The Fact: Advisors currently devote about 9% of their weeks, about four hours, to business planning (including team meetings).

The Implications: Today’s financial advisor devotes more time than ever to managing the practice, whether they are new advisors or run established practices. As advisors embrace the role of CEO and recognize the need to devote more time to managing the practice, this will create an increased reliance on the team to manage client relationships.

The Idea: As you move through the process of structuring your team and creating job descriptions, don’t forget your own job description. As the CEO of your practice, what are your roles and responsibilities? Do you set enough time aside in your schedule to fulfill that role? Are you planning to increase the time you devote to business planning as your practice matures and your team grows? Sharing your own job description with your team, including measurement criteria, can be a powerful way to demonstrate your own commitment and ensure that team members are clear on your priorities.

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.AdvocisStore.ca and click on the Business Success Kit.