Financial advisors don't believe they are completely in control of their time and business, according to a survey by the FPA Research and Practice Institute.
The greatest obstacles advisors face when it comes to productivity and profitability are trying to do too much, increased administrative burden and procrastination, the survey found.
Out of the 750 professionals surveyed for the 2014 Time Management and Productivity Study, the ones who had clearly defined business goals (68 percent) and personal goals (59 percent) were more likely to have more control. The advisors who felt they were in control also tended to rate their plan as effective compared to 44 percent who rated themselves not in control.
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When asked about the issues that had the greatest impact on productivity, respondents said that investing time in planning and prioritizing activities every day had the greatest effect.
In addition to having a clear vision, advisors who had strong teams, processes and technology at their disposal were more likely to be in control, the survey found. Fifty-one percent of advisors indicated that having clearly defined/standardized processes was the best way to improve efficiency, followed by 47 percent who said delegation was the most important and 38 percent who though better scheduling was the best way to improve efficiency.
Forty-four percent of teams who were in control had a set schedule compared to 20 percent who were not in control, the survey found. Those advisors who say they are in control are more likely to use tools such as a time tracker and are less likely to deviate from their schedules.
The Financial Planning Association has been the principal professional organization for certified financial planner professionals, educators, financial services professionals and students who seek advancement in a growing, dynamic profession.
The FPA Research and Practice Institute is a program of the Financial Planning Association. It conducts original research on business-centric topics and issues, including operations, personnel, human resources, marketing and technology.
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