When it comes to time management, more than half of financial advisers and financial planners feel out of control. That’s according to a Time Management and Productivity survey from the Financial Planning Association’s Research and Practice Institute.
The same survey found that only 13% of financial advisers felt in complete control of their time. Just 10% felt in complete control of their businesses.
We’re our own worst enemies when it comes to time management
The increased regulatory burden financial planners and financial advisers face is one reason for feeling under the pump. However, it’s not the main reason, according to the survey. Instead, financial advisers really only have themselves to blame for poor time management.
Two of the top three excuses for being bad at time management come down to financial advisers’ own work practices: Here’s what the survey gave as the main reasons financial advisers cited:
- trying to do too much (36%)
- increased administrative burden (31%), and
- procrastination (30%).
Saving time through outsourcing
When businesses grow, workload naturally increases. So in many ways not being in control of time management might seem like a by-product of success. But it isn’t always. At least not if you’re spending too much time on routine work. Alternatively, you could be trying to master tasks or skills which could be better performed by others.
That’s where outsourcing comes in.
According to research undertaken at the UK’s Warwick University Business School, good outsourcing leads to greater “efficiency, access to skills, focus on core business, innovation, modernisation and even business transformation”.
In other words, outsourcing can let business owners – even small ones – tap into skills, technology and practices they simply don’t have the capacity to take on in-house. In the meantime, it can lead to significantly greater fee generation as it sorts out time management issues by freeing up fee earners to take on more paid work.
Adviser Updates and outsourcing
Adviser Updates aims to bring all these benefits out outsourcing to time poor Australian financial planners and financial advisers. That’s because it takes marketing to a whole new level, giving advisers access to the best latest digital marketing practices and expert content without having to pay for full-time employees or expensive software.