Over the past few years my priorities have dramatically changed. I spent my entire 20's pursuing my Paraplanning career and squeezed in my social life around my work load. As 30 approached, my mother graciously reminded me that my ovaries would 'soon turn to dust' and my priorities transitioned to starting a family.
Knowing I wouldn’t be content with changing nappies and cleaning the house all day, I needed to find a happy medium where I could continue on my pursuit and spend quality time with my boy. Enter Contract Paraplanning Services.
I needed a business that would generate a healthy profit, pretty much run itself oh and also work around bub's nap times. Tall ask? Sure. Possible? Absolutely and over this blog series, I am going to show you how to achieve the same results from your financial advice business.
There are a lot of Advisers out there doing things the hard way. Just the thought of compliance, administration, following up, booking appointments, product research, record keeping, SoA's etc can get overwhelming, especially if you are doing a lot (or all) of this yourself. It doesn't have to be this hard, so buckle up, because we are going to get straight into it.
First, and most importantly, I need you to truly understand what your time is worth. Don't just pluck a figure out of thin air, put some thought into this. To help, here is a guide on the factors you should consider:
How many client appointments do you have each week? How many would you like?
How many hours do you spend on general office tasks? If you are guessing, use an app such as RescueTime which will monitor the time you spend in each different program and report back to you. Do this over a week because I think it will surprise you.
Do you attend networking events, travel to meetings, conferences etc?
Now divide your salary by weekly hours worked and put a cost on the above three points (per hour) until you make up your work week.
It is really valuable to understand how you currently spend your day at work. It will give you a solid starting point to measure your progress and most importantly, put an actual $ figure on what those office tasks actually cost you.
Next week will be covering the Top 3 Time Wasters in Your Financial Planning Business and what to do about them.