10 Tips to Survive the Financial Advising Busy Season

September 28, 2021

For Wealth Management Advisors, some seasons — like the end of the year and tax season — are busier than others. How can you survive without the burnout? The key is planning ahead, managing expectations and using all the tools at your disposal for a smooth and successful financial planning practice, even during the busiest time of the year.

1. Start Planning Now

Fall is a great time to prepare for the year-end rush and upcoming tax season. Are you up to date on the latest guidelines, auditing standards and licensing? Now’s the time to ask clients for any lingering documentation, set up meetings and clean house. Being proactive will pay off.

2. Reevaluate Your Staffing Plan

Adding a new employee can seem daunting: the cost, the training, the oversight. But consider which tasks you’d like to delegate — and how that will free up time to help you grow your business. You won’t want to wait until you’re in the thick of tax season to add another employee to your roster.

3. Automate Whenever Possible

Online schedulers, client portals, client relationship management software and email marketing software: The tech tools available for financial planners are infinite, and infinitely helpful. Don’t waste time manually posting social media once a day, when you could schedule a batch all at once.

4. Update and Document Your Processes

If you know your client onboarding procedure isn’t quite working, update it now to avoid headaches when things get hectic. Reexamine your client-facing processes like prospect phone calls, portfolio updates and client information gathering. What works well? What doesn’t? Prioritize what would be most helpful to fix in the immediate future.

5. Communicate With Clients

Your clients might be as worried about the end of the year and tax season as you are! Begin the communication process early — maybe move your timeline up one month — to ease any fears and get documents in order before it’s crunch time. Streamline your emails with a convenient paperwork checklist, and use that to get client meetings on the books.

6. Manage Personal and Professional Expectations

For financial advisors who have been in the business for years, this is nothing new for you, your family and your friends. But it’s still a good practice to be honest with your loved ones about your capacity. Same goes for any professional engagements.

7. Schedule, Schedule, Schedule

It’s easy to go a mile a minute when your to-do list seems insurmountable. Instead of checking emails every other minute, block out time for replies and other tedious, but necessary, tasks.

8. Prioritize Your Health

That means prioritizing sleep and exercise, drinking lots of water and packing healthy lunches. You’ll need to be at your best, which means treating your body well. Working until midnight is pointless if you’re struggling through simple tasks the next day.

9. Don’t Be Afraid to Say No

This goes for social gatherings, taking on new clients, scheduling unnecessary meetings or making unrealistic deadlines.

10. Rely on Your Support Team

At Farm Bureau Wealth Management, you have an entire suite of professionals ready to help you succeed. This includes your Regional Manager, legal and compliance, marketing and advertising support and operations team — all of which can help you manage the busy season more effectively. Discover how Farm Bureau can help support your thriving wealth management career today.