In addition to heading up Total Rebalance Expert, I’m in charge of an RIA firm with $250 million under management. I’ve certainly felt overwhelmed, neglected my family and put taking care of myself on the back burner. But, most of the time, I’m able to maintain a balance between work and personal life.
How can an advisor be successful without letting the business eclipse everything else?
This Website Is For Financial Professionals Only
The answer is a combination of three factors:
1) Efficiency at work
3) Doing your own thing
Efficiency at work is multi-faceted. The goal is a company that runs like clockwork. This is accomplished by hiring the right people – and enough people. With the profit margins most advisors enjoy, hiring an additional administrative person or planner is a bargain when the result is more breathing room! Having procedures and clear-cut areas of responsibility reduces opportunities for errors, while streamlining processes. Finally, as self-serving as it might sound, technology is key! A portfolio accounting system (such as PortfolioCenter, FinFolio, Orion, Black Diamond, etc.) will help in tracking performance and quarterly reporting. CRM (contact management software such as Junxure, Redtail and Microsoft CRM) is essential for logging meetings and documentation, while also an important tool for detailing workflows and delegating tasks. And, of course, rebalancing software (such as Total Rebalance Expert) can reduce weeks of mistake-prone effort into minutes while eliminating trade errors and maximizing tax benefits.
Organization is a personal undertaking. It is easy to let the quantity of projects become unmanageable. Taking the time to organize can seem like a waste of time; however, in my experience, it is the best time-saver around! I look at listing and prioritizing projects as a two-part process:
1) The master list
2) The daily list
The master list should be updated approximately once a week, listing every project organized by due date and approximate time budget. As projects are completed, you delete the project, and as new projects come up, you simply add them in. This can also be tracked with your CRM. The daily list might include impromptu emails and questions from employees. You need to do what you’ve been taught in countless seminars – structure your daily list as priority 1, 2, and 3 projects. Work on the priority ones first; then move on to the twos and threes. In this way, you will always be organized and will complete the most important projects first.
Finally, do your own thing. You own the business; you can take care of yourself in the way that best suits you. For example, if you are not a morning person (similar to me!), don’t go to work until 9 or 10. If you are an early riser, feel free to get to work at 6 am! If working out is easier for you at lunchtime, then schedule it accordingly. If relaxing during non-work hours means spending time at the park with your kids, then schedule that as well. And, if vacations are your only way to get away from it all, don’t deny yourself!
By making the most of efficiency, organizing your time and scheduling your life as you desire, you will be successful at managing your work/life balance. Good luck!