Advisers working in small firms will know only too well the difficulties and the challenges involved in juggling the time we have and, at busy times, it can be a real uphill struggle unless of course you’re willing to work 18-hour days including the weekends.
Most advisers I know want more of a work/life balance, as opposed to a work/work/work existence, and therefore we need to look at all opportunities to reclaim some of the time we have in order to use it effectively and to maximise the income that can be generated.
At our recent conference, a number of our top-performing firms talked about how they reclaim some of their own time through the development of their administration support team, and this can certainly be a way to move forward, however I’m all too well aware that for some firms – who have always existed with the very minimum of staff numbers, namely one – this can seem like a step they’re unwilling to take. So, what are the alternative options?
Well, clearly the use of enhanced technology can make all our lives easier saving us much-needed time, and perhaps allowing advisers not just to operate within the traditional confines of the mortgage market but also branch out into all areas of customer need.
This is a particularly pertinent point in the current environment when mortgage activity has developed nicely and some firms might be feeling the need to concentrate on the mortgage transaction and nothing else. We are all acutely aware of the extra work involved in placing mortgage business post-MMR and therefore this can seem the only option, however in any environment, diversification is definitely a good idea especially when it is for such closely aligned product needs as protection, general insurance, conveyancing, etc
Too often I have heard advisers use the excuse that they have not sold protection because the mortgage interview took too long and/or they knew they had another couple of hour’s administration to complete on top of it in order to get the case ready for submission. And yet, with the right software and systems, much of this administration can be completed as the interview and case progresses, meaning those ‘free’ hours can be spent on other needs and new clients. Our system, Revolution, for instance builds the record of the case as the adviser works through the client interview and therefore it takes very little time after to finish and submit the case to the lender.
This is utilising technology to the very best ends and means the adviser can have a much fuller diary of client interactions rather than having to score out large chunks to admin tasks. It puts the time back in the adviser’s hands allowing them to increase productivity, to make sure those ancillary product needs are taken care of, and to ultimately drive greater levels of income through the business.
We are not suggesting that technology systems like Revolution replace this client/adviser interaction however by automating a number of the tasks they allow them to spend more quality time with the client, ensuring they gain a better understanding of their needs and allows them more time to tailor product solutions to suit their exact needs. In turn this should enhance the customer journey significantly, product better outcomes which should translate into repeat business and (hopefully) ongoing recommendations and referrals.
This is truly a win-win for advisers and firms and if there are any firms out there who feel their technology and systems are not working in tune with their needs and demands, then they should certainly look elsewhere to find one which does. In today’s day and age, there is no need to put up with a retrograde system; instead now is the time to upgrade and reclaim those hours that can be far better spent with existing and new clients.
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