Apr 10, 2018
Processes and Procedures
Summary:
The Confident Advisor Practice from the Horizon Advisor Network
discusses the importance of process and procedures, how they can be
properly embedded into your company to make them easily taught and
transferable to new employees, and how to empower your team to make
your agency run smoother without depending on the owner having to
micro-manage everything.
Time Stamped Show Notes:
● 01:03 – Bill Bush, Pete Bush, and Chris Sullivan introduce the
topic of processes and procedures.
● 02:51 – First Statement for Processes and Procedures: deals with
doing paperwork yourself and growing frustrated with how to remain
compliant. Surround yourself with people that can handle your
weaknesses.
● 06:50 – Second Statement for Processes and Procedures: involves
not having put your processes and procedures in writing. It is
difficult to convey it to them, but needs to be shared so it
doesn’t get lost with the one person that knows.
● 12:07 – Third Statement for Processes and Procedures: involves
having tasks properly delegated to qualified team members for
financial advisors to make better use of their time.
● 16:35 – Fourth Statement for Processes and Procedures: is for
when you have defined the levels of service you offer to the
different levels of clients and the team has created the system
that is easily taught and transferred.
● 17:19 – You can have a self-managing company that still has a
leader. Empower your team instead of trying to dwell on
control.
● 19:15 – Decide what you want to do and then ask who can help you
execute it.
3 Key Points:
1. The hourly rate for a financial advisor to talk to prospective
clients and to assist current customers about updates is around
$1000 an hour, but unfortunately their time often gets distracted
by smaller tasks that should be delegated to others.
2. Quantify work as performing tasks that you enjoy doing.
3. Instead of focusing on what to do, focus on who can do it for
you.
Tweetable Quotes:
- “Everybody has sales, and service, and operations and
administration. Every business.” – Bill Bush.
- “It’s different roles, different procedures. And you don’t get
bogged down with everyone doing the same thing.” – Chris
Sullivan.
- “What an advisor needs to do is give themselves permission to
quantify work as stuff
that they enjoy to do.” – Chris Sullivan.
Resources Mentioned:
● Horizon Financial Group –
website for Horizon Financial Group
● Confident
Advisor Practice – podcast for Confident Advisor Practice
Horizon Advisor Network-website for Horizon Advisor Network