Advisers are doing too much, expert says

Financial advisers who want to build better practices need to work on doing less, not more, an expert told attendees of the Fidelity Inside Track conference in Arlington, Va., Tuesday.
“The reality of our time is that everyone gets pulled into the nonessential at the expense of the essential,” Greg McKeown, chief executive of This Inc., told about 160 advisers at the conference. “The undisciplined pursuit of more causes people to plateau in their progress.”
Among the tips the self-proclaimed “essentialist” offered was to stop technology from taking control. Specifically, he mentioned the propensity to check e-mail, which he said is done an average of 150 times a day.
“When you check your e-mail you’re checking someone else’s agenda,” he said.
Advisers should hold half-day personal off-site retreats every quarter to focus on long-term and short-term goals, including establishing one’s No. 1 life goal.
That process will reveal what advisers can be doing less of, he said.
(More: Apps for financial advisers to help with time management)
Focusing on one’s best clients — and gaining more of those — also is key.
“Advisers won’t break through to the next level until you are more selective with your customers,” Mr. McKeown said.
The two-day Fidelity conference is focused on helping advisers grow their firms.
Rich Policastro, senior vice president of sales and relationship management for Fidelity Investments, told advisers they need to set their sights higher to improve their businesses.
“Your firm’s need to evolve is no longer an option, it’s a necessity,” he said.