One of the monumental challenges advisors face in this business is making enough time for clients, prospects, administrative functions, and everything else that needs to get done. So, without any doubt, an advisor’s most valuable resource is their time. As an advisor, your time is worth $25 a minute. (Yes, you read that right...
With fall upon us, prospecting for new clients is about to kick into high gear. An often forgotten first step in preparing to prospect is creating the time to do it. Time management for financial advisors is crucial to ensuring a productive workweek and maintaining a healthy work-life balance.
One of the monumental challenges financial advisors face in this business and especially the RIA space, is consistently making enough time for client meetings, prospects, administrative tasks, and everything else that needs to get done. So, without any doubt, a financial advisor’s most valuable resource is their time.
As an advisor, your time is worth $25 a minute. (Yes, you read that right.) For every minute you work, you could be making $25. But only when you are providing financial advice in client meetings and onboarding qualified prospects. That is the monetary value of your time.
We came to this figure after several practice management studies, seeing what successful financial advisors do with the time they have. And more importantly, we discovered what they don’t do with their time.
If your time is only worth that much when you are meeting with and talking to interested, qualified clients and prospects, what happens to derail that? Some might say compliance. Some of you will answer that it’s service issues. You’re all right. But it can be summed up as one thing. Your production ceiling is created by the non-sales tasks you are doing yourself. These cost you time which in turn can cost you money.
So, the first thing we tell any financial advisor who is looking to break through their production ceiling and get to the next level is this:
“DELEGATE ALL NON-SALES, NON-ADVICE DUTIES TO YOUR STAFF.”
And the second thing we tell them is this:
“ENSURE YOUR TEAM PROTECTS YOUR TIME.”
By study, interruptions can take as many as 23 minutes to refocus and return to a normal workflow. That means for every interruption, you lose $575 just trying to refocus, never mind the cost of the time the interruption takes for itself. (OUCH!)
To that end, interruptions need to be rare, which makes it your team’s job to protect your time.
So, how can you avoid unnecessary interruptions to ensure you meet the $25-a-minute baseline?
Two things.
The Model Day and Daily Planning.
To maximize your productivity, you need to follow our “Model Day Principles.” These principles are designed to help you manage your time effectively and ensure you are focusing on high-value activities.
By following these simple tricks, you can develop momentum and focus. Both things that you will not enjoy if your workday has no structure – or even the wrong structure.
What should you cover in your daily planning session?
The hardest part of doing your daily planning is making it a habit. If you can push yourself to do it for three weeks straight, you will see and feel the benefit, especially when your $25-a-minute salary starts to show up in your paycheck.
Having a time management strategy is critical no matter the type of business you run as a financial advisor. Whether you are still running a transactional business, are a CFP and do full planning, or focus on the ultra-high net worth as a CPWA. It’s all about squeezing more time into your day that you spend in front of clients and prospects. It’s about working smarter, not harder. By adopting these time management techniques, you can reduce inefficiencies and create more time for business development, client service, and your personal life. Tools like CRM systems and automation software can significantly aid in this process.
According to numerous industry studies, the number one thing most financial advisors wish they had more of (besides assets, of course) is TIME.
Our own studies here at Bill Good Marketing show that you are worth at least $1,500/hour in gross revenue when meeting with and talking to top-tier clients and qualified prospective clients.
But how often do you spend meeting and talking with clients and prospects? Probably not nearly as much as you would like.
Fortunately, we’ve developed LOTS of simple ways to get more out of the time you already have. The Model Day Principles described above are some of the best, as they solve the problem of being pulled in dozens of different directions at once. But there are numerous other strategies that can help you create more time-savings to prospect, meet with clients, or do whatever else you want to do!
Learn more with our webinar: To dive deeper into these strategies, watch “Mastering Time Management” featuring our very own Sr. VP of Consulting and previous advisor, Matt Hicken.
Time management for financial advisors is not just a buzzword; it’s a necessity for anyone serious about growing their practice and enhancing their client experience. Implement these time management tips and watch your productivity soar. Whether it’s through better workflow management, leveraging team members, or using tools like Microsoft Teams and LinkedIn more effectively, you can achieve more in less time.
Back in the 1980s, we were the first – literally, the very first – to ever conduct studies on how advisors spent their time.
We were also the first to advocate the team concept, at a time when most advisors preferred to do everything by themselves.
And we were the ones who discovered that financial advisors are worth at least $1,500/hour in gross revenue when meeting with and talking to clients and prospects.
So if at any point in your career, you say to yourself:
Then, it’s worth looking at how our time management strategies can help you create more time, and our marketing strategies can optimize the time you have to double your production or work half as much. Whether it’s helping you build your team, improving your time management skills, or providing you with the tools, resources, and software to make the daily grind easier and more manageable, we can help you. We’ve helped thousands of others do it already. If you’d like to learn more about just how our team can help feel free to contact us!
Every day, thousands of advisors go into their office, close the door, and look at their massive “todo” list. And every day, thousands of advisors make the same mistake. To explain what that mistake is, picture this scenario: It’s time to mow the lawn, so you get out your mower and start working on your front yard. On the ...
In 1985, I conducted what I believe to be the first study in the financial services industry to see what advisors do with their time. During the course of this study, I made a surprising discovery: Advisors were worth at least $1,000 an hour when they were meeting and talking to qualified clients and prospects. I’ve conducted that study again ...
With fall upon us, prospecting for new clients is about to kick into high gear. An often forgotten first step in preparing to prospect is creating the time to do it. Time management for financial advisors is crucial to ensuring a productive workweek and maintaining a healthy work-life balance...
