Ep 092: Taking More Vacation Time By Standardizing Workflows And Processes In Your Advisor CRM with Jennifer Goldman
Financial Advisor Success
Michael Kitces
4.8 • 696 Ratings
🗓️ 2 October 2018
⏱️ 100 minutes
🧾️ Download transcript
Summary
Today’s guest is an expert at operations and systems. Jennifer Goldman is the founder of an eponymous practice management consulting firm that works intimately with advisory firms on their operations, technology, workflows, and processes. After starting her career as a financial advisor and transitioning to operations leadership roles at two more advisory firms, Jennifer ultimately decided to go out on her own as a consultant.
In this episode, Jennifer shares her personal journey to building her own consulting practice, as well as the important lessons she learned while scaling her business. Listen in to hear the key mentality shift she had to make in order to transform from an advisor to a business owner, what it really means to adopt and implement workflows and processes into an advisory firm, and why it’s so important for business owners to do just that in order to grow and scale their firms without losing themselves in the process.
For show notes and more visit: https://www.kitces.com/92
Transcript
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| 0:00.0 | Welcome to the Financial Advisor Success Podcast, where you go behind the scenes with financial planner, |
| 0:08.4 | speaker and consultant Michael Kitsis to hear stories of how leading financial advisors |
| 0:13.6 | navigated the inevitable challenges that arise on the path to success and get insight from leading |
| 0:19.2 | industry consultants about how to break through to the |
| 0:22.0 | next level in your advisory business. And now here's your host, Michael Kitsis. Welcome, everyone. |
| 0:29.9 | Welcome to the 92nd episode of the Financial Advisor Success Podcast. My guest on today's |
| 0:34.8 | podcast is Jennifer Goldman. Jennifer runs an eponymous practice management |
| 0:38.9 | consulting firm based in Boston that works intimately with half a dozen advisory firms at a time on |
| 0:44.2 | their operations, technology, workflows, and processes. What's unique about Jennifer, though, |
| 0:49.5 | is that before she began working as a practice management consultant on operations issues, |
| 1:06.6 | she had a career as a financial advisor herself and then transitioned to operations leadership roles at two more advisory firms before eventually decided to go out on her own as a consultant to work with even more advisory firms and operations. |
| 1:14.2 | In this episode, we talk in depth about what it really means to adopt and implement workflows and processes in your advisory firm. |
| 1:19.6 | Why an advisor CRM system should operate as the central hub of the advisory business, |
| 1:28.5 | the 100 client capacity and five employee capacity in multi-advisory firms that eventually forces every growing advisory business to start formally adopting standardized processes and procedures. |
| 1:31.6 | And why exactly it's so important to do so in order to sustainably grow and scale an advisory |
| 1:36.6 | business? |
| 1:37.5 | Or simply to finally find the time to take in a vacation as an advisory firm founder. |
| 1:43.0 | We also talk about Jennifer's operation consulting |
| 1:45.8 | process with firms that starts with formalizing the roles and responsibilities of everyone in the |
| 1:50.9 | firm, and then goes to a technology audit of all the tools the advisory firm already has, and only then |
| 1:56.4 | begins to focus on how to better integrate the available technology tools. Recognizing that in today's environment, the real blocking point for most firms on technology |
| 2:04.7 | is not a need to get better tech tools, but simply need to adopt better systems and processes |
... |
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