Do you ever wonder how much more your practice could achieve, if only you had more time to think strategically? Stepping back from day-to-day operations is difficult when you’re fully immersed in paperwork, trying to keep revenue churning, clients happy and your team fulfilled.
As you approach your senior years, you might wish to spend less time working and more time enjoying your family. Do you have the right people and practices in place?
It’s an all too common scenario, but it can be solved by surrounding yourself with a strong team, and ultimately, being smart about building a sustainable model that enables you to focus on the essentials of running your practice.
Here are some tips on how you might achieve this. If you have a long history of maintaining full control, some of these suggestions may require a shift in your way of thinking.
- Empower the more experienced members of your team with the responsibility to train and mentor younger planners. This knowledge transfer is fundamental to sustainability, and it can be done without you.
- Up-skill every member of your team, so that they are well equipped to handle new responsibilities. A focus on training and development will also serve to motivate your team and keep morale levels high.
- Elevate key members of your team into leadership roles. Don’t be afraid to delegate leadership to lessen the burden on you – there are only so many hours in your day. Spending less time leading your team, means that you’ll have more time to lead your practice.
- Ensure each and every member of your team is on board with your vision. Gaining their buy-in will ensure you have their dedication and support, and that everyone is moving in the same direction. Creating synergies in your practice will mean that, as a team, you are also well positioned to achieve bigger and better outcomes for clients.
- Involve your team in decision making, and be sure to ask them how they want to progress. It might seem like a good idea to wait for appraisal time – but don’t be afraid to check in with your team more regularly. Ask them to be honest about what they desire, and where they feel they could contribute more. You might just be surprised at what you learn.
If you’re thinking that all this sounds like more work, it is in the short term. Setting up new processes and training your team takes a little time and commitment. But, the outcomes for your practice will far outweigh the time you put in at the outset. You might even get a little time off.
Mark is the chief executive of the Financial Planning Association of Australia (FPA) and a Certified Financial Planner (CFP). Following a 25-year financial services career, he was appointed by the FPA Board in 2010 to lead the FPA in raising the standing of Australia’s professional financial planners.
