Optimizing processes is crucial for any advisor who wants to get ahead in the modern wealth management industry
Optimizing processes and efficiencies is crucial for any advisor who wants to get ahead in the modern wealth management industry.
The financial planner role is constantly evolving and maximizing every minute is becoming increasingly important. As a result, implementing well thought out, proven practice management strategies is now a core requirement.
For Matthew Rodier, CIM, VP, Portfolio Manager, Certified Retirement Specialist, TD Wealth Private Investment Advice, effective scheduling plays an important role in the smooth running of his practice.
“In arranging my schedule and looking two or three weeks ahead, I am constantly trying to optimize my time and create a healthy balance between existing client meetings, new prospect meetings and making sure I have the time to do research and optimize my existing portfolio,” Rodier says. “I also spend time on key elements of my business like marketing and making sure our processes are as clean and repeatable as possible, especially for the onboarding process. I respect my schedule as much as possible.”
Focusing on high-value activities that increase profitability is essential, but, as Rodier explains, what’s defined as high-value will differ from advisor to advisor.
“Some people will focus on cold calling because they are good at that and others will focus on their existing clients in order to create centres of influence,” Rodier says.
“Advisors should reflect on a monthly or quarterly basis to see where they are putting their efforts and finding success. Overtime, you recognize where your strengths are and you can focus more on those areas or try and build on your weaknesses. I focus more on my strengths.”
Focusing on high value activities also provides advisors with something that can often be a struggle to find: time. Rodier encourages advisors to think carefully about how they will spend that spare time, rather than letting it slip away.
“Having that extra time gives advisors the ability to either find a better work-life balance or take some down time in the middle of the day for a quiet lunch or to meditate for a few minutes,” he says. “Personally, if I can find a 30 minute or one hour slot in my day I try to get some exercise in. I find that giving up long lunches and doing a work out instead energizes me for the rest of the day - it keeps me motivated and confident.”
Learn more about growing your business at our upcoming eLearning panel, Successful practice management.