Five Ways that Time Management Software Increases Advisor Revenue
Time management is one of the most important factors for success as a financial advisor. There is only so much time that can be allocated to each business activity and client, so how you plan your day is crucial to ongoing profitability. With this in mind, the use of time management software can help advisors understand and improve time usage, leading to a more successful business. It can be a game changer for financial advisors, as it allows an in-depth analysis of business activity and client profitability. Here are five ways that time management software increases advisor revenue:
- Service Model Optimization
It is crucial to have an established service model for client contact and tasks. Your current service model may seem fine, but not until you see the impact on hourly profitability can you optimize it to increase revenue. Time management software will show the time spent on each client monthly, as well as hourly profitability for each client.
- Capacity Analysis
Time management software helps advisors plan their growth strategy. They can analyze how much capacity they have for growth based on current time utilization and use this to find efficiencies. Comparing your time usage to your monthly availability will highlight if you have capacity for further growth.
- Client Analysis
Some clients may take more of your time than others, and this can take time away from other clients and business development. You can use time management software to track time spent with each client and compare this to your overall business activity.
- Business Development
How effective is your business development? Advisors can compare the time they spend on prospecting to the number of clients they acquire monthly.
- Advisor Feedback
If you own a financial advisory firm or manage advisors, it is important to understand your advisors’ time usage and performance. You can use time management software to compare advisors’ time usage on your team. You can instantly determine areas where advisors are struggling and give them guidance to improve. If you are an advisor looking for feedback on your own performance, then time management software also offers a great way to analyze your performance and improve each month.
These are just a few of the many benefits for advisors to integrate time management software into their business planning and daily activity. Time management is the key to avoiding burnout and providing the best service to clients. Often it is not until we visualize the ongoing usage of our time that we can truly make impactful changes and understand the service requirements for each client. Time management software is a great way to accomplish this. New users can sign up for a one-month free trial of TimeLyft’s time management software. Please visit www.timelyft.com.