Exclusive for Financial Advisors/Planner/ Wealth Managers
Financial Advisory business involves, use of combination of technology and psychology in order to multiply the business productivity. Also this business demands management of men, money and machines at the same time. In recent times, financial advisory business becomes more easy yet complex due to advancements of client awareness, client friendly regulatory changes and easy to access technology.
We would like to introduce you with 7 important parameters which are certainly responsible for multiplying your business.
- People – Workforce: The role and responsibilities of the people working in the field of financial advisory is the key to succeed. Many times people start working without knowing the key responsibilities and function for their position. The clarity of role and responsibility will help you to assign right person for the right work for getting required productivity. A wrong person at the right position or right person at the wrong position creates confusion and due to this productivity of the business hampers.
- Goal- Work: You need to define the work, task or goals in order to make you and your team to have clarity about questions like, what to do?, Why to do?, and How to do?. The answers of these questions are very important for the team to get clarity about the expectations. Unclear goals or tasks create more confusion and slow down the performance of the business. It has been observed that the team with the clarity of their work has higher chances of achieving the business expectations with higher efficiency.
- E-Platform- Workplace: There is plenty of innovative advancement in technology in terms of operations. The traditional thought of office place is replaced by the innovative platforms. Now days platforms are replacing old thought of workplace. The business e-platforms are economical, easy to access, saves money, manages client very promptly, zero maintenance, no paper/space hassles and very much secured. This new definition of workplace gives a different dimension to your financial services business with phenomenal speed and accuracy thereby helping you to multiply your business productivity.
- Process- Systems: Business process is very crucial in terms of continuing and maintaining pace of your business. It has been observed that financial advisory firm goes stagnant after initial start due to less efficient or no system in place for process. It has been advised to upgrade and update systems and process in order to speed up the productivity of your business. There are various business systems, for example– lead management system, client acquisition system, Service management system, Employee management system and many more.
- Tool- Machines: Financial Advisory business involves client acquisition, business acquisition and client management activities. Business tools play very important role to improve the efficiency of these activities. These tools work like machines and help financial advisory firm to work with ease, more clarity. These business tool also help to save time, money, energy and thereby help to multiply the business productivity. For example- Suspecting surveys, Prospecting trackers, Need Identification trackers, closing the sale tools, power point presentations for products and services.
- Review- Measurements: This is the most important parameter to multiply the business productivity. This activity helps financial advisory firms to check progress and identify areas of improvement. This would also help to check the direction, business gaps and business challenges. This is an activity of data management and analysis on periodic basis.
- Training – Development: In financial advisory business, development through training and learning is the essence to multiply the business productivity. It has been observed that regular training and learning initiative helps financial advisor/planner to enhance and adopt knowledge, skills, attitude and habits necessary for the business. The groomed, smart and skilful financial advisors have higher chances to edge their competitors and multiply their business to achieve desired success.
These 7 parameters are the most important inputs of modern day’s financial advisory business and if implemented religiously then surely will create multiplying effect in your business productivity.
About us: Sparrow’s Sprout is a training institute for business solutions. We work extensively in the area of financial services. We help Financial Advisors, Planner and Wealth management firm to build their business. For more information connect to sparrowsprout.in
