2021 proved to be quite the roller coaster for many financial advisors. The global landscape remained highly volatile as a result of the prolonged pandemic, and a new set of unprecedented challenges presented itself at every turn. Yet, there has been a silver lining to all this. For many, this period has extended a unique opportunity to relook and reassess one’s practice, and uncover new and more effective ways to work, from prospecting to maintaining client relationships.

Oftentimes, a common reason for low productivity stems from siloed work processes and technology that are unable to integrate well with one's ecosystem. Therefore, when adopting new productivity habits and tools, it is always a good rule of thumb to consider how they can work in tandem with one another to help you best achieve your goals. With that in mind, now is the time to enact change within yourself and your practice to propel toward higher levels of success in 2022 and beyond. Here are three areas of change that you can make to work more efficiently, in turn giving you more time for what’s important and matters most.  

Reimagine upskilling 

The past two years are a testament to the unpredictability of our world. In such a fast-moving environment, detailing strategic upskilling plans quickly became top priority, and it serves as a highly actionable and practical way to future-proof one's skillset and practice.

Besides strengthening one’s competitive advantage in the digital future, upskilling and cross-skilling also help introduce new tools and ways to work more effectively. In a Straits Times interview with Mr Keoy Soo Earn, financial advisory regional managing partner, Deloitte Southeast Asia, he shared that training initiatives can help equip financial advisors “with cross-servicing capabilities, and empower them to share ideas and co-create innovative solutions so that we can transform the way we work and how we serve our clients.”  

Nevertheless, upskilling will require time and commitment. However, leading industry experts believe that the long-term benefits it reaps far outweigh the short-term tradeoffs. A good place to start is to identify gaps in knowledge and seek resources available to fill it. Online courses are a convenient and flexible way to upskill oneself. Besides offering a wide range of topics available, they also allow individuals to learn at their own pace and in their own time. A small change you start by making is by simply setting aside time each day or week to learn. Building a good habit of constantly learning and improving your skillset will not only help improve productivity, but also ensure that you can adapt to changes in the industry and reach your fullest potential.   

Productivity-improving technology  

As technology continues to develop at an accelerated pace, the advantages they offer grow exponentially as well. From cost reduction to personalization and automation, strategically utilizing technology can help your practice streamline gain a competitive edge while opening new and expanded opportunities.  

Pearlyn Koh, ChFC, a 17-year MDRT member from Singapore, offers an example of how she successfully integrates technology into her practice to enhance productivity. “Via the use of customer relationship management (CRM) software, such as Salesforce, [we get prompted] on a regular basis to follow up and follow through on some of the needs of our existing customers – for example, life changes such as a newborn or marriage,” she said.  

Having to juggle numerous clients and prospects while keeping track of the minute details and constant changes, CRM platforms are an example of productivity-improving technology that are transforming the way financial advisors work. They serve as a highly useful tool that optimizes work processes by consolidating all information into a single, centralized platform. This keeps actions such as organization, management and communication far more efficient and seamless.  

On an individual level, one good way to start harnessing the power of technology is by first identifying time-consuming or repetitive processes in your practice; many of which can already be made more efficient with the help of technology. At the same time, keeping up to date with technological trends and constantly expanding your knowledge of new innovations can help align the right tech tools to your practice goals.  

Living a balanced life 

Lastly, and arguably one of the most important changes that one should work towards, is living a balance life.  

Bernice Lee, a two-year MDRT member from Singapore, shares some insights on what a balanced lifestyle means to her and how it leads to greater productivity. “What it really drives down to is the feeling of contentment … I focus on what I do best and value most while remembering to delegate and outsource resources whenever possible,” she shared. The MDRT Whole Person concept also helps empower her in growing holistically. “You’ll find that being in balance, or whole, is key to a happy, successful, fulfilled life and career. When you are in balance, you are also healthier, a less stressed individual, which leads to greater productivity, and relationship with yourself and others will flourish,” she said.  

While we may have different definitions of a balanced life, a good way to approach it is by learning to identify and prioritize what is important to you. Be intentional with how you spend your time and build meaningful relationships with the people around you. 

The complexity of financial advisors’ roles is rapidly changing. You will need to increase productivity to adapt to these forces, fulfill client’s expanding expectations, and build a successful practice moving forward.  

Contact: MDRTeditorial@teamlewis.com