Processes and Procedures

Summary:

The Confident Advisor Practice from the Horizon Advisor Network discusses the importance of process and procedures, how they can be properly embedded into your company to make them easily taught and transferable to new employees, and how to empower your team to make your agency run smoother without depending on the owner having to micro-manage everything.

Time Stamped Show Notes:

● 01:03 – Bill Bush, Pete Bush, and Chris Sullivan introduce the topic of processes and procedures.
● 02:51 – First Statement for Processes and Procedures: deals with doing paperwork yourself and growing frustrated with how to remain compliant. Surround yourself with people that can handle your weaknesses.
● 06:50 – Second Statement for Processes and Procedures: involves not having put your processes and procedures in writing. It is difficult to convey it to them, but needs to be shared so it doesn’t get lost with the one person that knows.
● 12:07 – Third Statement for Processes and Procedures: involves having tasks properly delegated to qualified team members for financial advisors to make better use of their time.
● 16:35 – Fourth Statement for Processes and Procedures: is for when you have defined the levels of service you offer to the different levels of clients and the team has created the system that is easily taught and transferred.
● 17:19 – You can have a self-managing company that still has a leader. Empower your team instead of trying to dwell on control.
● 19:15 – Decide what you want to do and then ask who can help you execute it.

3 Key Points:

1. The hourly rate for a financial advisor to talk to prospective clients and to assist current customers about updates is around $1000 an hour, but unfortunately their time often gets distracted by smaller tasks that should be delegated to others.
2. Quantify work as performing tasks that you enjoy doing.
3. Instead of focusing on what to do, focus on who can do it for you.

Tweetable Quotes:

• “Everybody has sales, and service, and operations and administration. Every business.” – Bill Bush.
• “It’s different roles, different procedures. And you don’t get bogged down with everyone doing the same thing.” – Chris Sullivan.
• “What an advisor needs to do is give themselves permission to quantify work as stuff
  that they enjoy to do.” – Chris Sullivan.

Resources Mentioned:

● Horizon Financial Group – website for Horizon Financial Group
● Confident Advisor Practice – podcast for Confident Advisor Practice

Horizon Advisor Network-website for Horizon Advisor Network