Within the preliminary levels of their careers, many monetary advicers discover that, with little income coming in and fewer than a full load of client-facing work to do, they spend the bulk of their time on operations and advertising as they attempt to set up their observe. Consequently, an advicer typically has the capability to say “sure” to any alternative that comes alongside as they attempt to maintain busy and (hopefully) enhance their money stream. Nevertheless, because the advicer’s observe grows and their calendars begin filling up, they will discover themselves at some extent the place they do not have sufficient time to begin doing something new till they stop-doing one thing else. Which begs the query: Is there a scientific means for a monetary advicer to find out when it is smart to say “no” to allow them to say “sure” to one thing else?
In our 138th episode of Kitces & Carl, Michael Kitces and consumer communication professional Carl Richards discover the idea of a “Cease-Doing” record (versus a “to-do” record), numerous methods to determine what ought to go on that record, and the way advicers can go about executing the record (to allow them to go on to doing the issues that may transfer their practices and the career ahead).
From a conceptual perspective, saying “sure” to one thing additionally means saying “no” to one thing else. For example, saying sure to taking up an operational responsibility won’t depart time for going to extra networking occasions. But, whereas saying “no” is not at all times simple (particularly for a lot of advicers who have been drawn to the career within the first place particularly as a result of they like to assist others), one efficient approach to get extra comfy saying “no“ to an merchandise on a “stop-doing“ record is to establish and keep targeted on a way more significant “sure“. By having a robust sense of what their perfect observe would appear like, advicers could discover that it will get simpler to filter by these issues that impede progress towards their objectives. (Not coincidentally, that is additionally a helpful means advicers can assist shoppers keep on monitor with their monetary plan when shoppers are tempted to overspend or make detrimental modifications when markets get scary).
By gaining readability on a deeper “sure”, an advicer can begin to establish the perfect issues for them to cease doing. One strategy is to find out the greenback worth of an hour of their time, and from there, make an inventory of all of the issues that they do for his or her enterprise and establish these duties that they will outsource at a decrease fee. One other methodology is to conduct a time audit by putting in a time-tracking app. As whereas there may be a menu of small duties that an advicer may like to take off their plates, the true energy of a complete time audit is within the capability to establish giant chunks of time that an advicer could also be spending on low-value actions (I am you, TikTok!).
As Parkinson’s Regulation posits, work will develop to the purpose the place it fully fills an advicer’s calendar. Finally, by conducting a time audit and making a reference to a deeper “sure“, advicers can achieve a greater understanding of how they’re spending one among their most treasured sources (i.e., their time) and determine what they need to cease doing to allow them to begin doing issues that can transfer their practices ahead!
