Gain Efficiency and Spend Time Where it Counts
How to keep the focus on the highest-value activities and work at scale
Survival math is real and good things come in threes. A human body can survive for three hours in the elements without shelter, three days without water, and three weeks without food. RIA “thrival” math is real too. The RIAs that thrive are those who optimize time management to spend resources wisely, automate and streamline tasks, and grow at scale—ideally, with AUM that rises faster than their business investments of time and money.
Because when you free up your time, you’re free to thrive.
Using Your “Calories” Wisely
Whether we’re talking trail mix or capital, if you have limited resources, then you want to use them as efficiently as possible. A survivalist needs to be smart about burning calories on the right activities. And the same is true of an independent advisor or RIA firm in its growth phase: where you spend your time matters.
What your clients need may differ from one to the next, as their circumstances and goals vary. But the tasks you perform should be as repeatable as possible, following standard workflows along their client journeys. Research shows 58% of top-performing RIA firms are now using their customer relationship management (CRM) systems to standardize workflows for more than half of their client service tasks.5
Saving Time With Standardization
% RIA Firms Using Standardized Workflows for >50% of Tasks
In the past few years, more RIA firms have adopted standardized workflows in CRM systems to account for at least half of their client service tasks. Top-performing firms are significantly more proficient at this than others—showing it can be a key to success.
Results from the 2020 and 2023 RIA Benchmarking Study from Charles Schwab. Top Performing Firms are those that rank in the top 20% of the Firm Performance Index. The index evaluates all firms in the study according to 15 metrics to arrive at a holistic assessment of each firm's performance across key business areas.
Selecting the Right Tool for You
Along with selecting which workflows you want to standardize, you may want to consider (or reconsider) which CRM tool to use. According to Forbes Advisor, the best CRM for workflow automation is monday sales, but there are several others that top the list for other reasons in addition to offering workflow automation.
monday sales CRM
Best for workflow automation
Apptivo
Best for multichannel communication
Salesforce
Best for scalability
Agile CRM
Best for marketing integration
Pipedrive
Best for sales pipeline management
Redtail
Best for client retention
Best CRM for Financial Advisors. Forbes Advisor. 2024.
Applying the Rule of Threes
If you found the three survival time increments above to be memorable, it may be because of the “rule of threes,” which aids in information retention. So let’s apply that mnemonic phenomenon to how you can thrive as an independent advisor, with three time-saving strategies. Consider for example:
Which three activities are most worthy of your time and most impactful to your clients?
What are three common processes (or workflows) you can standardize for your clients?
What are three ways you can use artificial intelligence responsibly to save time in your practice?
What Tools Will Save You Time?
An explorer’s backpack can be a lifeline because of the survival resources it carries. Similarly, since time is of the essence for RIAs who want to thrive this year, well-curated toolkits may be the lifeline you need. What’s in your toolkit that can help you save time? A CRM system is a must, but not everyone knows how to optimize it. Taking time today to develop automated workflows in your CRM can save time downstream.
Another great time-saver is an artificial intelligence tool, such as ChatGPT. As the financial services industry is learning how best to implement this emerging technology, independent advisors can lead the way in finding quick, reliable, and responsible uses of it. With an entrepreneurial spirit and willingness to try new things, boutique RIA firms tend to be more innovative and less constrained by hierarchical and arduous corporate processes. If you’re ready to explore the use of AI, consider the tool below to help you get started.
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