Take a Vacation Without Losing Clients—Or Your Head
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Not long ago,
But, about six months ago, he hired a new customer service assistant who was not only fully registered, as his previous staffers had been, but also had a CFP. Confident his employee could handle just about any situation that might arise, Nehring went on a week-long cruise to the
Now, says Nehring, he’s planning his next trip. “I realize I need to do this some more,” he says. “I can’t go another 12 years without a break.”
As we well know, all work and no play makes Jack a dull guy. But it can also make him a bad advisor. Failing to take real breaks can be bad for your productivity and for your practice. “Quite simply, you have to take a vacation or you burn out,” says
And yet, if you’re like many advisors, knowing you should get a break doesn’t necessarily mean you actually do something about it. In many cases, ensuring that client service continues uninterrupted and that there will be adequate coverage in an emergency is a nearly insurmountable challenge. Inevitably, as Nehring found, that leaves one choice: to stay put. And, if you do go away—-admit it—you often end up glued to your Blackberry and iPad, leaving little opportunity to feel you’ve really gotten away from it all.
It doesn’t have to be that way. While taking a vacation the first few years in business is tough to pull off, after that, most advisors can cut loose and get away—with the right staffing and office systems, and smart use of technology. While you’re out of the office, it’s also possible to refrain from checking in all the time. In many cases, you might have to settle for five days, rather than 10—but you still can get the respite you need to maintain your health, keep your spirits up—and continue expanding the business.
What’s more, according to
Be Realistic
Still, don’t expect it to be easy the first time out. It took Nehring, who didn’t pack his laptop or Blackberry, a good three days to settle in. “They talk about hearing that phantom phone vibration,” he says. “Well, I heard it all the time.” If fact, according to Nehring, he chose to take a cruise out of the country, instead of traveling in the U.S., specifically to make it impossible for him to check his email all the time.
Those advisors with a true ensemble approach, where colleagues share clients, among other things, probably have the easiest time going away. Take
That’s a radical change from her previous set-up, where Snyder had one assistant and no other associates. When she was working under the old model, she tended to take one vacation during the holidays, when business was slow, checking in all the time. Now, she feels confident enough in her partners’ abilities and relationship with clients to go on frequent week-long trips throughout the year. She’s planning a trip to
If you don’t work with partners or other advisors, another possibility is to form a reciprocal relationship with a colleague affiliated with the same broker/dealer. That means you pinch hit for each other when you‘re away, whenever possible.
For practices that aren’t ensembles, the key is introducing a team framework, including at least one trusted licensed employee who understands the business and with whom clients are familiar—someone you feel can handle most situations likely to arise or who knows when there’s something more complex or urgent that requires your attention.
Caton Financial, a
Systems and Standards
But a reliable staff is just one part of the puzzle. You also need standardized office systems that allow employees to share information easily and understand the correct process for every activity conducted by the firm. And you need a system of meetings that ensure the entire staff is always on the same page. Caton, for example, meets every Monday morning with her employees, in addition to holding longer once a month pow wows. Her three employees also meet for 15 minutes or so every day.
The right CRM system also makes a big difference. With the appropriate software, every time there’s a conversation with a client, that discussion can be noted in the system, along with follow-up tasks for staff. That way, if you’re away, anyone in the practice can call up an account and get the most up-to-date information. “Our CRM is probably the biggest thing that helps us take vacations,” says
In fact, it’s all about planning. That means scheduling vacations well in advance. Take Legacy Solutions, a
Perhaps the trickiest issue is deciding just how completely you’ll disconnect yourself from electronic communication. With email and cell phones, as well as software that allows you, say, to tap into client information on your office desktop remotely, there’s the potential to be in constant contact. That’s less than ideal for really getting a break.
But sometimes, advisors simply can’t cut the cord completely. In that case, there’s a range of options. Some advisors ask their staff to send one email a day with a recap of important issues. Others tell their office to call them only if there’s an emergency. Still others, like Caton, check email occasionally, only getting back to “A plus clients” if they have an urgent need. She recalls one such client who recently contacted her about a house purchase decision that had to be made on the spot. Caton called her back and arranged a three-way conversation with the broker. “That’s unusual,” she says.
Even advisors who take only short breaks have different philosophies about email.
Most advisors let their clients know if they’re going away, either during reviews or via email or snail mail. In fact, in some cases, it can even be a way to strengthen their relationships. Fernando Erenata, who heads
You might also be surprised—and gratified—at the reactions you elicit after you announce your plans. When Nehring let his clients know during their reviews that he was going on a real vacation, “Almost to a “t”, they said, ‘It’s about time,” he says.
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