When the engine stalls

My career began in the back office, which seems to be the norm when progressing through the ranks of a financial planning firm. 

The years I spent in this role gave me a good guide on how things should be done – from the ground up. The back office is called the engine room for a good reason; without it, we would stall. 

I always say that the client services/admin department is the most difficult administration job going around. There are so many (often-overlooked) complexities to this role and an understanding of the financial planning basics is essential. 

As an adviser, I’ve found that the efficiency and effectiveness of the back-office team are crucial to the success of the business. We don’t just want to provide quality advice, after all; we also want clients to have a great experience. That’s a team effort.

So: how do we ensure each area of the business is aligned so the “way we do things” benefits all of us? When there is a disconnect, it causes headaches for all parties – including the client. 

Here are some of the areas we’ve focused on that have helped us grow, simplify and work smarter. All of it starts by thinking about the client: 

Best practice and good workflow

A consistent way of operating is key. You will need to map out how your business currently operates and have the back-office team provide input into how things are currently being completed, and how they could be improved. This will give everyone buy-in and increase the likelihood of a successful implementation.

Best practice should be every business’s goal and it needs to be communicated loud and clear. Everyone needs to be consistent – including advisers. 

What not to do:

Don’t implement major changes to your business without consulting your team, particularly those who are directly involved with the process. The uptake will be minimal and old habits will creep back in. When implementing change to your business, don’t do it without thinking about how it will affect others.

Team communication, collaboration and input

Communicating within the team builds trust and reduces the likelihood of errors. Being clear and concise in your communication and instructions can save a lot of heartache (and potentially money) down the road.