Many financial advisors want to simplify their business operations in the new year. This desire for efficiency is understandable given the time constraints many advisors face.
In a J.D. Power survey, nearly one-third of financial advisors said they don’t have enough time to spend with clients. They reported spending 41% more time each month than their peers on non-value-added tasks like compliance and administrative work. Advisors who lack time to dedicate to their clients often report lower client satisfaction scores.
This underscores the need for strategies to improve efficiency and free up more time for meaningful client interactions. But short of adding hours in the day, how do advisors carve out more time for clients?
Below we’ve included some tips to help you reduce your administrative burden in the new year so you can focus on client satisfaction.
1. Automate Communication and Processes
Business automation is no longer a luxury—it’s a necessity. Financial advisors can use technology to streamline communication and automate repetitive processes. Automation can help reduce their workload and enhance client satisfaction.
Sending automated birthday cards to clients is one of the easiest strategies to put in place. An automated birthday card service eliminates the stress of remembering and sending birthday cards on time. Automated services like The Birthday Company handle the process of selecting a card, printing your signature, addressing the envelopes, and mailing the cards. You can show clients you value their business without adding more work to your plate.
Automation can also help you track key client information. Many financial advisors track client interactions, preferences, and goals in their CRM. But according to a survey by the Money Management Institute (MM) and Aon, one-third of financial advisors don’t use their firm’s software, including customer relationship management (CRM) systems.
When exploring a CRM for your business, rank your needs. Do you need help scheduling appointments? Sending regular communications to clients? Make sure the CRM you’re considering integrates with your existing tools and software so you don’t have to jump through hoops to get everything set up.
2. Delegate and Outsource Tasks
It’s not always easy to let go of control and hand off tasks to other team members. But delegating or outsourcing even small tasks can significantly reduce your workload. It allows you to focus on high-value activities that impact your clients and grow your business.
Take a close look at your team’s structure and capabilities. To delegate tasks, you have to understand each team member’s roles and responsibilities. Work flows better when everyone understands their role, and you can also avoid the pitfalls of micromanagement.
If you have a small team or tasks that need limited in-house expertise, consider outsourcing them to a virtual assistant (VA). Virtual assistants can tackle a range of non-core responsibilities. This includes calendar management and scheduling, email correspondence, basic research and report compilation, data entry, and basic bookkeeping.
3. Prioritize and Time Block
Mastering the art of prioritization can increase your productivity. Start by saying ‘no’ to non-essential tasks. As a financial advisor, your time is valuable. You want to focus on activities that contribute to your clients’ success and business growth.
Politely decline invitations or requests that don’t align with your core objectives. Remember, every ‘yes’ to a non-essential task is a ‘no’ to something more important.
Consider creating a structured daily routine by blocking out your workday on your calendar. Assign specific time slots for tasks like client meetings, market research, administrative work, and business development. Be strategic about timing, choosing time slots when you’re most likely to be successful at each task. If you’re a morning person, schedule your most challenging or important tasks early in the day when you have the most energy and focus.
By giving each task a time slot, you create a clear roadmap for your day. This will reduce decision fatigue and increase your focus. Don’t forget to schedule breaks—even a short break between time blocks can refresh your mind.
4. Use Technology for Client Communication
Technology gives financial advisors powerful tools for streamlining client communication. Video conferencing has revolutionized the way advisors interact with clients. Platforms like Zoom, Microsoft Teams, and Webex allow you to host face-to-face meetings without the travel time. Video conferencing helps you be more flexible to accommodate your clients’ busy schedules.
Online client portals are also indispensable tools for communication. On these secure platforms, clients can access their account information, view reports, and track their financial progress. By providing this self-service option, you reduce the number of routine inquiries and give clients a sense of control over their information. You’ll also save yourself valuable time.
5. Stay Hungry for Knowledge
Since the industry is always changing, financial advisors must be open to new approaches. Look to the most successful, top-performing advisors in your area and find out what they’re doing to save time. Once you’ve done your research, integrate these insights into your own practice. You might find an advisor who has a hands-off marketing strategy for improving customer loyalty, or a client onboarding process that practically runs itself.
Joining industry organizations is another great way to stay connected and informed. Organizations like the Financial Planning Association (FPA) or the National Association of Personal Financial Advisors (NAPFA) offer valuable resources, networking opportunities, and access to cutting-edge research. Industry conferences are often a great place for gathering new ideas and approaches to try.
6. Save Time by Sending Automated Birthday Cards
The new year is the ideal time to start expressing your gratitude for clients. Clients who receive automated birthday cards or birthday gifts may view your business more favorably and be more likely to do business with you in the future.
If you’re looking for a way to set your business apart this year while saving time in your day, The Birthday Company can help! We handle all the work for you—just send us your birthday lists and we’ll take care of the rest.
Request a free sample birthday card customized to your business today.
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Have a free sample of one of our business birthday cards mailed to you and see for yourself why you should use The Birthday Company for all your corporate birthday card needs.