. Check out the Professional Organizers of Canada for someone in your area.

Enlist the Services of a Corporate Concierge They offer services in a variety of areas. They are a great resource for times when you need help with a specific area such as organizing an event or sending all your holiday gifts to clients, or even making travel arrangements. To find one in your area just search online, “corporate concierge.”

Engage a Virtual Assistant (VA) A VA is someone who can do administrative tasks such as compiling letters or data entry remotely. Depending on their skill set, you could also have them make phone calls and schedule appointments.

Outsource Personal Tasks to Free Up Time Overall By clearing your plate of mundane tasks such as picking up your dry cleaning, mowing the lawn or cleaning your house, you can free up more time for business tasks or maybe even some fun!

Use Technology If you are typing your own letters and notes, automated dictation services such as CopyTalk or voice recognition software can be a great time saver at a reasonable cost. Scanners for paperwork and receipts can be a significant aid as well.

Share with someone else If you are not quite ready to make the leap to hire your own assistant, perhaps there is an opportunity to share tasks with a colleague.

Hire a College Student or your Spouse or Children.

Hire a Bookkeeper to Track your Income and Expenses on a Monthly Basis We often see that advisors do not have a monthly profit and loss statement for their practice. A bookkeeper will help you achieve a clear picture each month of your finances.

One top performing advisor we have worked with tells the story that he used a line of credit and hired an assistant in his second year in business. For the first year, she made more than he did! It didn’t take long for that investment to pay off, though, and he is now enjoying a successful business that allows him to focus on his strengths.

If you were to sit down and figure out your “hourly wage” as an advisor, it is probably anywhere from $100 to $750 an hour. Paying someone $10, $20 or even $50 an hour to allow you to have more time to spend on your revenue producing activities is one of the smartest investments you can make.

April-Lynn Levitt, B. Comm, CFP, is a coach with The Personal Coach. April provides support to Western & Central Canada financial advisors. She has experience as an independent financial advisor and as a top Financial Consultant and Regional Manager in a Calgary office that managed $1 billion for physicians and their families. You can follow April on LinkedIn.

April-Lynn Levitt

Wedding bells — or alarm bells?

Trusted contact restores communication after clients defrauded

Help your client address the volatility of equity compensation