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Grant Hicks, CIM
Capacity is the
number one challenge for #financialadvisors and wealth management. There
are only 168 hours in a week, and that is the one thing that is not
changing. How can you build more capacity in 2020? Here are some technology
strategies that I have helped advisors implement to save them time, and you
can too.
Online meetings
One advisor I worked with saved 75 to 100 hours of travel time by offering
clients an online meeting instead of a face to face meeting. The clients
found traffic difficult in their city, so it limited the time to set up
appointments. The advisor thought they would then go to the client's house
to save them time. But who’s time did it waste? The advisor. Instead, he
decided to offer online meetings instead. Not only did it save time, but
the clients also enjoyed it more because the advisor prepared their whole
review using PowerPoint. It then became an emotionally engaging
conversation. Consider using software to do online meetings. Get a good
camera, headset and microphone, and software such as GoToMeeting ( which I
use) or zoom. Check with your firm, branch manager or compliance officer
before proceeding, as your firm may already have it set up for their
advisors. ( full disclosure I do not get any compensation from software
firms recommended in this post, I just like using it)
Online calendar
Have you ever played phone or email tag with a client or prospect to find a
mutual meeting time, only to get a follow-up email that they want to change
it because the time doesn’t work? Then you start the process over again and
it takes months to see ideal clients and prospects because they are busy
people. Sound familiar. I work with some of the busiest and successful
advisors and I can book appointments with them and their teams using an
online calendar scheduler. It is a simple but effective tool for you and
your staff to book appointments. Check out timetrade ( I Use ) or Calendly
or others. Check with your CRM system as all CRM systems should have this
built-in. This will save you and your staff hours per month on emails and
the phone.
Paraplanning
Do you think your accountant puts the data into their software system and
prepares your personal and corporate returns? Or do they have an assistant
that is trained on the software to prepare everything for the accountant,
so they can review and confirm it for their clients? You should be
delegating as much as possible on your goals-based planning software to
your admin or team members. This will free up 10 hours per new client and
if you acquire 10 new clients this year there are another 100 hours saved.
Paraplanning refers to the administrative duties of a financial planner
carried out by junior members of a financial planning group. The function
of a paraplanner was created to allow financial planners to focus on
working closely with clients and identify their investment needs.
Paraplanning includes analyzing clients' needs and researching and
recommending suitable advice aligned to those needs. ( according to
invesopedia.com)
What is your time worth?
If your time is worth $500 per hour then saving 100 hours this year is
worth $50,000. This article then can provide great value to your practice,
only if you implement it. The challenge is investing time to implement
software and train staff. You can also hire this out as well. That is one
of the things we do in our Capacity program, help you implement. Remember
to check with your firm, branch manager or compliance officer before
proceeding, as your firm may already software set up for their advisors.
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