Advisors typically see between five and seven clients per week, with an average meeting time of two to three hours. That takes up 15 hours to 20 hours per week.
Most advisors, however, work between 45 and 50 hours per week. So they're spending a lot of time doing things their teams could take on.
For that to happen, you need the right people on your team, with job descriptions that are closely aligned with your needs and the firm's overall strategy.
However, that's only half the job. You still need the right leadership.
Here are some management tips that can help maximize your time for advisory work.
- Identify what part of your leadership is missing. Do an analysis with your team to identify gaps. Are you too harsh? Do you provide constructive feedback? Are you a micromanager, or too laissez-faire?
- Improve your leadership style. For example, if your team thinks you could improve on your communication, think about more effective ways to get the message across. Consider holding weekly meetings to discuss goals and projects.
- Determine your leadership style and the type of style your support team responds to. You can ask them directly or have them fill out questionnaires. Then, determine how each employee wants to be led and motivated.
- Ask your team for feedback on how you can improve your management style.
- Ask for outside help if you're still stuck.