None of us have enough time to do everything presented to us; we all have only 24 hours. So, the problem isn’t time management but rather activities management.
This applies meaningfully to investment advisor/entrepreneurs who attempt to cover all areas of investment servicing, even those where they are not fully equipped with resources and expertise.
This has significant repercussions in lost productivity. The essence of effective practice management is to concentrate on those areas of an advisor’s practice where he or she is most effective and which rewards best financially. Subcontract all else and practice income will rise.
Liability will also decrease by doing this as mistakes often occur in areas where we are least capable, and which present too many moving parts to be properly managed except through specialization. We are a regulated industry and penalties for mishandling can be large.
Providing retirement plan services looms large as an example and institutional services to endowment and nonprofit funds present opportunity for revenue but only if the advisor is experienced, knowledgeable, and structured to navigate effectively in this market. Both opportunities are described below along with how our firm can assist you in maximizing your reward and minimizing your risk in these two essential practice areas.
Fragasso Financial Advisors partners with advisors to help provide these services as an extension of the resources you provide to your clients, all while being respectful of your existing relationships.