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 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 to 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

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.

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

    New Year Kickoff and Tax Prep - Meeting prep and client reporting, 1099 mailings, tax season prep, and IRA contributions
  • Q2

    Spring Cleaning and Outreach - CRM updates and management, client segmentation, and proactive outreach or networking 
  • Q3

    Mid-Year Reporting and End-of-Year Prep - Activity reporting, account clean-up, and B Notices (withholdings) 
  • Q4

    End-of-Year Planning and Reporting - Scheduling and calendar management, meeting prep, client reporting, and RMDs preparation

 

It’s important to assess executive time and attention quarterly. How are you using the time you have? If you find yourself nodding your head on the tasks above, now may 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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Reduce top tasks with Admin support

Reduce top tasks with Admin support.
Offload low-value, high-volume taks to focus on
what you do best. Admin Solutions can help.