10 ways to jump start time management and productivity
April 28, 2014 1:47 PM
Overview
Many advisers struggle to gain control of their time and business activity, according to a recent study by the Financial Planning Association Research and Practice Institute. Out of the 750 professionals across the country who took part in the FPA study, just 13% felt they had complete control of their time.
The study identified several important habits and behaviors that set apart the advisers who felt in control from those who did not, including the following tips on how to effectively manage time and productivity.
Images: Thinkstock
The study identified several important habits and behaviors that set apart the advisers who felt in control from those who did not, including the following tips on how to effectively manage time and productivity.
Images: Thinkstock
1. Know your firm's goals
To be productive, you need to have clear ideas and goals to guide you. This is the starting point for improved time management and productivity. When advisers know where they are headed and what they are trying to accomplish, they can make decisions that increase their efficiency, the FPA Institute says.
2. Define personal goals
Those advisers 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 advisers said that they had a formal, written business plan in place yet those who had a business plan were more likely to feel in control than those who didnt.
An effective business plan incorporates goals for the business and, often, a description of the ideal client experience. Those advisers who felt more in control were more likely to set specific client retention goals and incorporate team roles and responsibilities into the planning process, FPA found.
An effective business plan incorporates goals for the business and, often, a description of the ideal client experience. Those advisers who felt more in control were more likely to set specific client retention goals and incorporate team roles and responsibilities into the planning process, 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 advisers spend at least 30 minutes per week planning their schedule, the solo advisers 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 advisers are increasingly hiring other roles, including non-adviser 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 advisers, 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 advisers 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
To ensure that priority activities get done, make sure you are scheduling effectively. Although only 28% of advisers said they have a set schedule of tasks and activities, those who do were more likely to say they have greater control.
9. Block out your time
Many advisers try to accommodate clients schedules rather than setting defined time blocks for meetings but that makes it difficult to control your day. Try instead to block out times during the day for certain types of tasks. One-third of advisers who felt in control said they block out time to respond to emails.
Be realistic: The average client meeting lasts one hour and the average prospect meeting lasts 75 minutes, so plan accordingly.
Be realistic: The average client meeting lasts one hour and the average prospect meeting lasts 75 minutes, so plan accordingly.
10. Use a time-tracking CRM system
Formal time tracking is another way to assess if your day is fully aligned with your objectives. Although 43% of advisers have a customer relationship management (CRM) system with time tracking ability, just 17% use it, FPA found. The usage rate was higher, though, among advisers who felt more in control.
