Invest Your Time Wisely
When I realized how much time I was spending with clients who were unprofitable, I knew I had to make a change. --Thomas Cerny
Most advisors have no idea how much money they're actually earning per hour. Consequently, they invest much of their time disproportionately, relative to financial return, or in tasks that aren't tied to revenue..."When I realized how much time I was spending with clients who were unprofitable, I knew I had to make a change," says Thomas Cerny, a CFP with Chicago North Financial Group in Itasca, Ill. "I decided to team up with a junior associate and transfer a number of clients to him. We visited each client together, so I could make the introductions. I was ultimately able to generate additional revenues from these clients that I wasn't expecting, and they proved to be profitable for the other advisor as well."
-Thomas Cerny, a CFP with Chicago North Financial Group in Itasca, Ill., in Action Strategies to Improve Profitability
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