9 Time-Saving Tips for Independent Advisors & Business Owners

Are you asking your brain to do too much?  It takes a lot of energy and time for our brains to shift gears.  I’ve seen stats ranging from ten to twenty minutes.  This means each time you’re interrupted by, let’s say, a phone call, it could take up to twenty minutes to re-focus on the task you were doing—IF you even remember what that task was!

As I and my clients have learned, you’ll work much more efficiently and be more effective if you keep “like” activities together and take more “me” and “wind-down” time.

Here are a few ways to start structuring your time so that you do more and feel more productive each day.

1. Tomorrow Time
   Set your phone’s alarm clock to ding thirty minutes before the end of the day.  Clear off your desk and wind down.  Then review your action plans and write a list of what you need to do tomorrow to keep on track to reach your goals.  An added benefit is that winding down will help you be more present at home.
2. Today Time
   Each morning, give yourself an hour of setup for a successful day.  Start the day without answering the phone or looking at email.  Delay those activities for one hour after you’ve arrived in the office.  Instead, prioritize your “Tomorrow Time” list.  Add or subtract anything new you’ve learned.  Look at the rest of the day and schedule it.  Meet with your assistant to communicate what you’re doing, when you’ll be available to return phone calls, meet with people, etc.  Do whatever research you need to do to set the pace for the day.  Then open your email and answer it for 30 minutes.  Note: Some of my clients have their assistant open their email and just let them know what’s most important to answer during the “AM Inbox Run”.
3. Inbox Runs
   Tim Ferriss, in his book The 4-Hour Workweek, talks about setting up an auto-responder (an email automatically sent out to someone who emails a certain email account) for your inbox that also help you run your business more productively. “Inbox Runs” are certain times of the day you or your assistant answers your email.  Set up a schedule, for example:  one hour after you’re arrived in the office, one hour before lunch, and one hour before you leave the office.  I know that many independent advisors answer emails after hours (I do, too).  I highly recommend talking with your spouse to find a time each night that is agreeable to all, but also a few hours away from your bedtime, so you can wind down again. VIEW SAMPLE AT THE END OF THIS ARTICLE
4. Calling Day
   Spend an entire day calling clients or prospects.  Call your strategic partners, companies, or organizations you may be able to speak to or do business with.  This is the day to schedule client calls, where you can spend quality time with them on Skype or the phone.
5. Free Days
   Thomas Leonard (1955-2003) was a brilliant financial planner who left the industry in the mid-1980s and became known as “the father of the personal coaching profession.”  He created the concept of putting aside the fourth week of each month (and fifth where there is one) as times to NOT work with clients and TO work “in” your business.  Dan Sullivan of Strategic Coach went one step further, with his concept of “Free Day” – a day each week for you, away from your business.  Oh, I can hear all expletives you’re shouting at me now!  We all need free time to regenerate from giving to our clients, business, staff, etc.  Start somewhere.  Maybe attending an Integrity Day would get the ball rolling?
6. Meeting Days
   Schedule one day a week for client meetings.  Let’s say you choose Wednesdays.  Sure, there will be times when a client, no matter what times are available on Wednesdays, cannot meet with you, not even using Skype.  Have a back-up day or afternoon for those situations.   You’ll be surprised (like I was) at how many people CAN meet you on “Meeting Day” – if you only ask them.  “What time on Wednesday are you available?” is a good way to start.
7. Research Time
   Some research needs to be done ASAP for clients.  Much doesn’t.  If you find that you’re doing a lot of research during the week, schedule “Research Time” and let everyone in the office know that time is sacred and off limits.
8. Say “No” More Often
   Most advisors would never think of turning down a new client.  But turning down a prospect exhibiting “red flags” or firing a client from hell is the right thing to do for your business, not to mention your sanity.  The prevailing thought in business is that if you aren’t losing 15% of the bottom tier of your clients yearly, you’re doing something wrong.  As business owners, we need to make sure that we’re about taking care of clients the right way at all times.  When you don’t have a niche and stick to it, or you work with everyone who breathes, you’re doing a disservice to your business, team, and family.
9. Multiple Email Addresses
   I’ve seen this done numerous ways, but here’s the way I prefer.  I created various email addresses; some I look at three times a day and some I look at when I have time.
   • Newsletters
     I subscribe using the same email address each time. I open it when I have time.  As a side benefit, doing this allows me to know when someone is spamming me.  If I get a newsletter that is NOT using my newsletter email address, I know it’s spam.
   • Website
     I have one email address on my websites that I open three times a day. If this address starts getting spam, I just change it.
   • Family/Clients/Vendors
     I have an email address family uses. I open it three times a day.  Plus, they know to send me a text if they’ve emailed me something that needs my attention right away.  My clients get a special email address and so do vendors.
   • Your Needs Here

In Outlook, I have each of these email addresses forwarded to separate folders I created (managed folders).  When I open my email, I look at the important folders first.  All else can wait.

The way you structure your day, check your email, and choose your clients all have an impact on how effective and productive you can be. Select some of the productivity tips above and “try them on” for a while. And let me know about your successes in the comments below!

Action Item

If you are working more than 35 hours a week, start monitoring exactly where you spend your time. I’ve developed an Executive Scheduler to help you do just that! You will not schedule ALL the hours in your week with this tool (unless you really want to), but you can begin working smarter very quickly when you use this simple system. For more information and a FREE download to gain more control over your time, click here.

SAMPLE AUTO-RESPONDER, USED WITH PERMISSION, MINOR CHANGES MADE.
Remember to get approval from compliance on this sort of message as it contains words on dealing with trades.

Hello

Thank you for your email.

My office is usually open Monday through Friday from _____ to _____ (time zone) _____.

The office is closed when the stock market is closed and on all major holidays (add any other days/times here). We will make every effort to respond to your email in a timely manner.

For immediate attention call: (Who – full name). You’ll find their information below.

To schedule a meeting call or email: (Who – full name). You’ll find their information below.

For trade or money requests: We are not able to accept buy or sell instructions by email or voicemail. Please call (Who – Name, Title). You’ll find their information below. You will need to provide your and our verbal OK. If you urgently need a trade and cannot immediately reach us, please call: Schwab Alliance at XXX.XXX.XXXX, American Funds at XXX.XXX.XXXX and for or all other accounts, please dial the 800# on your statement for live assistance.

Best Wishes,

Lynn R. Daly, DIA, CLTC, CDFAT

P.S. I am very grateful to be working with you and appreciate the opportunity to manage your investments and ongoing financial planning needs. Have a wonderful day! :-)

OFFICE ASSISTANCE PROVIDED BY:

Megan… | Investment Specialist: For immediate attention, verbal trade Oks or money requests.
Direct Line: XXX.XXX.XXX | Fax: XXX.XXX.XXX | Email*:
[email protected]

Rachel… | Practice Manager: For immediate attention and to schedule a meeting.
Direct Line: XXX.XXX.XXX | Fax: XXX.XXX.XXX | Email*:
[email protected]

Urgent Trade or Money Requests
Schwab Alliance at XXX.XXX.XXXX
American Funds at XXX.XXX.XXXX
For all other accounts, please dial the 800# on your statement for live assistance.

Daly & Associates, Inc.
Fee-Based Financial Advisor Committed to client success since 1992
Bell Bank & Trust Building | Tamarack Hills | 563 Bielenberg Drive, Suite 245 | Woodbury, MN 55125

Direct Line: 651.242.5433 | Fax: XXX.XXX.XXX | Toll Free: 888.948.6300

Email: [email protected]* | Website: www.lynndaly.net

*Never leave trade information on voicemail or email. Always speak to a person personally.

Securities and investment advisory services offered through Royal Alliance Associates Inc., member FINRA/SIPC and a registered investment advisor. Additional insurance and investment services offered through Focus Financial Network, Inc. a registered investment advisor not affiliated with Royal Alliance Associates Inc.

This message and any attachments contain information by Focus Financial Network, Inc., which may be confidential and/or privileged and is intended exclusively for use only by the addressee(s) named on this transmission. If you are not the intended recipient, or the employee or agent responsible for delivering the message to the intended recipient, you are notified that any review, retention, copying, distribution or use of this transmission is strictly prohibited. If you have received this transmission in error, please notify the sender immediately by e-mail or by telephone and destroy all copies of this message.

END OF SAMPLE