Have you ever wondered how other advisors work? What do their days look like? How much of their time do they spend with clients, dealing with paperwork, or analyzing asset allocation?
While every advisor and firm has different processes and workflows depending on staff and how long they’ve been practicing, one thing that’s true across the board is that independent advisors play many roles. We thought it would be fun to give you a glimpse into the typical daily tasks most independent advisors spend their time on.
Many advisors like to start their day with the tedious stuff, “eating the frog” so to speak. This may mean prioritizing emails and phone calls, updating records, dealing with compliance, analyzing reports, or processing trades. If an advisor has an assistant or other staff members, some of these duties may be delegated, but there is still some element of administration the advisor will need to take care of.
While this can include everything from returning a phone call to meeting one-on-one, an independent advisor’s number-one priority is to serve their clients and make sure their concerns are addressed and their needs are met. This can include reviewing portfolios, answering client questions, and preparing for and attending client meetings.
One of the best parts about being an independent financial advisor is the relationships you build with your clients. And as with any relationship, it takes time and investment for it to grow. Across the board, advisors spend a fair amount of time communicating with clients, reaching out to those they haven’t heard from in a while or touching base with clients who have recently been through changes. They don’t see their clients as a transaction to be completed but like family to care for.
Building Your Firm
Unless you are an established advisor with a strong book of business, you probably include some measure of prospecting or marketing into your daily routine. For advisors just starting out, they may spend 50-75% of their time finding new clients. This could look like attending networking events, maintaining an online presence, following up with prospects, or hosting seminars or webinars.
This is the crux of what you provide for your clients. Once you’ve done the hard but fulfilling work of digging into your clients’ lives, data gathering, and helping your clients identify goals, it’s time to put it all together and design a plan to get them from point A to point B. Even with an abundance of top-notch financial software available, there will still be considerable time spent entering information, playing with different scenarios, and analyzing projections so you can deliver the best product to your clients.
Honing Your Skills
You’ve done a lot of work to become an independent financial advisor, such as taking classes, studying for exams, earning licenses and credentials, and gaining hands-on experience. Well, it doesn’t stop once you hang your shingle on the door! While it might not happen on a daily basis, independent advisors invest their time and money into continuing their education with the goal of better serving their clients and staying up to date on market and industry trends. So whether it’s a three-day seminar, an online course, or earning a new designation, expect to spend some time building your skills.
What Do Your Days Look Like?
Whether you get up early and read the market news with your morning coffee or tackle your email immediately, your day will be full of the above-mentioned duties. And if after reading that list, while nodding your head, you felt overwhelmed with the amount of work to be done in such a small chunk of hours, Freedom Wealth Alliance was created just for you. Our goal is to provide independent financial advisors with additional support so you can grow your business, operate with excellence, and do more of what you love.
Learn more about our firm and its distinctive advantages by visiting www.explorefreedomwealthalliance.com. You can also email us at email@example.com or call Kurt Rozman at 262-798-7979.
About Freedom Wealth Alliance
Freedom Wealth Alliance is a Registered Investment Advisor providing a home and multiple affiliation options for financial advisors seeking business growth and/or succession planning, operational excellence, and turn-key placement. We created this firm to relieve your stress no matter the stage of your firm. We take the burden of running the business off your back, so you can spend your time doing what you do best and love the most. If that means spending more time with clients and prospects, you can. If that means spending more time with your family, just do it. Visit www.explorefreedomwealthalliance.com and sign up for a free account to access all the tools and resources we have developed to help you transition to true freedom and business ownership.
For Investment Professional Use Only
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.