You may be surprised to hear that financial advisors spend up to 41% of their time on administrative and office management tasks, according to a Cerulli Quantitative Update. That’s an estimated 2 hours per day spent on tasks that aren’t generating new income for the business.
Reducing administration time as a financial advisor doesn’t need to be complicated. Here are our top 5 recommended solutions for reducing time spent on admin tasks.
Make a list – then hire someone to tackle it
When a partner worth hundreds of pounds an hour fills in admin forms; or hunts for old files; or makes a photocopy; or carries out any task that a £12 an hour admin person could fulfill, this is counterintuitive for the health of the business. Make a list of all the admin tasks you’re currently doing, such as filing or returning records, and decide whether it would be more cost-effective to hire someone – even part-time – to tackle these things on your behalf.
Stop relying on paper
Two-thirds of businesses waste £2000 per employee every year due to an over-reliance on paper, according to WorkMobile. 60% of employees print out physical documents multiple times a week – and the manpower to print and store these files really adds up: business owners themselves spend 120 working days a year on admin tasks. By decreasing your reliance on paper, you reduce the time taken to print, store, locate and retrieve files. Going totally paperless might be impossible, but analyse the areas in which you use the most paper and where you could cut down. Preventing unnecessary printing of emails and other digital documents is a quick and easy solution.
Challenge your processes
“If you always do what you’ve always done, you’ll always get what you’ve always got.”
Challenging your current processes, and refusing to simply accept the status quo, is a great way to reduce admin time. Sit your team down and brainstorm new, more efficient ways of achieving the same processes. Maybe you can stop the duplication of effort by consolidating forms; make better use of your CRM to only chase clients when absolutely necessary; or store things in the cloud so that they can be accessed from anywhere, rather than having to head into the office. By involving people from all areas of the business, you’re more likely to identify areas of unnecessary effort.
Reduce admin work when seeing clients
If you’re only managing to spend 59% of your time advising clients, then you need to make that time count. Bringing your paper files and forms with you on your visits isn’t the inefficient part: it’s what you do with them back in the office. By storing them more practically, in a digital document storage system that connects intelligently to your CRM, you’ll make it easier to sort and locate these files in future. Plus, due to the sensitive nature of the information you gather and new GDPR legislation, converting the files to digital copies immediately gives you more control over data protection – and the audit trail to prove you’re compliant.
Invest in a system designed for financial advisors
Every type of business has its particular nuances, and financial advisors are no different. When you’re thinking about a document storage system, or cloud-based filing, or a solution for reducing paper, or a system to talk to your CRM, you want to choose one with your industry in mind. Watermark Technologies’ system Papercloud offers cloud-based document management, designed specifically for SMEs, based upon significant experience in the financial services market. We’ve honed and refined our system to meet the needs of financial advisors, helping you to store files with ease; free up space in the office; locate files immediately wherever you are; manage files with GDPR compliance; and reduce overall admin time.
If you’re looking for ways your financial advice firm can reduce administration time, Watermaisare currently offering free online demos of our Papercloud system, helping you to identify all the ways you’ll save time – and therefore money – simply by changing the way you store files. It’s made a huge difference to businesses like yours in the financial services sector. Click here to book your free, no-obligation demo now.