Beverly Flaxington is a practice management consultant. She answers questions from advisors facing human resource issues. To submit yours, email us here.
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Dear Bev,
I just attended another great workshop given by an industry expert. I didn’t want to go because I don’t have the time.. But once I went I came away with a number of ideas to put in place in my advisory firm. Some days I find myself just treading water. I am busy – responding to clients, reallocating portfolios, working with employees on issues and reporting to my board. I know I am doing what I need to do, but the things I learn at these workshops never happen. I don’t put the new growth plans in place; I don’t reorganize my team, which I know I need to do; I don’t rewrite important job descriptions; I don’t find ways to maximize our technology usage.
I know what I need to do but I don’t get it done. I am exerting a lot of effort but don’t move things in important ways. Is there some way to think about this differently or some technique to get myself more focused on these important, over-arching initiatives?
B.H.
Dear B.H.,
This is a classic case of getting all of the important “to-do’s” done on a daily basis but not making enough progress on the big things, the initiatives to move your business forward. I have a theory that people focus on what is in front of them, not the bigger things because looking at what needs to be done feels overwhelming and daunting. Many people tell me at my workshops and when I speak that they suffer from this same problem – knowing a big project should be put in place, but never finding the time to make inroads.
I remember when I wanted to write my first book and was running my business full-time – teaching two courses, raising three smallish kids at home, doing volunteer work and having very little time to myself. It was completely overwhelming.
I learned then, it’s important to look at each and every large initiative and “chunk down” what needs to be done. Identify what needs to be done and break things down into the smallest, most discreet step possible. Ask yourself “what’s the one thing I can do right now?”
For example, doing a better job of maximizing technology is big and daunting. To chunk it down:
- Identify what technology you want to examine – if you are reviewing what’s in place today;
- Identify what technology is missing if you want to consider what you can buy;
- Consider how things are working today – what obstacles do you have relative to technology;
- Interview stakeholders within your firm to find out what’s working and what’s not;
- Review a chat within a group on LinkedIn where advisors might be talking about technology to gain ideas;
- Interview a couple of technology vendors;
- Consult with your custodian and see if they have resources to provide;
There may be more steps, but this serves as an example. Now look at each of these steps and ask how much time will each one take. If you want to examine existing technology, you need to make a list of what to review. How long would it take you to make this list? One hour? 90 minutes? Once you break the steps down, and establish the associated time that goes with it, put that task on your calendar. Look at when you have this window of time that won’t be stolen by another priority. Don’t worry about completing the task now, just worry about identifying it and figuring out the associated time. Capture when you will do it and then forget about it until the time comes!
Do this for each of the steps you have outlined. Make sure you identify realistic timing. If something is likely going to take you 3-4 hours, don’t assume you can get it done in 45 minutes! And if you don’t have a 3-4 hour block, then break the task down even further.
Very importantly, as you break things down, consider to whom you might be able to delegate tasks. When I was writing my first book, I didn’t even realize (at the outset) I would need an editor, proofreader, designer for the cover, internal layout, etc. until I started making my list. I’d only had a traditional publisher co-authoring my first book, so I was unprepared for the many, many steps to self-publish. Once I broke tasks down, and identified what was needed early in the process. I could go find resources and line them up for when I needed them.
Similarly, if you want to review technology, will there be a time you need someone to help constructing an RFP? Or will you want a technology consultant to provide input? Can you have some of your internal team members conduct interviews or find technology options? Breaking things down allows you to assign a smaller task so things are getting done even when you aren’t the one doing all of it.
This process sounds so simple but it is truly life changing in helping to make progress on the big things. To allow yourself the chance to make it work, take one of the initiatives you have outlined here and begin to take these steps.
Once you make progress on one, you might be able to incorporate a second one but allow yourself the success before you do so.
Beverly Flaxington co-founded The Collaborative, a consulting firm devoted to business building for the financial services industry in 1995. In 2008, she co-founded Advisors Trusted Advisor to offer dedicated practice management resources to advisors, planners and wealth managers. She is currently an adjunct professor at Suffolk University teaching undergraduate students Leadership & Social Responsibility. Beverly is a Certified Professional Behavioral Analyst (CPBA) and Certified Professional Values Analyst (CPVA).
She has spent over 25 years in the investment industry and has been featured in Selling Power Magazine and quoted in hundreds of media outlets, including The Wall Street Journal, MSNBC.com, Investment News and Solutions Magazine for the FPA. She speaks frequently at investment industry conferences and is a speaker for the CFA Institute.
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Beverly Flaxington is a practice management consultant. She answers questions from advisors facing human resource issues. To submit yours, email us here. 
