By conducting a review of business matters now, furthermore, firms can insure that they can of focus on prospecting and delivering services when their clients returns for summer travels.
During busier months, it’s easy for advisors to neglect many important items for their firm. Insurance is just one example. Rather than continue to renew the same coverage for errors and omissions policies and “key man” insurance each year, advisors can use the slow days during the summer to assess if they have adequate coverage—or too much coverage—while also shopping for the best rates.
Firms that have grown their assets under management may need to increase the life insurance or key man insurance on the principals. At the same time, advisors should assess the responsiveness and level of expertise of the brokers they use when purchasing insurance.
Like many of the issues that advisors face when running their businesses, a network of fellow financial planners and the expertise of wholesalers may prove helpful when reviewing risk management products.
Fellow advisors may have valuable insights on the ideal amount and types of insurance that planners should carry while being able to recommend brokers that go the extra distance to satisfy their customers. Wholesalers, for their part, may be familiar with novel strategies that other advisors use to contain insurance costs while managing risk.
The summer months can also be a good time to review technology. Firms may discover that they aren’t fully utilizing technology platforms offered by their custodians or home offices. At the same time, it may make sense to upgrade versions of financial planning software, investment analytic programs, computer operating systems and online security programs.
Firms may also discover that more cost efficient options for their cell phone carriers exist. In some cases, they may want to increase the amount of data they can download on their phones or increase the volume of text messaging they can perform to avoid paying additional fees for exceeding limits specified in existing contracts.
The opposite may also be true in cases where firms aren’t utilizing the full amount of services included in their existing contracts. Employee compensation is another area for advisors to assess. Much like with insurance, a network of fellow advisors and the insight of wholesalers can help financial planners with assessing compensation.
Other advisors may have developed new strategies to contain medical insurance costs, for example, or may have found new methods to motivate their workers to succeed. Other planners may also be willing to provide input on determining appropriate levels of compensation for staffers.
Marketing materials may also need to be reviewed and updated. During the hustle bustle of prospecting for new accounts and servicing existing clients, advisors may overlook the need to revise their marketing materials and social media content.
After all, assets under management, staff members, employee credentials and services that firms offer can change over time, so marketing materials may need to be revised. A review of form letters for client communications should also be included in the assessment of marketing materials.
During the summer doldrums, it may also make sense to produce new materials on market conditions and to guest author content on financial planning topics for local newspapers or other publications. While clients and prospects who are out of town on vacation may miss out on seeing the content, provided prospects and existing clients with reprints of the published materials can go a long way in enhancing an advisors image.