One of the biggest causes of stress for Financial Advisers is the sheer amount of administration that is required for taking on new clients, submitting business, completing annual reviews and generally running their business. In our experience, IFAs want to do the important stuff of meeting clients to help them to achieve their financial goals, but there is an ever-increasing amount of admin to do and if this builds up this can really cause stress. 

April is Stress Awareness month and there are huge amounts of resources available online to help you with all kinds of stress. In this blog I want to focus specifically on how the team at The IFA PA can help reduce your administrative stress.  

One of the keys to managing stress is to manage your time. 


Invest in spending time in your PA 

One method that really helps in time management is chunking. Chunking means setting aside time where you concentrate on one thing: it might be appointment making, it might be business development, it might be submitting business – whatever it is, you can manage your time better if you set aside time to do it and don’t be distracted whilst you do it. 

If you work with The IFA PA we ask you to invest 1 hour per week to talk to your assigned PA about work in progress and upcoming work. This is a valuable chunk of time you set aside to delegate your administrative tasks out so that you don’t have to worry about them for the week. It is time when you can clear your desk and clear your head, knowing that you have a safe pair of hands supporting you. 


Time management skills 

By mastering time management, you can manage your stress.  Here are four ways that working with The IFA PA can help you manage your time:

  1. Organise your workload  by utilising our tried and tested task management system and integrating it with your own systems you can delegate the administrative tasks and keep up to date with progress. 
  2. Improve your efficiency – when you clear your desk and clear your head you can concentrate on what you do best. With a PA in place you do not have to have all those lists of follow up tasks, it is all done for you. 
  3. Preparation – preparing for meetings is a crucial part of time management, meaning that you can keep them succinct. Setting out agendas and doing some background research before a meeting can keep them to time, again these are areas our administrative team can help with. 
  4. Setting boundaries – this has become increasingly difficult as work-life and home-life has become increasingly blurred over the last year, so setting specific time for family and leisure is very important. You may also want to set boundaries such as when you go on social media and when you read your emails (TOP TIP – switch your email notifications off so that you are not tempted to see what has just pinged in!!). Setting boundaries becomes much easier if you have delegated your work. 

If you are feeling stressed about the amount of work you have, you should consider what is making you stressed and then break it down into small tasks. Ticking these small tasks off gives a sense of achievement and begins to put you back in control. If you are still feeling overwhelmed look at these tasks and see what can be delegated.  

For a business owner, delegation can be difficult as you need to be able to trust the people you delegate to, retain an overview and provide feedback. This is why when you work with us we ask you to invest up to 1 hour per week with your PA to build that relationship. 

If you would like to find out more about The IFA PA please contact us here.