6 Ways Financial Advisors Can Increase Productivity to Fuel Business Growth
October 6, 2020
Wealth managers face a variety of daily challenges that can make it difficult to find time to both manage existing accounts and recruit new clients. There are only so many hours in the day, after all, so making the most of your time at work is critical to bolstering your bottom line.
Being more productive isn't rocket science, but it does require being more deliberate about how you manage your time. Try these methods to improve your productivity and grow your business.
1. Track Your Time
While you may have a general idea of how much time you devote to a given task, digital time-tracking tools can help you know exactly how long you’re spending on everything from email to social media. And because knowledge is power, this can work to free up more time in your day by highlighting where your biggest drains are.
2. Set Self-imposed Deadlines
A little bit of stress can go a long way in helping you meet your goals. For open-ended tasks like researching new clients, set small goals and deadlines for yourself — and stick to them. For tasks that you tend to avoid, try instituting a reward system for yourself. Knowing that your afternoon latte isn’t available until after you make three prospective client calls might be just the nudge you need.
3. Schedule Yourself
When you’re lucky enough to have some downtime in between meetings with clients, don’t let it go to waste. Block out time on your own calendar for specific tasks to help ensure that they get done.
4. Be Selective With Networking Events
As a financial advisor, it can be difficult to turn down any opportunity to meet potential clients. But not all events are created equal. Before you say yes to the next networking opportunity, take some time to evaluate the quality of the leads that would come from attending. Are they high net-worth? Will there be ample time to build a connection? Will any of your existing clients be there to provide introductions? If the answers are no, consider taking a pass.
5. Give Up on Multitasking
Psychologists have found that attempting to do several tasks at once can actually lead to lost time and productivity. Rather than trying to do it all at once, make it a habit to tackle a single task at a time.
6. Tackle Small Tasks Right Away
Keep your to-do list short by implementing the two-minute rule: If something comes up that you know can be done in two minutes or less, do it immediately. With minor tasks like these, setting them aside and coming back to them later can end up costing you even more time than if you take care of them as they come.
Grow Your Business
Efficiency is only one element of a successful business. Find out how Farm Bureau provides the support, tools and technology you need to grow your wealth management business. Connect with a Regional Manager to learn more.