Rich Conley, our Executive Vice President, wrote an article that was recently published over at Advisor Perspectives. In it, Rich talks through the difference between where advisors want to spend their time and where they actually spend it.
As you are likely aware, advisors are overwhelmed with tasks that need to be done on a daily basis. Rich suggests that these tasks can be broken down into three categories:
1. Administrative (billing, reporting, trading, portfolio rebalancing – basically any back-office task),
2. Client-centered (meetings, answering phone calls, writing emails), and
3. Growth-focused (prospecting and marketing).
If you are spending too much time in categories one and two, then your firm won’t grow as quickly. But if you’re spending too much time on category three, then you won’t keep your clients happy for very long.
He goes on to provide an exercise that can help you figure out where your team is spending its time and what that means for the future of your firm.
Click here to read the full article at Advisor Perspectives.