I love listening to Jim Stackpool speak. Jim is an inspiring thought leader in the field of financial services. Jim also runs a program for planners who want to run an advice based business.

At a conference I attended recently, Jim shared some of the outcomes participants in the program are achieving. One statistic in particular caught my attention. Typically, principals in these firms increase their client facing time, from under 20% in many cases to an average of 60%. The number of new client engagements is up and profits are up. Non-client duties have been reassigned - as Jim says, “If you are tied up in admin, you won’t have the confidence to charge big fees”.

So, in line with my own research and observations that most professionals in practice are much more comfortable undertaking client facing work, there is a clear link - do more of the work you love … and make more money!

So, here’s a key performance indicator to start tracking in earnest – hours you spend with your core clients. Alternatively track this as a percentage of your total time.

As a postscript to this entity, another speaker at the same gathering was Larry Fingleson. Larry is the managing director of Priority Planners, an impressive financial advisory business based in Sydney. Larry is also an astute business person and a very perceptive judge of business strategy. Take a moment to reflect upon Larry’s question for professionals in practice - “Do you want to be an adviser or a business person?” There is no right or wrong answer to Larry’s question but clarity on this issue will help you achieve more great days at the office.