5 Ways Financial Advisors Can Increase Day-to-Day Efficiency

Efficiency has always been an important metric in every industry and market. Efficiency ratios, specifically, play an important role in the decision-making process of investments and as financial predictors. Efficiency and time management tend to go hand in hand, and ‘time is of the essence’ is particularly relevant in our line of work.

When determining how to increase your efficiency, it’s important to keep in mind what your day-to-day tasks include. Depending upon whether you are an independent local professional, or you work for a large national firm, your efficiency is dependent upon what has been delegated to you.

Regardless of whether you work in a firm or independently, taking time to look at your efficiency is crucial in becoming a successful financial advisor.

5 tips to become more efficient

Get rid of the email habit: In a world where you have hundreds of clients who have many of needs, particularly hundreds of emails worth of needs, you can easily fall captive to your inbox. Constant email checking divides your attention, which kills your productivity and efficiency levels. Set a specific time to check your inbox (unless it’s urgent), so that you can give your full attention to the client you are currently working on.

Have a client-centric focus: In a world where you have hundreds of clients who have many of needs, particularly hundreds of emails worth of needs, you can easily fall captive to your inbox. Constant email checking divides your attention, which kills your productivity and efficiency levels. Set a specific time to check your inbox (unless it’s urgent), so that you can give your full attention to the client you are currently working on.

It’s no surprise that one of the most important aspects of being a financial advisor is to be personable with your clients. People are more apt to trust you if they feel you are friendly and that you genuinely care about their interests. The better you manage your familiarity with clients, the easier it will become to pinpoint their specific needs and wants.

Set SMART goals: As cliche as it may sound, you’ll see a drastic improvement in your day-to-day efficiency if you have a clear, concise vision of your goals. SMART goals are specific, measurable, achievable, results-focused, and time-bound. SMART goal setting allows you to key in on what high value fixed daily activities (HVFDA’s) and income producing activities (IPA’s) you should be delegating your time toward.

Focus on a niche: Regardless of your profession, focusing on a key niche (or two) will allow you to better target prospects. A broad list of potential prospects may seem the easier route, but in the long run, it is less efficient. If you disregard niching, you would then need to familiarize yourself with, and even master the particular niche that each individual client is in, rather than honing in your skills and expertise to a particular niche or two.

Leverage technology: The most successful financial advisors know the importance of leveraging technology. Technology can be used throughout the whole client lifecycle, ultimately improving your organization, communication, and efficiency. With access to some of the latest wealth management technology, there’s no reason you shouldn’t be able to set yourself up for success.

The demand for financial advice isn’t going anywhere, but without prioritizing efficiency, your productivity is. We have been working hard at Wela to create a product that will help increase your efficiency and delegate your time wisely.

We would love to give you a free demo of what it has to offer you. If you’re interested, reach out to us here. We know financial advisors because we are financial advisors and we’re confident this technology is going to change the game for you.