Financial Planning Practice Management

1. Know Your Firm's Goals ...

To be productive, you need have clear ideas and goals to guide you. This is the starting point for improved time management and productivity: When advisors know where they are headed and what they are trying to accomplish, they can make decisions that increase their efficiency.

2. And Define Personal Goals

Those advisors who felt more in control were more likely to have defined their personal goals, the FPA found. Having a clear plan for yourself is important because it helps you prioritize by clarifying which activities you should focus your attention on.

3. Have an Effective Business Plan

Only 59% of all advisors said that they had a formal, written business plan in place - yet those who had a business plan in place were more likely to feel in control than those who didn’t.

An effective business plan incorporates goals for the business and, often, a description of the ideal client experience. Those advisors who felt more in control were more likely to set specific client retention goals and incorporate team roles and responsibilities into the planning process, the FPA found.

4. Carve Out Time to Plan

Setting aside time to plan can help you bridge the gap between a longer-term business plan and the day-to-day operations of your business. While 49% of all advisors spend at least 30 minutes per week planning their schedule, the solo advisors who felt in control were almost much more likely to carve out that half-hour of planning time than their out-of-control peers.

5. Have a Team

In general, advisors on teams were more likely to feel in control of their businesses. Smaller teams tend to just include administrative staff, but advisors are increasingly hiring other roles, including non-advisor management, the FPA study found.

6. Prioritize Activities

Make a list of the activities that you perform on a weekly basis, and rank them in order of importance to your firm's growth. (Most advisors, for instance, put meeting with clients and prospects on the top of their lists, said the FPA.) Once you know which activities are most important, you can start focusing more of your attention on those.

7. Delegate

After you've prioritized your list of tasks, delegate the ones that are less important to you and your business. Teamed advisors that have greater control are more likely to delegate in the following areas, the FPA said: workflow management, communications plans, and administrative tasks such as business processing, onboarding new accounts and front-line triage and administration.

8. Set a Schedule