Hot business tip no. 3: Place a higher value on your time

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Figuring out what tasks you do can help you increase your efficiency.

Figuring out what tasks you do can help you increase your efficiency.

Placing a higher value on your time can be a game changer for many advisers, and often is the catalyst for significant changes in value proposition, business model, remuneration structure, resourcing and technology usage.

The first crucial step in such a process is to establish how your time is currently valued, which may require extensive analysis of your business metrics. If you haven’t done this before you may be surprised by the outcome!

By working out your effective hourly rate and comparing to external benchmarks you can get an immediate sense of whether you are under or over valuing your time (under is more likely).

Next you should look at all the tasks you perform in your role. Do you simply give advice or do you drive the whole process, from appointment booking through to fact finding, SOA preparation, application form completion and ongoing client care? If you answered the latter you need to consider whether it the best use of your time to perform these non-advice tasks.

The time you take to complete personal statements (and the subsequent follow ups) is non revenue generating, so why not outsource (using teleunderwriting) or delegate that process, freeing up your time to see more clients and provide more advice (clients value your advice, not your form completion ability).

Consider which other tasks you do which could be delegated to your staff; this can help with their development as well as lowering the effective cost of that task. And think about outsourcing too, using paid external services or the many free service options offered by most insurers.

The Future Ready V whitepaper found that the average adviser does only 5.7 clients facing appointments per week, begging the question about whether they are spending their time in a way that delivers the best business outcomes.

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This is an extract from a collection of business improvement tips for advisers, launched at Zurich’s Trax2Success national roadshow, featuring the 2013 AFA Adviser of the year Jenny Brown.

Click here to read Hot business tip number 1: Look after yourself and your staff

Click here to read Hot business tip number 2: Survey your clients

Click here to read Hot business tip number 4: Review your client onboarding process

Click here to read Hot business tip number 5: Adopt an estate planning methodology across your business

Click here to read Hot business tip number 6: Tailor your communication strategy by client generation

Click here to read Hot business tip no number 7: Change your approach to review meetings

Click here to read Hot business tip number 8: Create a differentiated service offering (segment your client base)

Click here to read Hot business tip number 9: Set up a Board of Advice

Click here to read Hot business tip number10: Develop a client retention strategy

Click here to read Hot business tip number 11: Run a program where staff drive improvements

Click here to read Hot business tip number. 12: Build your emotional intelligence

Click here to read Hot business tip number. 13: Go Social

Click here to read Hot business tip number. 14: Get better at handling objections

Click here to read Hot business tip number. 15: Create stronger referral sources

Click here to read Hot business tip number. 16: Set up a Google account

Click here to read Hot business tip number. 17: Learn from leading advisers

Click here to read Hot business tip number. 18: Make better use of technology in your business

Click here to read Hot business tip number 19: Improve your office environment

Click here to read Hot business tip number 20: Develop a great value proposition

Click here to read Hot business tip number 21: Make more use of video in your business

Click here to read Hot business tip number 22: Optimise your website for mobile

Click here to read Hot business tip number 23: Have a marketing plan

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