Advisor’s Expertise: Tips for Saving Time in Your Practice

Advisor’s Expertise: Tips for Saving Time in Your Practice

So you want to expand your business. How will you find the time?

A recent survey showed that financial advisors spend 20% of their time on purely administrative tasks. On top of the paperwork, digital or otherwise, you need to spend quality time with current clients and promising prospects. Customer portfolios must be kept current to reflect market trends and their changing needs. Meanwhile, you need to stay informed on the latest financial trends and products, macro-events and technological change. It’s hard to find time to sleep.

The study also revealed that the average advisor spends only ten percent of the day on finding new clients. This task isn’t easy – it takes patient effort to cultivate a network of fruitful contacts and develop the authentic personal and professional relationships that lead to referrals. All of this effort comes before you’ve even exchanged business cards or arranged a call with a prospective client – time again is the key.

How can the time-strapped advisor improve efficiency and lay the foundation for continual business growth? Our featured author suggests examining your portfolio management practices and developing an openness to approaching the matter in a fresh way.

Begin by reexamining the idea of outsourcing some of the work involved to home office or third-party asset managers. There was a time when this approach was considered less effective than the advisor-managed portfolio, but technological and market changes have altered the situation.

A range of tasks can be reliably outsourced, including asset selection and due diligence. Third-party portfolios can now be constructed in ways that flexibly provide for the particular needs of clients – technology improvements mean that one needn’t be hamstrung by a lack of choice and control, as in the past.

For more information, please read:
5 Simple Ways To Stop Wasting Time In Your Practice | Financial Advisor


Good Ways to Make Face-to-Face Meetings Happen The Elite Advisor – How to Take Your Game to the Top