Do you manage your time like AUM?

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Do you manage your time like AUM?

What does it take to go from being an average — albeit pretty successful — financial advisor, to becoming an elite financial advisor? How do top advisors become just that: top advisors?I

There's not a secret answer here. This isn’t some supplement that shrinks all your unwanted body fat in 12 hours or a random text message from an unknown sender asking you to wire a Western Union transfer for gift cards you’ll never see.

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SEPARATING GOOD FROM GREAT

We're talking about what you’re familiar with doing every day; 50 plus hours a week for 30 or 40 years. To be clear, you can make a good living as a one-man shop with 25 clients by targeting high net worth clientele, sure. But, just for kicks, what would it take if you wanted to go from good to great?

There’s no ‘aha moment’ for you here. There's nothing written here for you that you haven't already heard a thousand times. The only difference – and truly it's the only difference – between being an average advisor and an elite advisor; between a good living and a great living, is how you spend your time.

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THE DIFFERENCE IN TIME ALLOCATION

Let’s just say we all agree that time is our most precious commodity and that we all have the same amount of it. Are you investing it with the same fiduciary care as you would if your client gave you $1M to invest? Do you value the return on your time the same way you do the return of your portfolios? Do you run a risk analysis on the investment of your time? Do you actively seek out ways to get more time to add your AUM?

You don’t have to do much digging to learn that the majority of financial advisors spend at most, 20% of their week with clients and 30% on trying to win new business. The other 50% or more is spent on back-office tasks, financial research, trading, portfolio construction, etc. At best, that means if we use a very conservative calculation, your spending 4,000 hours a year not growing your business.

By contrast, the “elite” financial advisors – the ones making a great living and growing in AUM year after year – they spend less than half of that time on tasks that don’t generate revenue or growth.

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WHAT'S THE PLAN?

If you haven’t read it, you should, but this idea here is reminiscent of the book “Who Not How” by Dan Sullivan. Essentially, you retrain yourself from asking the question "how can I do this?" to "who can do this for me?”

There’s no easy way to get in shape, no quick way to get rich, and no secret answer to becoming an elite financial advisor. But there are other ways to get there beside trying to do it all yourself.

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Have you thought about asking "WHO" ?