6 min read.
By Andy Marshall*
What type of AFSL, what type of business would you have if you were able to free up 8 hours a week?
It seems the answer is one that has :
When 40 boutique AFSL owner got together, they normally discussed issues of: technology enablement (or disablement depending on how you look at it), compliance management and interpretation, adjusting to a post Royal Commission advice architecture and business growth and profitability.
However, when asked to dig deeper, the hurdles in implementing and enacting solutions started with the largest hurdle of them all, time poverty.
Faced with compliance interpretation and management, time-consuming SoA production, transitioning legacy clients, traditionally businesses have enacted one strategy: more human power in either staffing or simply working longer and harder.
Throwing more bodies and effort into a fight seems a good idea, but if you could ask the Romans of the battle of Cannae, the outcome in that instance and in todays modern business is seldom positive.
The costs from a business point of view are high : -
When asked why projects and plans and identified priorities were stymied, the delegates all agreed that it was time poverty that was the biggest enemy.
If only that SoA production software could be faster! But that’s hardly ever the solution.
So, to create an action plan a different question was asked. If you could get back 8 hours a week what would it allow you to do in your business?
The answers ranged from enacting the projects, engaging more of the right type of client, fostering partnerships, and of course the corresponding impact of greater revenue and profitability with a lesser human capital impact.
What’s the magic formula though to finding those 8 hours?
If you are an adviser … advise.
Don’t be the compliance manager and don’t be the IT consultant. Don’t chase the shiny distracting objects that a lot of noise is made about in the advice profession.
There are people for all of these tasks.
If you have not defined these three areas STOP, go back define them and then match a solution to your requirements.
The solutions are out there as are the people to enable them. But simply asking the question “what’s a good CRM” is not a financial advice technology solution starting point question.
Just these 3 actions can deliver:
The question is do you have the time to sit still and let someone help you do this?
*Andy Marshall is the Head of IOOF Alliances which provides dealer support services for those aspirants to self-licensing and for existing self-licensed boutique advice businesses. Andy ran a CEO and Leaders Forum for Alliances member AFSLs as part of the regular peer group interaction for members on topics such as compliance, technology, business management, and client engagement.