4 Areas it Pays to Reinvest In

November 9, 2021

You work the hours. You cold call the future clients. You build the relationships. Your business’s growth is the product of your diligence and determination. What will you do with the profits?

As hard as you work, it’s just as important to regularly take a step back — to press pause on the external business development — and focus your attention internally. This is where reinvesting in your business comes in. Using your profits to improve your overall business operations will pay off in the long run. Here are four key areas for wise financial advisor business reinvestment.

1. Staff

Smart growth requires smart staffing. What do you do best? And what would be better offloaded to a new employee or partner? If you’re spending too much time on payroll or marketing, for instance, a part- or full-time employee may be the answer. Or perhaps you’d like to add a junior advisor to your financial planning business to help with your client load. Before you post that job ad, make a plan. It’s crucial you do your homework about all the time and costs involved; training, insurance, equipment and management add up.

2. Professional Development

Whether you entered the wealth management industry last year or 20 years ago, staying up to date on the latest trends, regulations, strategies and best practices can help you level up your business. Good news: Virtual training opportunities are aplenty now, so you don’t have to hop on a plane to attend that workshop or conference. Farm Bureau advisors have access to webinars and a library of training content from RBC via Gateway.

Interested in a more formal learning experience? Investigate online classes in marketing, business management, leadership and more at your local university.

Professional development doesn’t always have to be so formal. Browsing an industry email newsletter is the perfect way to start your first 10 minutes at the office. If listening’s your thing, download an audiobook from the library or find a new industry-related podcast.

3. Time Off

Remember: Your business depends on you consistently bringing your A game. All too often, financial advisors feel obligated to always be on the clock, and neglect work-life balance. That can only last so long before it will negatively affect your personal and professional life. To combat this, be more rigid in your work hours and regularly take time off — no excuses. See how Farm Bureau prevents financial advisor burnout.

4. Technology

Digital solutions can help financial advisors put their clients front and center. After all, less time managing your books or email communications means more time providing and growing your expertise. Tech tools like a client relationship management (CRM) software, online scheduler, risk assessment software and account aggregator can easily streamline your business operations.

Farm Bureau’s Wealth Management Advisors have access to Money Guide Pro, Riskalyze, RBC Black and RBC Gateway platforms to manage portfolios, accounts, reports and more.

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