I believe that a lot of advisors live in a fairy-tale type world. That is to say, what they think they spend their days doing and what they actually spend their days doing are two different things, or at the very least not in the same proportion as they think.
As an example: we all know that, in order to scale and grow an already successful practice, an efficient advisor should really be spending their time doing one of three things: prospecting new potential client relationships, serving and connecting on a deeper level with existing client relationships, and fostering stronger strategic relationships with those that can help connect us with our ideal client (CPA’s, attorneys, business brokers, etc).
However, if we were to be honest with ourselves and look at the raw data (both within our own practices as well as abroad) we’d notice that the data is contrary to our thoughts. According to an Advisor Benchmarking, Inc study, the average practice spends 26% of their day on client service and acquisition, while the “Best Practice” spends a total of 49% on these same tasks.
Here’s an idea: document your time. Fill out a spreadsheet, write it out on paper, track it in your CRM, or document it in your calendar. Do this for two weeks. At the end of that time, determine what percentage of your time was spent on revenue producing activities vs busy work and other tasks that should be delegated.
As a business owner, we both know that the business only grows when we focus as much effort as possible on the tasks that will have a direct effect on scaling the business.