7 Ways Financial Advisors Can Increase Productivity
December 14, 2021
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.
Try these methods to improve your advisor productivity and grow your business.
1. Track Your Time
Time management, for financial advisors, is one of the most important ways to increase productivity. 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 help you be more deliberate about time management 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 calendar for specific tasks to help ensure that they get done.
4. Take Power Breaks
The goal here is to work smarter – not harder – to grow your financial advisor business. Taking time to step away from your desk and walk around the block can clear your mind and get the blood pumping. Plus, taking short breaks during tedious tasks has been proven to help with concentration. Anything you can do to reboot your system can help increase productivity longer into the day.
5. 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. Will they need your services? 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.
6. Give Up on Multitasking
Psychologists have found that attempting to do several tasks at once can actually lead to lost time and productivity. Business efficiency for financial advisors depends on the ability to manage new and existing clients, but it is difficult to build proper client-advisor relationships when your attention is elsewhere. Rather than trying to do it all at once, make it a habit to tackle a single task at a time.
7. 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.