[Part 3] Efficiency + Repeatability + SCALABILITY = Profitability
Can you imagine doubling, tripling, or even quadrupling your advisory firm’s profitably? In a time of fee compression and shrinking margins, it seems that the only direction compensation is going is down. However, increasing your firm’s efficiency, repeatability, and scalability is the secret recipe to boosting profitability. In this special four-part article series, we are going to share how retirement plan advisors can achieve greater profitability.
After you have solved for efficiency and repeatability, it’s time to scale. Once your internal processes are running like a fine-oiled machine, it’s now possible to bring on 10, 20, 50 or more plans per year – if you want.
Scalability and profitability are not the same. However, it is a lot easier to increase profitability when you’ve solved for scalability.
Say you are preparing for an annual plan review meeting and it takes 25 hours to compile and create all of the report information needed; and your fees are $2,500. Then, your rate is $100 per hour. If you could reduce the time to prepare those reports to 2.5 hours, your internal hourly rate increases to $1,000 per hour. Think of all the extra clients you could take on with that extra time back in your day. Additionally, you just gave yourself a significant raise. That’s a win-win!
As you reflect on your business, take a moment to think about all the websites, tools, and systems you are currently logging into to find plan data. Think of all the time you and your team are using to generate client reports. There has to be a better way.
Announcing the Fiduciary Benchmarks’ New Advisor Business Management Dashboard
As the retirement plan industry continues to advance technology and data aggregation, you should consider a new tool, Fiduciary Benchmarks’ new Business Management dashboard.
It helps retirement plan advisory offices implement efficiency, repeatability, and scalability so you have more time to manage your business.
At Fiduciary Benchmarks, when we build tools for the retirement plan advisor, we strive to look ahead and see where our industry is going. We develop technology that anticipates the needs of our clients and helps our clients advance their businesses forward.
Contact us today to preview the Business Management Dashboard and learn how it can increase your efficiency, repeatability, scalability and – profitability.
Craig Rosenthal Senior Vice President, Advisor Sales & Service
Craig is responsible for sales, service, product development and partnerships with the Advisor/Consultant, Broker/Dealer, and DCIO channels.