Are you making the best use of your time? Compliance Consultant Tony Catt highlights some of the ways in which advisers can become more efficient and effective by avoiding major time thieves.
Most advisers and wealth managers are busy people and need good time management skills to complete their duties. The most productive time is spent seeing clients. However, there are some major time thieves that thwart them at every turn such as:
- Meeting preparation.
- Report writing.
- Preparing presentations.
- Doing research
- Business paperwork
- Satisfying compliance
I think that I’ve just about got that list in their normal order in the mind of many advisers.
Obviously, some of those duties can be delegated to paraplanners and administration staff. That should also cover the compliance duties to fill the gaps in the paperwork.
Many advisers undertake a lot of Continuing Professional Development (CPD) activities, but then do not record what they have done. The regulatory rules state that 35 hours per year of which 21 hours must be structured, should be completed. When you calculate this out, that is lower than 3 hours per month. On an average 20-day working month, that is 9(nine!) minutes per day. Or if you want to binge train, 45 minutes per week.
What advisers need to ensure is that the training they undertake is relevant to their duties and preferably fills gaps in their knowledge, or refreshes knowledge. If they are filling in their CPD logs, they should be considering:
Many advisers undertake a lot of Continuing Professional Development (CPD) activities, but then do not record what they have done
- What training or reading are they doing?
- How is it relevant to their role?
- What have they learned?
- How are they going to apply what they have learned to their duties?
So, for normal reading, as well as your copy of IFA Magazine of course, most advisers receive emails from various other trade journals, such as FTAdviser, New Model Adviser, Investment Week, Professional Adviser and any number of similar trade press distributors. In the past, we have also received weekly paper copies to provide our information. Now that these emails largely arrive on an hourly basis during the day, there is less need for the paper copies.
Our research is similarly digital with providers such as Iress, Air, Defaqto, the Langcat, Morningstar, Synaptics, FE Trustnet or Analytics and MICAP all supplying a fantastic depth of information. We have certainly moved on from the monthly read of the Money Management magazine league tables to undertake our fund performance research.
We have certainly moved on from the monthly read of the Money Management magazine league tables to undertake our fund performance research