One of the most challenging issues for a solo practitioner of a wealth management firm is managing the numerous tasks that must be completed on a regular basis. In a small company, the responsibility for defining, delegating and completing each task rests squarely on the shoulders of one or two individuals. Given the limited number of hours in the workday and the number of tasks that must be addressed, effective time management becomes extremely important. In this post, we’ll look at some of the inherent challenges faced by small firms and discuss a framework by which you may be able to manage this process.
In a small, independent wealth management firm with one practitioner and an assistant, there are a number of items which demand attention. For example, you must manage client accounts; prepare and update financial plans; respond to client service requests; process the paperwork for new accounts, transfers, etc. You must also maintain your website; create and manage the marketing plan for your company; conduct investment due diligence; maintain the company’s books; research and learn how to best utilize the software to which your company has subscribed; stay abreast of the U.S. and global economy and a host of other tasks.