Productivity hacks for financial advisors

As financial advisors work in a fast-paced environment and must meet high client expectations in a volatile marketplace,being productive is critical for strong client relationships and professional success.   

Most financial advisors usually juggle tasks, from client meetings and market research to administrative duties and staying updated on industry trends. Sunil Bose, an MDRT member from Mumbai, India, for the past two years, says effective productivity hacks can streamline daily operations and pave the way for improved customer satisfaction and long-term success. Bose says understanding client aspirations and establishing a clear vision for the future will aid advisors in building strategies to achieve short-term and long-term goals.  

For instance, when a young couple approached Bose for an early retirement plan, and another focused on saving for their child's education, he discussed with them extensively. "I was able to design a financial plan that included a mix of high-yield investments for education savings and stable, long-term growth investments for retirement. This approach met their immediate and future needs and strengthened their trust," he says.  

Neha Arora, a three-year MDRT member from Mumbai, India, agrees with this assessment and says that such an approach works well with the client's long-term vision and helps foster trust and satisfaction in the relationship. "Trust and client satisfaction are critical for any financial advisor, and in-depth conversations are very helpful in achieving this."

 

Assessing risk 

Gauging risk tolerance is another issue that helps financial advisors sharpen their advisories. Arora believes it is always essential to assess a client's risk tolerance. "Financial advisors must align investment strategies with the client's risk profile and ensure well-informed decisions that balance potential returns with associated risks."   

She shares: "One of my clients was risk averse and prioritized capital preservation over high returns. We used risk assessment tools, such as Riskalyze, FinaMetrica, and questionnaires to understand his risk tolerance and investment preferences. I recommended a portfolio comprising a higher allocation of bonds and dividend-paying stocks that ensured he felt secure. We minimized any concerns and gave the client confidence about their investment plans." 

 

Breaking it down 

Bose and Arora feel that breaking down larger financial objectives into small, piecemeal, manageable tasks via comprehensive financial plans makes life easier for advisors and their clients. "By providing a structured roadmap, advisors empower clients to navigate their financial journey strategically, increasing the likelihood of goal achievement," says Bose. 

He talks about working with a small-business owner, Ramesh, to create a detailed plan that included milestones for debt reduction, emergency fund buildup, and incremental retirement contributions. "I gave him a detailed account by breaking down these larger goals into actionable steps, which made him feel in control and motivated to follow the plan." 

Arora recounts a similar incident when she was assisting a client with a ₹30 lakh retirement goal. "We broke down all the goals and by using financial modelling, we were able to project future income needs and necessary annual savings targets to achieve the goal. I also provided actionable recommendations on suitable investment vehicles and asset allocation strategies to maximize growth potential, which greatly helped the client." 

Bose and Neha point out the need for scheduling regular reviews with clients that allow financial advisors to assess progress, make necessary adjustments, and keep the financial plan dynamic. They believe  active involvement in the client's journey ensures adaptability to changing circumstances or market conditions."  This includes engaging and educating the client on financial instruments, investment options, and market trends that help them make informed decisions. Leveraging technology tools such as digital platforms for budgeting, investment tracking, and financial goal visualization, allows clients to monitor and manage their finances actively and make timely and informed decisions aligned with their financial plan.  

 

Defining goals  

Financial advisors must set definite annual goals, create marketing calendars, and outline tasks for marketing and sales efforts. Arora says, "Utilizing a customer relationship management (CRM) system to adhere to plans effectively, ensuring daily activities align with the overall vision and goals. One can also create standardized documents for client onboarding to save time and enhance professionalism." These documents streamlined the onboarding process, reduced client anxiety, and allowed advisors to allocate more time to strategic activities. 

Bose says, "I developed a welcome packet for new clients that included all necessary forms, an overview of the onboarding process, and answers to frequently asked questions, which significantly reduced the time spent on administrative tasks." 

Financial advisors should use an advisor-specific CRM system to take notes and record calls. Inputting information in real-time saves time, enhances productivity, and ensures well-documented and organized client interactions. Arora says, "Advisors should move with the times and embrace cloud-based technology such as Salesforce financial services cloud that offers work from anytime, anywhere. Transitioning to a cloud-based CRM enhances mobility and efficiency, showcasing a commitment to modern practices and sustainability. We use Salesforce to update client records on the go, ensuring no details are missed and enabling seamless communication with the team."  

Mastering productivity is an ongoing process that starts with a clear vision of business goals. Financial advisors who integrate these productivity hacks into their daily routines can unlock more hours in the day and make each one count toward building their dream practice. 

 

Contact: MDRTeditorial@teamlewis.com