It can be hard to quantify exactly what our time is worth but putting a value to each of your working hours as a financial advisor will help you to get the most out of your business.
When working for yourself, or heading up a small business, the idea of a 9-5 can rapidly vanish – and with it any notion of an hourly rate. Add in the hours spent working in the evenings and weekends to catch up on admin tasks and the value of your time can seriously diminish.
Rather than accept this as a necessary evil, recognise the problem then step back and calculate the value of the time you are putting into your business as a financial advisor.
Identifying areas where you are spending a lot of time on tasks that could be outsourced at a lower cost will help you to claw back valuable time that could be spent with your family or on developing your business.
Being able to take a proper break from your work as a financial advisor will allow you to return refreshed and with a clear focus the next day.
Costing out your time as a financial advisor
Working out an accurate value of your time is an efficient means to make the most of your input and see the maximum return for your time. As a financial advisor your time will be put to more valuable use capitalising on your specialist skills than taking care of administrative tasks.
On-boarding new clients and recording their needs, chasing invoices and managing paperwork are a vital part of running a successful business but many admin tasks do not actively bring money into the business.
Consider that the time absorbed by completing these tasks on a regular basis could instead be channelled towards driving up revenues and engaging new clients. Here your time is rewarded for its worth by actively bringing money in.
This is where a virtual PA with a specialist skill set in financial support can help – allowing you to focus on developing the business while reassured your admin is in safe, capable hands.
A PA with industry-specific training, experience and qualifications will know exactly what is demanded of them in a financial environment. Thanks to their experience a virtual PA for the financial industry will be able to hit the ground running as they already have the skills and knowledge needed – and are usually versed in the appropriate software.
How can a virtual PA help?
A virtual PA can assist financial advisors with a wide range of administrative tasks including:
- On-boarding clients
- Database management
- Producing reports
- Research
- Data entry
- Customer relationship management
- Proofreading
- Invoice and credit control
- Diary management
Meeting compliance demands as a financial advisor as well as customer expectations is essential and excellent administrative will ensure this is the case.
Reliable, organised administration is the backbone of a successful business, which makes it vital – but that doesn’t mean it cannot be outsourced.
Outsource admin for financial advisors
If the administration of your financial planning practice is caused you to feel burned out through a lack of downtime – or seeing you miss out on new opportunities a virtual PA will be able to help.
Outsourcing admin work to a virtual PA at a lower rate than you would pay yourself could help to push up revenue in the long term. Offloading time-heavy tasks can enable you to dedicate your valuable time to the work that is the heart of your practice.
Calculate just what your time is worth to understand if outsourcing work to a virtual PA makes financial sense.
New Dawn PA has experience of working in the financial sector and is an accredited St James’s Place Practice Support Specialist – contact us to find out more.