As advisors, we have good intentions, right? We want to serve our clients well and run
efficient
practices. When was the last time you tried to delegate a task to someone
else?
How far did you get? What stopped you? Do most of your systems (the way you
get
things done) live and breathe in your mind? If so, this article will help you
see
the
benefits of getting those systems out of your brain and into an Operations manual!
Delegation and training, eliminating costly
mistakes
As your practice grows, inevitably, you will want to
offload tasks from your plate to other staff. The availability of help
including para-planners, associate advisors and virtual assistants is a great
way to leverage your time. At the same inference, training on your systems will
be up to you. For example, if you are not using a TAMP (Turnkey Asset
Management Program), you will need to implement a process to monitor and
re-balance your client portfolios. Having a vetted system in place to establish
what needs to happen and when will pay its’ way in dividends to avoid costly
trade errors.
Audit preparation, everyone is informed
I have lived through three audits in my RIA career and
each time there was always a level of fear when the auditors arrived! Yes, the
team had a heads up that the auditors would be there, but it still created
anxiety! As an advisor, the last thing you want is to be asked to provide a
history of your trades over the past 6 months and you have no clue how to
produce that information. Alternatively, if someone asked your staff, what is
your billing process? Would they be able to confidently share (or provide a
resource) to how it is done? Being prepared for an audit starts well before an
auditor arrives. It begins with a thorough analysis of your systems and then
documenting how things are done.
Defined service standards, consistency
Client experiences are the new buzzword, but more
importantly, it speaks to what advisors need to win and maintain clients. It
goes beyond the work we do but adds another layer of ‘how we actually do it’.
From how the receptionist answers the phone, to how a prospect is received in
your office, are important factors to the client experience. Experiences are
their own economic offering. Think about why people go to Starbucks? Is it for
the coffee and croissants, maybe? However, more importantly, people go there
for the empowerment, communication, being known by name, free Wi-Fi and they
can stay there all day! It is about what they experience while at Starbucks.
Baristas and staff are taught how to interact with each customer. There is an
inherent service standard in place. As advisors we should ask, what experiences
are my clients having at my firm? Is it consistent? Measurable? Having a
documented process also allows you to course correct and continually evaluate
how you get things done.
Supports your value proposition
Why should a client hire you? Can you articulate your
value proposition? What are you providing that is unique to the clients you
serve? Advisors who understand the intricate areas of their service operations
are better primed to be able to discuss why a client should hire them. Taking
the time to understand, map and document your systems provides a chance to do
this. The next time a client asks, what fees am I paying and why, you will have
a stronger stance from which to answer their questions.
Succession planning and valuation
The actual process of transferring ownership of a firm
from one generation to the next is often completed by an internal transfer
(heirs or employees) or by an external transfer to another entity. The goal
here is generally focused on limiting disruption to clients, owners and
employees. Many RIA owners have no clear answers when their clients ask ‘who
will be my advisor once you are gone?’ The full scope and considerations of the
succession planning discussion is out of the scope of this blog post, but it is
mentioned to support the advisors quest in documenting systems and pre-planning
if they ever want to sell their book of business. As regulatory changes
intensify, the succession discussion may force many firms to develop and
execute a succession plan. This requires thought, planning, development and
documentation.
At the end of the day, advisors want to be more
efficient, but how? By evaluating your service platform, value proposition and
what experiences you want your clients to have can set you up to experience
greater flexibility in managing your practice, providing instructions to staff
on how to get things done and allow you to spend more time with your clients.
About Cameo Roberson, Advisor Consultant & Financial Coach.
I am a
bona-fide design, systems, workflows and process enthusiast for advisors!
Helping
with tangible ways to support the advisor value proposition throughout the
client
journey.
Looking for ways to enhance your client experience or design and document
Having worked as a Service Advisor, Atlas Park founder Cameo understands the unique needs of clients, how to alleviate operational bottlenecks and the demands advisors face from clients. Balancing the complexities of running a practice and serving clients is often challenging. She shares, "Everything we do, we believe in thinking out of the box. The way we think outside the box is by using the client experience as the top factor in system design. Our systems just happen to help advisors create extraordinary firms. For more information, visit https://AtlasParkco.com
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Compliance and Business Management
FIN Compliance (FinCompliance.io) is a consortium of compliance services including: RIA Consults-Roberson Consults Group, a compliance consulting firm, RIA Review, a compliance-management software tool (SaaS), B-D Review, a RIA/Broker-Dealer compliance management software tool, and FINLancer is a business management portal featuring: E-signature tools; Invoicing integration, Vendor Directory, continuity directory*, business client document portal, and more (available by Q3 2019). Access all services on one site: FINCompliance.io.
Impact
FIN Missions (FINmissions.com) provides business support group sessions for other entrepreneurs. In addition, Cory has volunteered for more than fifteen youth programs in locations such as like S. Korea, China, S. Africa, Thailand, and India.
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