Staffing changes bring priority changes for advisors

07/27/2009 | InvestmentNews (free registration)

Just as investors have become more reliant on their financial advisors to help see them through the economic downturn, some financial advisors have turned to reducing the hours of support staff to help reduce costs. With those staff reductions, many advisors have found they need to refocus their service procedures to make sure clients don't feel neglected. "Advisors need to identify their three or four major time-consuming tasks. ... Then they need to walk through the process and analyze it; next, determine the best work flow and determine if there are [any] steps that can be cut that aren't adding value. Most firms haven't done that," said Scott Slater, a managing director of business consulting at Charles Schwab.

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