Broker Check

Time Management

When you join Premier RIA Network of PPS Advisors, Inc. we work closely with you to help ensure that you succeed in growing your own Independent Hybrid RIA firm. This includes coaching you on best practices regarding team and time management.

Typically, once a firm reaches $100 million or more in AUM, it is essential to build a team to foster continued business growth. At PPS Advisors, Inc., we are differentiated by the quality, effectiveness, and enthusiasm of our team. All team members work collaboratively to foster business development, achieve individual revenue goals, ensure the persistency of ongoing revenue, identify new team members, and provide back-up support to one another. Staff members, Directors and Advisors each report on their projects every week.

A key to having a productive team is ensuring that the right individuals are in each role, doing what he/she truly does best. The illustration below shows four of the key roles (for simplicity sake not all roles are shown) and the desirable personality traits associated with each. Following this road map you would hire individuals based on their natural “true north” characteristics. This is typically done through simple personality assessments.

Why is this so important? When team members engage in tasks that aren’t in their areas of strength, it can actually hinder growth. For example, If you are a natural Rainmaker with the requisite skills and traits shown above, you will likely offer the greatest value by focusing on prospecting to add new clients. Portfolio research, daily client servicing, and/or administrative details are best handled by the team members who excel and are motivated to achieve by these tasks. Naturally, as you grew your practice over the years, you were probably forced to wear many hats and old habits may die hard. You may enjoy and be skilled at portfolio analysis and client servicing, but may discover the best use of your time is as a firm rainmaker. Perhaps you burned out on prospecting a few years ago. It is time to get pumped, prepared, and back in the saddle.

At PPS Advisors, Inc. we have observed that the typical Relationship Manager (RM) loves client servicing and handling the details most Rainmakers detest. It is also typical for RMs to be very turned off by the idea of “selling.” Ironically, when they provide exceptional client service, they are reinforcing the decision to choose your practice –over and over again. RMs often have the highest amount of ongoing client contact. An astute RM can be a tremendous source of money-in-motion leads for the Rainmaker to pursue, instead of asking the RM to “sell” the client on a new approach or investment.

Powerful Time Management Tips for Rainmakers

CRM: It is critically important to leverage your CRM to manage business development and outreach campaign activities. Be sure to manage and record all “touches”: email follow-ups, email educational or update pieces, emails with link to your web site, phone calls, one-on-one meetings, U.S. mail pieces, 3-way calls with prospective clients (as well as CPA &/or attorney, client seminar/client appreciation events, webcasts, conference speeches, educational training sessions, blog posts, and social media blurbs.

Travel Days: We suggest traveling to visit with clients, prospects, and centers of influence periodically from Monday to Thursday, targeting 3-5 travel days out of 10 business days. You should plan well in advance and attempt to have 3 in-person meetings on a travel day. As soon as a visit is complete, you’ll want to enter notes in the CRM right away, plan your follow-up, and respond to email and phone messages in between meetings.

Office Days: We suggest that your in-office days from Monday to Thursday will be 5-7 out of 10 business days. Seek to make 50 outbound calls per week with the goal of 7-10 meaningful sales conversations, send 30 emails, and have 3-5 significant business development meetings per week. You’ll use this time to build your travel schedule, creating efficient, clustered geographic rotations.

Fridays can be a powerful planning day. If you make your follow-up calls early in the day, you have the rest of the day to conduct research on prospects for the next two weeks, make travel arrangements, prepare/organize for next week, work with your admin to compile content for upcoming meetings, and submit expenses. You might also spend time in the evenings or on Saturday morning to rehearse your presentations.

Source: Boston Technology, March 2014

Go Mobile: Wealth management prospecting has evolved. Today digital and mobile content delivery is in high demand by your clients and prospects. Instead of visiting with you at your office they may prefer that you visit with them offsite. Increasingly, clients will want to have all their account data at your fingertips on an iPad* study done by Financial Planning in December 2013 found that 59% of advisors were already using tablets in their practices and 87% of advisors were using Smartphones for work. Here are some of ways advisors are using iPads* to optimize servicing and client/prospect visits:

  • Develop polished prospect presentations
  • Present from iPad to iPad
  • Meet virtually, save time
  • Access Client information from anywhere
  • Give clients access to their accounts on their iPads
  • Differentiate firm by offering custom apps
  • Create urgency in sales process
  • Greater accountability, transparency with clients
  • Build lists at events
  • Keep up on industry news
  • Get client signatures more conveniently
  • New ways to connect with prospects
  • Build better, longer-lasting relationships with personal client service
  • Cost-effective interactive presentations
  • Increased mobility (apps replicate in-office systems)

*Source:16 Ways Advisors Are Using iPads to Improve Their Business, Financial Planning, Mar. 2014


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