Industry Insights – Advice Efficiencies with Kelly O’Brien

1. Audit-Ready Checklist: create a checklist to ensure every file is audit-ready before closure. Completing it throughout the advice process enhances efficiency and gives you peace of mind knowing it’s ready if selected come audit time.
2. Documented & Straightforward Processes: Ensure you have a documented blueprint of your process – noting it also doubles as an employee training guide. Keep processes straightforward - avoid overengineering. Key: consider whether an adviser needs to be involved in closing workflow tasks or if a key person can handle this to reduce bottlenecks.
3. Review Processes Regularly: Treat process reviews as importantly as financial goals - make them an annual KPI to ensure they remain relevant and effective.
4. Open Forums for Team Feedback: Provide an open forum for your team to question the status quo and discuss what they’re doing, encouraging innovation and efficiency – your team knows best.
5. Efficient Task Management: Prevent tasks from being passed through too many hands. In some cases, a senior person could complete a junior task for efficiency, and that might be acceptable. Alternatively, focus on upskilling.
6. Technology Integration: Leverage technology to automate and streamline.
7. Scheduled workflow meetings: Schedule regular workflow meetings, whether monthly, weekly, or daily stand-ups. Don’t reschedule even if it seems like there’s little to discuss - there’s always something to cover (also good for culture). Key: ensure you have automated reporting and accurate data to support agenda items, such as upcoming review meetings and client implementation progress.

Thanks Kelly for your insights - R2A Team