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12 CONNECT | SUMMER 2014

What Happens WhenAdvisors Need Advice?

We have been ingrained with the clichénotion, “If it ain’t broke, don’t fix it.”When it comes to growing your business,

however, missing opportunities to perform at an opti-mal level can cost both time and money. Aside from thequantitative results, added stress from working too hardon the wrong areas can lead to burnout. Being open tothe idea of evaluating your most common tasks forpotential improvements can provide results you may nothave even considered a possibility.

“Simple changes, over time, can make a big differencein realizing a more efficient, profitable and satisfyingbusiness,” said Chris Kirby, practice management seniorbusiness consultant at Securities America.

Putting a dollar amount on process inefficiencyFrom a financial perspective, how much are you losingwhen you don’t eliminate low value activities and re-place them with higher performing options? Before youaddress a specific workflow, think about how you andyour team spend your time at the office. The followingquestions can help you identify a process to work on:

• What is your most common process?• How many people are involved in that process?• How much time does it take per person?• What would happen if you stopped doing the process?• If you need this process, what can make it more efficient?• How else could that time be spent?

Examining the tasks that take the most time and assessingthe value they produce can increase efficiency. While

some areas cannot be changed due to their necessity inyour business, you might be pleasantly surprised howmany potential adjustments can have big results.

Taking an honest, sometimes difficult look at yourclientsKirby often counsels advisors on the necessity of match-ing their time to the clients who can help them grow theirpractice. All clients deserve excellent service, but as a busi-ness owner, are you maximizing the time that will resultin your success as well?

In a 2013 blog on financial-planning.com, Kirby talkedabout evaluating your client’s revenue contribution versustheir time usage. He posed the question: If 80 percent ofyour revenue comes from the top 20 percent of yourclient households, do those households get 80 percent ofthe total time your practice spends serving clients?Consider tracking your time and looking for ways toincrease efficiency by reviewing how you allocate yourclient-focused time.

The ongoing drain of unnoticed inefficiencies can be afactor in career burn out, regardless of how much youenjoy your profession. The emotional demands of sup-porting clients through life’s ups and downs – frommarriage, new babies and large purchases to divorce,job loss and death of loved ones – can be draining aswell. Economic conditions such as market volatility canadd an additional layer of stress for you, your clientsand your staff.

While you can’t control the markets, and supporting

Increasing Productivity and Avoiding Burnout

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clients through life stages goes with the job, you cancontrol where you and your staff focus your time. Work-ing smarter rather than harder lets you reallocate your timeto more important tasks, whether that’s growing yourbusiness or increasing your time away from the office.

Turning to a source familiar with advisor needsSo, who should an advisor turn to for advice? Whenyou are the one who counsels others, finding a trustedresource for the advice you need for your own personaland professional wellbeing can be difficult. Participat-ing in coaching programs provides the perspective youneed to objectively evaluate your practice, as well asthe tools and templates for implementing processimprovements.

Kirby has worked with hundreds of advisors throughSecurities America’s group coaching programs, studygroups and individual advisor consultations. Hisinsight about small changes has led to many successstories from advisors who took the time to step back,take advice and implement the steps to grow.

When you look at your own practice, you may or maynot have a process already identified to improve. If youdo not, think about the most common tasks you andyour team complete every day. You may be surprisedhow small adjustments can have a large impact that canimprove productivity, increase revenue and help youavoid burnout so you can continue to do what you love– help clients.

“Simple changes,

over time, can make

a big difference in

realizing a more

efficient, profitable

and satisfying

business.”

- Chris Kirby

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After 20 years as a financial services professional, advisorGreg Huck of Sydney, Neb., was still interested in im-proving his practice. From the outside appearance,Huck had built a successful business. His wife workedwith him, they had a great assistant, and his son hadstarted to follow in his footsteps. In spite of that success,however, he knew his business and his team had the po-tential to create greater growth and client satisfaction.

In 2013, the small broker-dealer with which Huck wasaffiliated merged with a larger company, SecuritiesAmerica. Despite the challenges of transitioning hisclients, Huck decided to maximize the opportunitiesthat change created. He found that missing piece forimproving his business after participating in a coachingprogram at his new broker-dealer

Finding solutions for problems you have yet to identifyAlthough some of the other participants came into thecoaching program with specific areas in need ofchange, Huck and his team worked well together, withno obvious issues that needed to be addressed. Still,his commitment to growing his business led him toovercome any initial hesitation, and embrace the pro-gram facilitator’s suggestion of focusing on oneprocess to improve.

At one point in the coaching session, the topic of usingan agenda in the client meeting came up. When thequestion was asked, would you go to any meeting with-out an agenda – Huck knew he had found a formalprocess to focus on. The coaching workshop exercisesopened his eyes to create a standardized client meetingprocess that would improve the workflow for not onlyHuck but his entire office.

Setting clear action items to solve the problem“The client engagement and meeting plan had alwaysbeen in my head. After the initial coaching programworkshop, we took it and put in on paper,” Huck said.“We sat down as a team and mapped out the flow.

Now, from the time the client sets an appointment, allsteps are planned.”

This process created:• An agenda (all meetings including internal meetingsnow had one)

• A conversation summary for the appointment• Recommendation agreement that gave action itemsfor the client and staff

Planning the steps was the first part of the process, butthe success would hinge on the entire team using itconsistently. Huck’s team outlined how to take elementsof the process, bundle them and share them with thecustomer.

An unexpected piece of this story is that internal andexternal branding became a focus of Huck and his of-fice during the process as they started creating agendasand other documents. Huck realized that they hadnever promoted their own name as their brand. Theyembraced this change and noticed an increased level ofprofessionalism from the whole staff.

Enjoying the rewards of improved efficiencyWith the new process in place, Huck’s team soon sawa new level of engagement from clients. Diligently fol-lowing all the steps outlined, the improved clientresponse was only part of the increased productivityin the office.

Both clients and staff were empowered in the process.Following an agenda allowed Huck to be consistent inthe conversations he had, preventing missed opportu-nities to discuss assets. The follow-up process allowedclients to take ownership of their action items. Clientsno longer left the office with good intentions that werelost in the everyday demands of life. They had clearlydefined tasks they were engaged in completing. Everyonein the office understood their part and could hold eachother more accountable.

14 CONNECT | SUMMER 2014

Finding Room for ImprovementAn advisor shares how the simple review of a common process led to enhanced workflow,increased AUM and better work-life balance

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Gaining an improved work-life balanceHuck admits he loves what he does and is not the kindof guy to slow down at work. Even though he haswatched his son succeed in the practice, he can’t imagineretiring anytime soon. He acknowledges the improvedworkflow enables him to delegate more and seize addi-tional opportunities to spend time with his grandkids.

Before putting processes on paper and standardizingfor the entire team, Huck served as the point personfor everything, never allowing him to step away. Usinga new client meeting protocol, everyone on the team isempowered to do their job. His team looks forward tosystematizing more processes to gain efficiency.

Using Huck’s example to get started on your own planto increase productivityA very collaborative leader, Huck followed these steps:• Discuss, Decide, Delegate.• Discuss your vision and ideal outcomes. • You don’t have to have all the answers.• Decide on specific areas of improvement. • Once your team realizes your vision/the ideal, theydecide on the change(s).

• Delegate (fully let go) to your capable team members. • Focus on communicating: Define tasks/Declareresponsibility/Set deadlines.

Huck is quick to add that this was a team effort. Witheveryone on his team engaged, the success of thisprocess was practice-wide.

SUMMER 2013 | CONNECT 15

With the help of his team, Greg Huck has been able to implement plans

to increase efficiency and productivity in his practice.

Left to right: Greg Huck, Linda Huck, Deanna Volkmer and Mason Huck

For ideas to help you increase efficiency and productivity in yourpractice, turn to page 45 to download the“Blueprinting YourWorkflow Guide.”

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