Time management is prioritizing tasks in your business and personal life so you can maximize productivity. The goal is to create an environment that is conducive to maximum effectiveness and efficiency. If you feel you are falling prey to time management culprits, it may be time to start blocking and tackling. You don’t want to put your client experience or your goals at risk. Use our “Time-Wasters Checklist” below to help you identify inefficiencies in your business or areas that might need immediate attention.
As the head of your business, there are things you do and know that no one else does. It’s what makes you a valuable resource and an exceptional financial advisor. As your practice grows; however, the challenge becomes time management. The goal is to keep your practice running efficiently so you stay client focused. The more you try to control everything in your business, you lose the ability to scale your business. It puts your entire client experience at risk.
Creating a “wow” or VIP experience for clients is about building your business around the client. It is going above the expected and delivering the unexpected. Every interaction a client has with you is part of their experience. They are observing you, listening to what you say, and scrutinizing every interaction. They are assessing what they are paying for and the value that is being delivered. Creating a “wow” or VIP experience is about delivering something clients never knew they wanted, at no additional cost to them.
In this unprecedented climate with COVID-19 and market and economic downturns, clients are more focused than ever on their long-term security and protection. Financial advisors and wealth professionals are emphasizing risk management solutions to help complete their comprehensive planning and fiduciary role with clients. Amidst these turbulent times, BGAs and insurance professionals are busy serving clients’ needs with virtual underwriting and coverage solutions.
In the ongoing battle of growth vs. culture which side will win? First, let’s look at the problem. Many companies are watching their bottom line and seeing a pattern. Some are in growth mode; others are seeing stagnant productivity, revenues or clients. Whatever stage you are in, one circumstance facing everyone is the continual changes to client buying patterns and perceptions. Figuring your way through these challenges will determine which side wins in the growth vs. culture battle.
Here we discuss 3 sets of Brokerage General Agency (BGA) metrics firms should consider in their annual business planning. In working with BGAs on their business development, there is a set of questions that continually come up during conversations. The first question is usually “How do we go after new markets…particularly supporting wealth advisors?” The second question is often “How do we set ourselves apart in the industry?” The third question, which might be the most important, is “We had a good year, but growth has stagnated, and we are not sure why?” In this last statement, this is where BGA metrics come into play. It is your metrics that can either drive or hinder your growth, depending on which angle you look at them.
There are a new set of rules for approaching financial advisors and professionals, especially in this COVID environment. Clients are demanding more value and a better experience from their advisor. Fee compression is affecting thousands of advisors and advisory firms. Some financial advisors no longer have individual products or insurance lines as a core expertise in their practice. For instance, some advisors have insurance as an ancillary focus, if they have it at all. Some have chosen to focus on other lines or revenue. Broker/dealers and Brokerage General Agencies (BGAs) stand ready, as they always have, to solve these needs and serve as an objective, consultative resource. The advisory landscape has been evolving for decades, and broker/dealers and BGAs have to evolve their marketing and consulting offerings in turn.