Operational Efficiency

Create operational efficiencies to function optimally.


Efficient operating processes often separate top financial advisory practices from lower performers.

With effective processes in place – even simple ones – financial advisors find they produce more revenue and earnings with less effort while controlling overhead costs. Long term, staying on top of your processes and procedures enables your practice to function optimally.

Waddell & Reed’s practice development team provides advisors best practice guidance on the non-advisory aspects of running their businesses, including how to operate most efficiently. The process outlined here is a basic guide to help evaluate processes for your business.

  • Discuss and describe the current process in place
  • Identify both the strengths and the weaknesses of the current process
  • Determine if changes need to be made to the process to shore up the weaknesses:
    • What steps need to be added or subtracted to make it stronger?
    • What are the most appropriate solutions based on our current capability?
  • Design and create the new documents and/or procedures for the new process
  • Identify staff responsibilities and the roles that pertain to implementing the process
  • Gain agreement on when the new process replaces the old
  • Implement the process
  • Evaluate the new process 
  • Make adjustments if needed

Associated Tags: Practice Management

Spend more time with clients when your business runs effortlessly. 

Find out how Waddell & Reed can help.

Contact us Today