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Maximising Your VA’s Potential: A Guide for Financial Planners

As a financial planner, your day is often filled with balancing client needs, market research, and endless admin tasks that can bog you down. This is exactly where a Virtual Assistant (VA) steps in – not just as a helper, but to keep your business running should you decide to take the time away and to ensure that you will be able to keep up regardless of the market’s movements.

While this sounds good, the real magic happens when you know exactly how to leverage their skills! Let’s look into how you can turn your VA into a powerhouse, making your work life not just easier, but more productive and rewarding.

#1 Identify Your Bottlenecks

The first step in maximising the potential of your VA is to identify your bottlenecks. These are tasks that consume a significant amount of your time or energy without directly contributing to your core business functions. For many financial planners, these could include:

  • Scheduling and managing appointments
  • Client data entry and CRM management
  • Basic research tasks
  • Preparing and following up on documentation

Once you’ve pinpointed these areas, the next step is delegation.

#2 Delegate Effectively

Delegation is not merely about you offloading tasks — it means creating a system where your VA can handle these tasks efficiently and independently. Here are some steps to ensure effective delegation:

  1. Clear Communication: Be explicit about your expectations and the outcomes you’re looking for. This clarity will help your VA understand their role and responsibilities better.
  2. Training and Tools: Provide your VA with the necessary training and tools. While regular training will be provided by a VA company, you can keep your VA up-to-date by creating video documentation of your internal processes with AI tools such as Scribe, for example.
  3. Regular Check-ins: Establish a routine for regular check-ins with your VA. This will help you track progress, provide feedback, and make adjustments as needed. This will also allow your VA to open up about any challenges they face and find ways to help them.

#3 Tasks to Offload

Your VA is trained to handle a variety of tasks, from financial planning to social media management. On the financial planning side, here are some tasks you can offload to your VA:

  • Adding Client Data to Financial Planning Software
  • Implementation of Financial Advice
  • Preparing Portfolio Reports
  • Gather information and conduct Super, Insurance, and Investment Research
  • Preparing Application Forms
  • Update and Maintain Client Database
  • Follow Up on Applications, Insurance, and Medicals
  • Prepare insurance premium estimates and quotes

Beyond financial planning, you can also offload the following admin tasks to your VA:

  • Social Media Management
  • Calendar Management
  • Email Marketing
  • Lead Generation
  • Project Management

#4 Document Your Processes with AI

Having well-documented processes not only streamlines your workflow but also makes it easier to onboard and collaborate with your Virtual Assistant (VA). Thanks to AI and innovative tools like Loom, Scribe AI, and Lucidchart, documenting your processes has never been easier. Let’s take a look at how these tools can help Financial Planners like you: 

  1. Loom:

What It Is: Loom is a video recording tool that allows you to capture your screen, voice, and face to create instantly shareable videos.

How It Helps: With Loom, you can quickly create video guides of your processes. Whether it’s demonstrating how to use financial planning software or walking through client onboarding steps, Loom makes it visual and straightforward. Your VA can refer to these videos anytime, reducing the need for repeated explanations.

  1. Scribe AI:

What It Is: Scribe AI is a tool that automatically generates step-by-step guides with screenshots.

How It Helps: For more detailed, step-by-step processes, Scribe AI is perfect. It captures your actions on-screen and turns them into clear, easy-to-follow guides. This is ideal for documenting complex financial processes or compliance procedures. Your VA can use these guides to ensure accuracy and consistency in their work.

  1. Lucidchart:

What It Is: Lucidchart is a visual workspace that combines diagramming, data visualisation, and collaboration tools.

How It Helps: Financial planning involves a lot of complex processes and client data flow. Lucidchart allows you to create flowcharts and diagrams that visually map out these processes. This can be incredibly helpful for a VA to understand the bigger picture and see how their tasks fit into your overall workflow.

Documenting processes through these AI-driven tools ensures clarity, reduces errors, and saves time in training and execution. As a financial planner, this means you can focus more on client relationships and strategic planning, confident that your VA has the resources they need to support you seamlessly.

#5 Set Up a Bonus Structure for your VA

Motivation and appreciation play a significant role in any successful working relationship, especially when working with a VA. Here’s a glimpse into a bonus structure that has worked well for us, which you might find useful in your financial planning practice.

Sample Bonus Structure:

  1. Monthly Lunch/Dinner Allowance:
    • Some financial planners offer their VAs a monthly allowance of $7-14. This can be used for a lunch or dinner treat, serving as a small token of appreciation for their consistent efforts throughout the month.
  2. Additional Medical Allowance:
    • Another approach is providing a $100 monthly medical allowance. This not only shows care for your VA’s well-being but also helps in building a sense of security and loyalty.

Why It Works:

  • Boosts Morale: A bonus structure like this can significantly boost the morale of your VA. It shows that their hard work is recognized and valued.
  • Enhances Productivity: When VAs feel appreciated, they are often more motivated and productive, which in turn benefits your business.
  • Fosters Loyalty: Such gestures of appreciation can foster a strong sense of loyalty and commitment, leading to a long-term, fruitful working relationship.

Implementing the Bonus Structure

When setting up a bonus structure, it’s crucial to communicate clearly with your VA. Make sure they understand the criteria for these bonuses and how they align with your business goals. This clarity not only motivates them but also aligns their efforts with the objectives of your financial planning practice.

Remember, every business is unique, and what works for one may not suit another. It’s important to tailor any bonus structure to fit your business model and the specific achievements of your VA.

The key to maximising your VA’s potential lies in identifying the right tasks to delegate, setting clear expectations, and maintaining open lines of communication. By doing so, you’re creating a synergy where both you and your VA are aligned towards the same goal – your business’s success!

Interested in how a VA can redefine the way you work? Let’s talk and discover strategies that can bring efficiency and growth to your financial planning business.

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