As the financial industry changes, being able to scale your wealth management business is crucial. Thriving in today’s world requires becoming efficient and staying passionate.

The path to scalable growth may seem daunting, but it does not need to be. According to Shannon Spotswood, President of RFG Advisory, growth can actually be simplified into five steps. Spotswood broke down these steps during the latest edition of Docupace’s Webinar Roundtable Series.

Establish your mission, vision and values
As the market changes, clients increasingly want advisors who are authentic and with whom they feel a connection. It is no longer enough for advisors to do what they do simply because they are good at it. There has to be a deeper why motivating their actions.

• What is the mission of your firm or your work as an RIA?
• What is your vision for the future?
• What are the core values of your work and client relationships?

Creating clarity around your mission, vision and values changes how you approach your client interactions and workflows. They are also linked to increases in growth and revenue. According to one business expert: “When expertly created and effectively used, mission statements exist as one of the most effective unification and decision-making tools available” for driving teams to a unified objective.

Want to amplify your mission? Define roles and responsibilities
With your mission and vision in mind, think about the specific roles and responsibilities that will best help clients and grow your firm in the way you want. Consider the responsibilities and specialities your firm needs, such as someone experienced in certain products or clients, a proven leader, additional back-office staff, or a skilled salesperson.

This process may mean overhauling your existing org chart to revamp responsibilities and teams or hiring new advisors and back-office staff to fill in the gaps. The key is to work with the mission in mind and then determine the roles and structure that will best support that vision.

Prioritise critical tasks
Scale is used to focus on KPIs like assets under management and the number of clients served. Today, being able to scale is all about being efficient with your time and prioritising critical tasks. Advisors spend an average of more than 40% of their work week on administrative and back-office tasks that generally are not moving the needle.

Advisors need to be ruthless about prioritising the tasks and meetings that matter, which ties back to your mission, values, and vision. Keeping that big-picture focus allows you to differentiate between the most important tasks and other responsibilities that can be delegated, outsourced, or eliminated.

Establish a rhythm of processes and meetings
Think through the rhythm of how work gets done in your firm. This ties into your firm’s culture or how you interact with clients, partners and team members. A cadence can include regular meetings, periodic check-ins with clients, and any other events or processes that happen regularly.

A cadence clarifies your values and gives people direction in their roles. A cadence creates a rhythm for the firm that leads to predictable processes so things do not fall through the cracks. Establishing a cadence also highlights opportunities for increased efficiencies, which opens doors for scalable growth.

Support your work with the right tech
Technology is crucial to excelling as a modern financial advisor, both in staying organised on the back end and providing a high-quality client experience. It can be tempting to chase after the latest and greatest solutions, but what matters most is having technology that works for your clients and processes. Firms often become buried in complex technology that they miss opportunities to scale and become more efficient. The key is to find the balance between leveraging effective technology while not chasing after every shiny new object.

Scaling your firm requires diligence and may come with growing pains. But focusing on your mission, vision, and values as a driving force helps advisors and employees move forward with purpose, better allocate their time, and create a strong client experience and competitive advantage.

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