Solving the $2.1bn advice capacity conundrum

There has been a lot of talk recently about adding significant numbers of new clients to a practice. These statements need to be followed by techniques and practices to allow a business to seriously consider such a strategy. So to add to the debate, I would like to offer the following.

To add 30 new clients over the next 12 months without increasing staff, a financial planning business should focus on systematising processes, outsourcing administrative tasks, improving data management, and refining client communication.

First, leveraging a well-structured business system will help your team manage the increased workload with only a small increase in stress. A business system involves creating standardised procedures, checklists, and templates that streamline tasks such as client onboarding. For example, to onboard 30 clients, you could implement a standard email response for new prospects, including a Calendly link to schedule meetings. This removes the need for back-and-forth communication, saving time for both your team and the client.

Along with 30 new clients comes a large amount of new data to be included in your CRM. Outsourcing repetitive tasks like data entry, document preparation, and file note production allows your team to cope with the added tasks associated with 30 clients. For example, by providing your outsourcing team with a data input protocol checklist, you can ensure there are no gaps, errors, or inconsistent entries in your CRM. This way, the administrative burden is offloaded, while maintaining accuracy and efficiency in handling client information.

Improving data management through the use of a well-maintained CRM (Xplan) is another critical factor. Clean and organised data allows you to automate key functions, like sending personalised emails and generating reports. For example, by keeping all client data up to date in your CRM, you can automate personalised follow-up emails after each meeting, ensuring consistent communication without manual effort. This boosts efficiency and helps your team manage under the weight of 30 new clients.

Finally, refining your client communication processes ensures you can build stronger relationships while saving time. By developing templates for common client interactions, such as follow-up emails after consultations, you can ensure consistency and reduce time spent crafting individual messages. For example, using a standard follow-up template that includes details of the next steps helps keep prospects engaged and moving through your pipeline without requiring excessive time from your staff.

By focusing on these strategies, your business now has a fighting chance of adding 30 new clients without the need to hire additional staff.