The Fact:
On a typical team, assistants spend 6% of their time helping to build the business and 94% of their time on client management and administration.

The Implications:
Excluding the advisor, a team’s time typically breaks down in the following manner: 35% on servicing existing clients; 31% on administration; 21% on business processing; 7% on preparing financial plans; and 6% on attracting new clients. New business development is almost exclusively in the hands of the senior financial advisor.

The Idea:
Many successful teams have made new business development part of everyone’s job description. While many assistants are not hired for their sales skills, you can use your team to support growth. For example, if you are running a client workshop, your assistant can contact all participants to encourage them to bring a friend or colleague. Your assistant can contact all clients with adult children to ask if they want those children included on your newsletter mailing list. Or, your assistant can contact local business owners to determine if they want to receive an article on a topic of specific interest to that group. With a little creativity you can involve everyone in the business development process and make that part of your team’s culture, without requiring fundamentally different skill sets.

The Next Step:
The Business Success Kit provides you with the tips, tools and templates that you’ll need to enhance practice productivity and profitability. It’s the most practical and comprehensive guidebook available for financial advisors. For more information, visit www.caifastore.com and click on the Business Success Kit