The Fact: Thirty-six per cent of advisors have not established formal meeting times for the team. Thirty-three per cent of advisors hold weekly meetings, 12% meet daily and 13% set monthly meetings.

The Implications: As teams grow, advisors will be forced to formalize the communications process. The timing of meetings is driven more by the needs of the each team, however weekly meetings are likely the minimum to ensure that nothing falls through the cracks.

The Idea: When creating your team communications plan, identify the different reasons you want to meet and then establish meetings to deal with different topics. For example, you might meet daily to discuss upcoming client meetings or issues, and monthly to brainstorm on marketing tactics or client events. If you try to combine meetings with fundamentally different objectives, you will find them less effective. There is mindset associated with brainstorming, for example, that is not nurtured in a discussion about client account errors.

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.