Grant Hicks, CIM
Capacity is the number
one challenge for elite financial advisors.
Why is it that all these marketing firms think we need help in growing our
business? Do they not understand that we have a successful business already and
business is going well. We are growing however, the number one challenge we
have is managing our capacity, as we have too many clients and we're trying to
figure out how we're going to manage it all, not how we're going to grow it.
We don't want to grow anymore
If marketers took the approach that people were already successful and that we
need help in other areas of our business I think they would get a lot more
clients, don't you? The financial advisors I work with are often not trying to
dramatically grow their business. They are not looking for a lot of new
clients. Yes, they would like to acquire a few more ideal clients but only high
net worth, high revenue ideal clients usually 10 ideal families in a calendar
year. What is the number one challenge elite financial advisors face? Capacity
is the number one challenge for most elite financial advisors and their teams.
Imagine if you can get another 200 to 400 hours in a calendar year, what that
might do for your business or your lifestyle in 2021?
How do you build and manage capacity?
There are six areas to help you manage your capacity as a financial advisor.
The first area is segmentation the second is technology the third is practice
management processes the 4th is people the 5th is delegation and the sixth is
time management processes. Let's examine how you can build capacity in your practice
in 2021?
Segmentation
Most financial advisors segment their business every few years. Elite advisors
segment on an annual basis and they usually have two segments not three or
four. They segment based on ideal families and everyone else. They focus on
finding not just ideal clients, but ideal families which generate ideal revenue
for them. They know where they want to spend their time and who they want to
spend it with. Most importantly they know who they want to spend less time
with. I get it you want to spend time with everyone however, they just know
there isn't enough time so they make sure clients are being well serviced by
the people that have the time to do it. This is usually another financial
advisor. Email me at grant@ghicks.com for
a copy of our segmentation guide
Technology
Technology does it better job in doing repetitive tasks than people do. Check
out our technology checklist to see where you can leverage your time by using
technology. The tech categories seem to grow each and every year and practice
management focuses on leveraging technology for financial advisor practices. https://technologychecklist.getresponsepages.com/
Practice management processes
Practice management is about three things. Process , process, process.
Financial advisors know they need three clearly defined and written processes
that they can articulate. Process one is the ideal client acquisition. The
second is the ideal client service. The third process is all the other
processes is that you need to manage your business and your practice
effectively. Get a copy of our comprehensive practice management checklist here
https://practicemanagement.getresponsepages.com/
People
How many ideal clients or families can you manage in a calendar year? Now how
many ideal clients and families can your team effectively manage in a calendar
year? Most elite teams are working past capacity and they know they need more
people on their team yet lack the time to add more people to their team because
training these people takes time. The average advisor trained staff 4 hours per
year. Adding people to your team will give you an extra 200 to 400 hours each
year. at $500 per hour, this is a simple return on investment calculation.
Delegation
You can delegate everything in financial services except prospecting. The more
you delegate to your team and the more processes you have, the more you'll be
able to spend time with your ideal client's ideal families and ideal prospects.
You can also spend more time with your ideal centers of influence. With elite
teams, we go through a delegation checklist and see where we can delegate and
save the advisor a tremendous amount of time by putting processes into place.
Time management strategies
Your goal this year as a financial advisor is to find 100 to 200 hours of extra
time this year. How you do it is up to you. It starts with your calendar and
managing it on a daily weekly and monthly basis. We all have time management
strategies and how is that work well for us. We also have bad time management
habits. In the never ending struggle of important versus urgent, urgent usually
wins, unless you stick to your calendar. I encourage you to segment your
business think about implementing technology training staff or adding staff
delegate and letting go and be really strict with your calendar. Remember elite
advisors usually take 8 or more weeks off every year. They trust their team
because they have processes in place. Take a sheet of paper write these six
strategies down so you can find more capacity in your business this year.
How about your goals for your practice in 2021? Our Practice management
checklist or fee audit checklist
While each financial advisor's practice may have a different approach, advisors
need to
understand where their practice needs help, and will they get the right help
for the right part of their practice. What areas does your practice need help
with? Get a copy of our updated 21- page “Comprehensive Practice Management
Strategies checklist” by going to our website https://www.advisorpracticemanagement.com/about-us or
clicking here https://practicemanagement.getresponsepages.com/
Fee audit checklist for ideal prospects, click here https://feeaudit.getresponsepages.com/
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