Your time is your most valuable asset as an advisor. Yet as a coach to advisors, I’ve observed how so many of you abuse the time you have by reinventing the wheel over and over again. Doing so only leads to eating up more of your time and effort. It also leads to one glaring realization: the need for systems and processes in everything you do.
You know you need systems and standard operating procedures in place, not only for compliance and succession planning purposes but also to maintain your sanity and ensure what you promised to do is actually getting done. So why are so few advisors implementing systemized processes? The most common objections I’ve heard as a business coach can be broken down into four excuses.
Here are the objections and my responses to each.
Objection 1: I don’t have time to start from scratch
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My Response: There’s no need to recreate the wheel which is why we provide our advisors with sample checklists and corresponding systems to help them hit the ground running.
Start by creating a checklist. This isa high level list of action items that, when combined, becomes the process for accomplishing a task.
For example, say you want to hold a client event. Make a list of everything that needs to get done from start to finish…find the venue, send out invitations, get compliance approval, create the presentation, plan logistics and follow up with attendees after the event. Then add additional details around each task on the checklist. Voila! You now have a written system that ensures the planning process for future client events will run smoothly and in a consistent manner.
If you find yourself staring at a blank page and not knowing where to start, visit PeakAdvisorAlliance.com, click on the Free Tools tab, and enter the code “checklist” to download a sample New Client Processing Checklist.
Objection 2: The Task Is Overwhelming
My Response: The thought of writing a system for every task and process in your office can certainly be daunting. But remember, systems not only save time and make everyday tasks easier in the long run, they can also lead to new clients and increased productivity across the board.