Most advisers agree they would like to increase revenue, though many often claim, “I’m just too busy.” We all frequently utter those words. But isn’t it funny that the busiest people sometimes have more time than those who are less busy? Here’s an example:
Adviser A averages 16 appointments per week, while Adviser B averages 2.5 appointments per week. Both advisers say they want to increase revenue, but it’s Adviser A who finds the time to hold more appointments. Consequently, Adviser A generates eight times more revenue than Adviser B, who is just too busy to schedule more meetings.
But if we were to be brutally honest, we’d have to ask, “What is it that Adviser B is so busy doing?” If we look at the situation more closely, we would likely discover that Adviser A is much more focused than Adviser B. And that’s no surprise, because high-producing advisers are typically not only more focused, they are also more focused on the specific activities that generate revenue.
Let’s take a look at how Advisers A and B—who provide exactly the same level of quality service to clients—use their time. While Adviser B is claiming, “I’m too busy,” Adviser A is:
- Capturing five spare minutes to write a personal note congratulating clients for whom he just opened a 529 plan on the birth of their first grandchild
- Using 15 minutes to call a client to schedule coffee with a business colleague to whom the client is introducing the advisor
- Networking with a fellow business owner and Rotary Club member during a one-hour lunch
Yet, as mentioned above, it’s not simply that Adviser A captures small and large segments of time to engage in productive pursuits. It’s that the productive pursuits Adviser A embraces are revenue-generating.
Meanwhile, what has Adviser B been doing? Spending an excessive amount of time every day monitoring the market (as if he could do anything about what the market does!), pondering all that he has to do, and making endless lists of the things he would do if he only had time.
What is the point of these examples and comparisons? Each adviser gets to choose how he or she spends time, how much revenue he or she wishes to generate, and how to fulfill his or her passions. Don’t fool yourself by saying, “I don’t generate more revenue because I don’t have time.” Be brutally honest with yourself. Are you making an excuse about how you choose to spend your time?
If we are brutally honest with ourselves, we recognize that we all have exactly the same amount of time. The difference is how we choose to use it. High-producing advisers make time for what is most important to them—making time for revenue-generating activities.
Managing Principal of Practice Management
Commonwealth Financial Network