Beverly Flaxington, The Collaborative
In today’s world, with all of the advancements in technology, it seems advisors have less time in the day, but more to do! The problem is that we operate under the false assumption that if we “only had more time,” we’d be more effective. If advisors had more time, they would probably just fill it with more activities. The key is to look at time management not with the goal of harnessing time, but of becoming more effective at using what’s given to you.
Financial advisors who run their own businesses have a particular challenge – manage the staff, work with clients, watch the markets, find new prospects, figure out the budget, pay the bills and so on. Those who work for larger firms may not need to run the business, but they still have compliance requirements, internal meetings and the like. There are many things that “should” be addressed in any given day. And to-do lists only seem to get longer!
What are some keys to personal management to help advisors become more effective? Let’s look at three of them here:
- Take the time to list your goals and priorities. Before your month starts, or your week, or your day, make sure you have taken the time to list the top 3-5 things you simply must accomplish. Once you list them (and make sure you take the time to write them down), list the priorities associated with each one. For example, if increasing client referrals by 15% is a top priority this month, list what you need to do to accomplish this. Don’t leave the steps to chance. Your list could include: Hold an event, send out an email asking for referrals, speak with each client one-to-one, hold a client advisory board meeting, etc. As your tasks accumulate during the day, week and month, be sure that your list always has your top priorities on it also. Do the things that come along, but never at the expense of your priorities. Instead of a general to-do list, have a to-do list in priority order. This can help you to stay focused on the highest-gain things.
- Know what you do well and stick to your knitting! Too many times we try to be all things to all people. The truth is that we all have our strong suits in some areas, and our weaknesses in others. Behavioral styles show us that while we may be excellent at data and quality control, for example, we may not be as comfortable trying to close the deal with a prospect. Or, while I might enjoy the camaraderie of being with my team because I am a people person, I may not like filling out the forms for compliance requirements. It’s important to self-identify what you are good at and what you like to do, and then find ways to delegate those things you are not so good at. For those things that are not strengths – or that you simply don’t enjoy – there are many options: Outsource. Identify team members with different strengths than yours and delegate. Determine whether you absolutely have to do the task in the first place.
- Be critical of your time wasters. We all have them. There are things you do that you know you shouldn’t. There is the client who doesn’t pay you well but who calls to talk your ear off several times a week. There is the market report you don’t really need to read, but you enjoy perusing. There is the site you find interesting, but that isn’t on your list of priority items. There is your “open-door” policy that employees have started to abuse. It’s important to note during the day where you spend time on things that aren’t contributing to your priorities. Keep a journal. Create an Excel spreadsheet with 15-minute time blocks, and keep track of where your time goes. Review it to find those places when you can steal back some of your own time. Then get rigorous about using your time in the most beneficial ways. You might have to say “no” to things you’d like to do. You might have to make difficult choices in what you focus on. You might have to give up a favorite activity, like reading those market reports. There is time for everything that’s important, but only if you give up those things that really aren’t making a difference to the success of your practice.
Before the next week starts, take the time to think about any or all of these ideas. Can you make a commitment to approach time differently so that your personal and professional productivity rises? Even for the most time-efficient among us, there is always the chance to find new ways to take back your time.