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In this “Ideas from the Lab” blog, we’ll explore how technology can help you regain, manage, and protect your time, so you can do more of what matters most.
Harness technology to reclaim your most valuable asset—time.
“To produce at your peak level, you need to work for extended periods with full concentration on a single task, free from distraction,” according to Adam Grant.
Easier said than done, right? There are many activities that interrupt daily focus on revenue-generating activities. Here are two ways you can leverage technology and operations to offload tasks that aren’t a good use of your time:
If you’re looking for your technology to help you gain efficiency and scale, it starts with defining your processes. Define key processes such as account opening, client review meetings, or money movement, and explore how you can keep yourself out of it. If you have support staff, how can you be as little involved as possible in the firm’s day-to-day operations?
List where you must be involved and figure out how to solve for everything else. For example, you may need to:
Take action:
Get started building or expanding your use of workflows with our 10 tips for implementing workflows.
Anything that you have to do on repeat is likely not a high-value use of your time. List your most common tasks and categorize them into low- versus high-value. How can you use technology to automate, especially those that are not high-value?
For example:
When business tasks have appropriate automation or delegation, there is more time to focus on the business versus in the business. According to Capital Group’s “Pathways to Growth Advisor Study 2022,” spending one hour a week on activities such as goal planning, or approximately 1% of your time, can result in 3% greater growth.1
Take action:
“Want something done? Give it to someone busy.” — Benjamin Franklin
In order to increase the time spent on the business, many successful advisors micro-manage their calendars (and time) with meeting scheduling tools (i.e. Calendly), workflow tools (i.e. Hubly), and time-tracking software (i.e. Toggl Track)3. You define how you want your calendar to look and use technology to manage it. Here are two ways to define your time so you can manage it using technology:
Time blocking requires you determine what you plan to do, and when you’ll do it, in a given day or week. Consider the categories of work that you need to do and design your ideal day and/or week. Additionally, many advisors benefit from having a maximum number of meetings per day.
For example:
Monday | Tuesday | Wednesday | Thursday | Friday |
9:00-12:00 1:00-4:00 4:00-5:00 | 3 meetings max | 3 meetings max | 3 meetings max | 9:00-12:00 HALF DAY! |
There are a number of time-management frameworks out there. Make sure to find one that resonates with you and your work style.
If you want to take it to the next level, consider meeting with all of your clients within a certain time of the year to allow you and your team to get into a rhythm for a finite period. This allows you to create chunks of time to do other deep work and strategic projects, such as finally having time to build and implement workflows.
For example:
January February March |
|
April May June | Surge meeting 1:
|
July August September |
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October November December | Surge meeting 2:
|
Whatever method you use to proactively plan how to use your time, make sure it finds its way into your calendar so it happens.
Consider setting boundaries with clients, staff, and partners. If your service model is to be available 24/7, that’s fine. But for many advisors, an “always-available” model impacts productivity.
Here are two things you can do:
“That’s a great question. I’ve added this as an agenda item to discuss in our next meeting. I’m looking forward to it. In the meantime, if you need an immediate response, please let me know.”
In your response, you cc’d your CRM or a staff member to add this note to the client’s contact record. Now you have an excellent agenda item that won’t get missed for your next meeting.
When setting boundaries with clients, it’s important to:
If you're unsure where to start in creating your balance, try documenting your ideal day. Then, make progress by changing one thing a day.
If you’re not already using an online scheduler, seriously consider using one that integrates with your CRM. Start by exploring options available through your broker-dealer or custodial partners.
Technology can be a time enabler when used with intention.
1 “Pathways to Growth: 2021 Advisor Benchmark Study,” Capital Group®
2 Redtail is not affiliated affiliated with SEI or its subsidiaries
3 SEI does not endorse the example products and services mentioned herein