In 2021, LPL identified high-performing advisors according to client acquisition, then uncovered the habits that set them apart. Findings around time management included: 

  • Advisors typically lose 43% of their time to admin, operations, and investment management activities.
  • Advisors typically spend 5.5 hours per week on admin and investment tasks that could be delegated. 

Managing low-value, high-volume tasks that take you away from making a bigger impact can make a big difference in your practice. These tasks should be offloaded to allow you time to focus on areas of the business that you do best. This type of thoughtful delegation is crucial to the growth of your practice.

If your firm is struggling to make time for essential administrative tasks, hiring qualified specialists can save you time and money. And spare you the stress of trying to do everything yourself.*

If your financial advisory firm is struggling to make time for essential administrative tasks… hiring qualified specialists can save you time and money and spare you the stress of trying to do everything yourself.

- US News & World Report*

What can you delegate?

The following five tasks require accuracy, timeliness, knowledge of LPL systems, and attention to detail—and they set the tone for your client experience and retention. Because these tasks require significant time to execute, you should assign them to an industry-trained admin who is invested in the success of your practice. 

  1. New accounts: Opening new accounts, including collecting client data
  2. Account transfers: Initiating and following up on incoming transfers
  3. Move money: Initiating and following up on Move Money requests, including Automated Clearing House (ACH), checks, journal, Required Minimum Distributions (RMDs) and wire transfers
  4. Retirement distributions: Initiating and following up on RMDs
  5. Account maintenance: Meeting coordination, calendar management, updating client information, corresponding with clients, and helping clients get set up on LPL technology

In addition to these five tasks, seasonal tasks can also derail your normal business operations if a relief valve isn’t in place.

Seasonal delegation

A dedicated and experienced admin can help with your quarterly needs.

  • Q1: January to March

    New Year kickoff and tax prep - Confirm all clients have access to AccountView, confirm direct business accounts are networked appropriately, meeting prep and client reporting, 1099 mailings, tax season prep, and IRA contributions
  • Q2: April to June

    Spring cleaning and outreach - Final sprint of tax season, ClientWorks and CRM cleanup, and annual reviews scheduled and completed 
  • Q3: July to September

    Mid-year reporting and end-of-year prep - Required Minimum Distribution (RMD) Planning including setups for required clients, client householding, activity reporting, account clean-up, and B Notices (withholdings) 
  • Q4: October to December

    End-of-year planning and reporting - Confirm RMDs are distributed or scheduled and sent, scheduling and calendar management, end-of-year meeting prep, client reporting, and prospect cleanup in CRM

Smaller task delegation

While delegating tasks long-term and on a seasonal basis are good practices, there might be times your business needs a solution for a shorter timeframe.

How will you handle the workload if your administrative assistant is out for three months or longer because of a personal or health issue? Or what about that three-month project that requires extra support? Developing a plan now for how to handle projects with shorter timelines or work due to a temporary loss of administrative staff will put you ahead of the game, and eliminate any last-minute scrambling.

Assess your time

It’s important to assess executive time and attention quarterly. How are you using the time you have? If you find yourself nodding in agreement to these scenarios, now would be a good time to learn more about how Admin Solutions can propel your business forward—and free you up to do what you do best.

Source "Advisors, Outsource These 6 Administrative Tasks," US News & World Report, January 25, 2022

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Avoid the struggle

See how a qualified specialist can help manage essential administrative tasks.