There are a lot of tasks that must be performed in order to build a successful advisory business. Each task must then be analyzed and if inefficiencies are present they must be addressed. As a solo practitioner, you must be especially conscious of this since there is a limited amount of time available. Last week I identified and resolved some of these issues.
Months ago, I chose ACT as my customer relationship managment (CRM) software. I have created additional tabs and fields to allow me to gather additional information. Here’s what I did. In preparing financial plans for clients, the speed of the process depends upon you and the client. The client must provide you with the required information in a timely manner and you must use this information to hold up your end of the agreement. I can control my end just fine but sometimes the flow of information from the client can require a prompting from the advisor. Since necessity often is the mother of invention, I made some decisions as to how I would handle this.