Leverage your staff structure

This month we're delighted to welcome back Bob Blurton as our special guest blogger. 

Bob has over 30 years experience working with and assisting financial planners and business owners obtain the most out of business life and reach their goals.

We all know that the significant industry changes we have experienced in recent years have added a large increase to the cost of creating and delivering advice to our clients. Greater changes to compliance standards and requirements have produced modifications to advice business models.

If you have been in practice for 5 -10 years I believe you may have a staffing model that does not deliver the most efficient outcome in today’s environment.

Leveraging your staff structure within the Advice Development Process can produce meaningful benefits to financial planners in how many clients they can serve with quality advice outcomes.

The major drivers to the Advice Development Process

Advice Practices have adapted

Key Questions

• Are you struggling to manage your client reviews and also add new clients?
• When did you last review your advice development model?
• How recently have you updated process templates and workflow procedures
• Are you maximising the technical strengths of your support staff
• Do you have the staffing/support mix right in technical/compliance tasks vs administration/plan writing?
• Are you aware of the wide range of outsourcing options

It is my belief that with the appropriate mix of staff support you will be surprised what impact this will have on your client management per adviser, and hence profitability and business value.

Reviewing your advice development process becomes even more important where there are multiple advisers within the practice. 

Business Healthcheck data reveals that top performing Practices achieve 40% + profitability margins. Many Practices are not close to this performance level. If you wish to work on your profitability then it makes sense to work on your key value drivers. 

Leveraging staff is one of the key Value Drivers to business profitability.

If you would like help to improve your business profitability, please visit yourgeneralmanager.com.au.

- Bob Blurton, founder and business coach, Your General Manager