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How to Delegate Like a Pro!

As your business grows, it is essential to begin handing off your tasks to employees who are competent and eager. Having a properly trained team will allow you to focus your efforts on the high-level tasks that really matter, and it will also help combat burnout and ensure you get the work/life balance everyone desperately needs. Since delegating is such a key part of any management role, here are some tips to manage the process like a pro!

Hire with Future Development in Mind

This is one of the most challenging steps for a business to take, as it requires taking the time to hypothesize what future obstacles may arise. Before you hire additional staff members, sit down and brainstorm the future of your company and what new challenges you may face. How will you grow your business? What industry changes may be on the horizon? What is the best way to find new clients? Keeping these thoughts in mind will help you hire employees with skillsets that will be aligned with your needs.

Craft Client Introductions from the Start

Even if you’re not immediately requiring client interactions, you can start curating relationships between your new employees and existing clients. Facilitate brief in-person introductions when the timing is right and create organic conversations, so your clients are familiar with the names and faces of your office staff. This will make it easier to shift responsibilities when the time comes and ensure everyone gets along well ahead of large transitions!

Set Up Accountability Structures

When the you are ready to start delegating your responsibilities, you want to make it is easy to find a bird’s eye view of your team’s progress. An easy way to do this is to create shared documents (for example, a spreadsheet on Google Drive) that all team members can use to log their notes and client interactions. This will allow you to monitor new developments while still giving your team opportunities to test their new skills and interpersonal relationships.

Be Willing to Invest in Additional Training

Even if you hire the best and the brightest, they may need introductions or refreshers to certain skillsets. If you notice that they could use additional training, politely offer additional training on that skill. One way to approach this is to forward them a link to an online class or seminar and simply say “This looks interesting! Would you like to attend? The company can cover your tuition.” This is a non-judgmental way to help improve confidence and give your employees the tools they need to flourish in your absence.

Delegating is an essential part of business growth, so be sure to take the time to properly train your employees to take on more responsibility. By hiring for potential, cultivating client relationships early, and providing support and training, you can ensure your team is ready to handle even more responsibility as your company develops.

Best Practices for Acquiring a New Book of Business

For financial advisors, one of the quickest ways to grow your practice is to acquire an existing book of business from another advisor who is usually exiting the business. While this can be a huge boon for your business, you need to handle the transition delicately and create an optimal transition for your new clients. These tips will help you gracefully handle the acquisition and keep everyone happy and informed!

  1. Find the Right Fit

Before you even consider buying a book of business, take the time to examine what would be the ideal fit for you and your team. The easiest way to create a smooth transition is to find a business that is similar to yours in terms of ideal client, area of specialization, values, and business model. These mutual traits will be essential in smoothing out the transition, so keep these in mind as you explore different companies to acquire.

  1. Ask for Assistance

The biggest asset to help you smooth out the transition will be the previous owners, as they know the personalities of their existing clients. When signing a contract, you might ask to include billable hours for personal support, or perhaps dual meetings where they can introduce you in person. These introductions are invaluable and help create a feeling of teamwork with the new clients, reassuring that they’re in excellent hands.

  1. Tailor Your Messaging and Stay Personal

One of the biggest concerns that your new clients will have is whether you will deliver the same level of service that they have come to expect. 91% of prospects are more likely to engage an advisor who utilizes some amount of personalization in their communications. It’s essential to build your client relationships right from the start, so ask for personalized info on each client when acquiring the business. Instead of sending out a form letter, reach out to each client personally and invite connection, or ask them to come into the office for one-on-one meetings. While this will add to your workload at the beginning of your acquisition, it shows your new clients that you are committed to their satisfaction and start your relationship off on the right foot.

  1. Combine Your Messaging

While it can be tempting to completely overhaul your website and messaging, your new clients will feel more comfortable with gradual changes. Keep the existing style, messaging, and website for a short period of time while gradually combining your two businesses. People tend to dislike change, especially when it’s forced on them, so keeping things familiar throughout the transition is a respectful and comforting gesture.

  1. Continually Reach Out

After your initial introduction, stay connected with your clients by following up at four-week intervals to ensure they are happy with your service. Continue to emphasize your availability and willingness to meet and use similar messaging as their previous financial advisor to make them feel at home. Just by expressing your support, you can decrease client turnover and make an incredible first impression on your new book of business!

As you start to acquire new books of business, these steps will help ensure a smooth transition for your clients. Finding practices that have similar ideal clients, values, and business models will allow you to seamlessly combine businesses, and personalized touches and consistent follow up will seal the deal for your new clients!