The difference between a successful financial advisor and an average expert is the way he manages his time. To become one of the leading advisors, you have to concentrate on activities which grow your practice. And this can only happen if you spend more time prospecting. Given below are some effective ways advisors can implement to improve their time management skills:
1. Keep time aside for prospecting
Many advisors are afraid of prospecting. This should actually be the most important task in your work schedule apart from meeting existing clients and reviewing portfolios. Don’t just think about ‘prospecting’. Pick up the phone and take an appointment. Meet prospects and make an effort to win their trust.
2. Make use of technology
Advisors can easily get absorbed in manual jobs. However, you have to understand that these are activities which will not grow your business. There are several tasks which can be finished quickly with the help of technology. Use mobile applications (such as OFA) to maintain client portfolios, transact mutual funds online etc. Such technology packed tools will help advisors save time and empower them to focus more on other vital tasks.
3. Identify your productive hours
Some advisors feel energetic in the morning whereas some prefer evenings to work on demanding jobs. Understand when are you most efficient during the entire day and keep that time aside for challenging tasks such as contacting prospects or meeting them. Other routine chores like paperwork or replying to e-mails which require less attention can be done later.
4. Maintain a journal
Plan your day carefully. Write down all the jobs which need to be finished in order of priority. Set a deadline for important activities and make sure you stick to it to achieve your goals. Have 2-3 client meetings in a day instead of rushing into several meetings so that you can give sufficient time to each client and have a concrete discussion.