Wealth Coach and Insurance Advisor: A Case Study
Introducing… Nathan
As promised, we’re here with another case study! Throughout all of 2020, we’re using client case studies to demonstrate how our virtual assistants are helping a variety of business owners in various fields across the globe (like Samantha, our financial planner client and Adam, our realtor). This month we’re introducing you to a wealth coach and insurance advisor - or really, a couple of wealth coaches and insurance advisors rolled into one to preserve our clients’ identities. We’ll call him Nathan.
Nathan hails from southern Canada and is as busy as he is passionate about helping his clients. His work is rooted in ensuring the smooth transition of business leadership and that insurance strategies for estate and tax planning are thoughtfully implemented. Additionally, as a highly respected and sought-after speaker, when Nathan isn’t meeting with business owners, you can catch him sharing his expertise at events all over the world.
Coaching our Wealth Coach
With international clients and events to attend, Nathan was spending a ton of time arranging his own travel and rearranging his calendar over and over again. This constant change was the result of new speaking engagements and client meetings, or clients reaching out to reschedule existing appointments.
Another part of the business stealing Nathan’s time was the ways in which he goes above and beyond to thank his clients. It’s important to Nathan that clients feel as though they are taken care of. Each year, he shows his appreciation by sending several gift baskets, and he often performs kind gestures, like arranging a driver to pick up an elderly client and take her to medical appointments.
Finding the pace and breadth of technology overwhelming, Nathan shied away from tools or systems that might have helped him organize, automate and streamline the back end of his business. By avoiding technology, Nathan was spending more time doing things in his own way, even though it was far more time consuming than using the appropriate tools.
On top of these challenges, Nathan’s time as a wealth coach was stretched even thinner as he was often editing and re-working client contracts, preparing for meetings by making sure all of the correct and most up-to-date insurance documents were with him, and trying to keep track of any missing documentation from his clients. He was attempting to juggle all of these tasks while at the same time working to build his business and looking for new team members to help him expand.
Nathan’s business generates revenue when he’s doing what he loves most - meeting with and helping his clients and their families. When our wealth management coach threw up his white flag and contacted us, we were so excited to step in and help free up his time. With our team and their skills, we would work to save Nathan precious time and energy, ultimately giving him the opportunity to focus on his clients and generate more revenue.
Implementing Tools & Encouraging Delegation
Even though Nathan struggles with technology, he was prepared to get help when he reached out to our team of virtual administrators. He knew that he only needed to share his challenges (the what) and it would be up to us to worry about and come up with helpful solutions (the how). So what exactly was our how for this busy wealth management coach?
Task Management:
To manage his tasks, we implemented Asana. Our team of virtual assistants uses this tool to track the progress of all tasks, big and small. Each team member can easily identify where a project stands, add comments that can be followed by everyone and collaborate to take tasked items to completion.
Travel Bookings & Calendar Management:
We book all of Nathan’s travel, being mindful of rewards programs that he belongs to, and ensuring his rental cars are ready for him upon his arrival.
We manage his flight itineraries and coordinate all of his meetings, capturing every needed detail in his calendar.
To prevent Nathan from running around all over the place, we use Google Maps to plan out his meetings. By strategically organizing the order and location of his meetings, Nathan’s business trips have become more efficient and less frantic.
Social Media Management
To help Nathan remain active and consistent in his social media postings, we manage his various accounts using Buffer. We also work with his Public Relations team to ensure that his podcasts are uploaded with the appropriate images once they’re ready to air.
Cloud Storage
We implemented cloud storage with DropBox and Google Drive to manage documents, client contracts, travel documents and more. This tool also allows collaborative and real time work thanks to Google Docs and Google Sheets.
Crafting Contracts
We create all of Nathan’s wealth coaching contracts. Because he works with families, changes to existing contracts are often required. To tackle this, Nathan simply communicates any changes to us, secure in the knowledge that we’ll implement those changes throughout the contract. This alone saves Nathan heaps of time!
Client Meeting Preparation
When clients are ready to adopt new insurance policies, it’s our job to make sure that Nathan has all of the relevant paperwork with him for his meetings. Prior to his meetings, we upload the appropriate and most up-to-date paperwork to DropBox and we send an email to the client with a checklist of items to bring on the day of their meeting.
Once meetings are done, Nathan uploads any client documentation to DropBox and we ensure that everything from the checklist is complete. If not, we will follow up with clients to obtain all of the necessary information to finalize the documentation for the new insurance policy.
Client Appreciation
Each year we look after the logistics of sending gift baskets to thank Nathan’s clients for their business and partnership. It is a long and cumbersome process and we were so glad to remove this from Nathan’s plate.
Speaking Engagements
We work directly with the hotels and venues where Nathan’s speaking engagements take place. We ensure that all booking contracts are handled appropriately and that Nathan has everything he needs when he arrives. This means Nathan can simply focus on his materials for his speeches and doesn’t have to worry about the nitty gritty details (i.e. will there be a microphone? Will there be a projector? Does someone have Nathan’s slides? etc.).
Expense Management
Our bookkeeping team uses Quickbooks to track expenses and keep Nathan’s books up-to-date. They also craft client invoices, in alignment with contracts, and oversee timely payment.
Website Management
Our tech team keeps Nathan’s website up-to-date and looking beautiful. We manage video editing and uploads, blog postings, adding team members to his team page and more!
We can almost feel Nathan’s neck and shoulders relaxing as we recite this exhaustive list of ways in which we have worked to help him! By taking the time to learn and understand how Nathan’s business works, considering his long- and short-term aspirations, and creating a winning formula with just the right systems and processes to implement, we’ve met our goal.
A Winning Formula
Since we’ve removed several tasks from his plate and freed up so much of Nathan’s time, we’re happy to report that the majority of his days are now spent on the fulfilling work that he loves. Nathan sparkles when he helps his clients and their families; we’ve simply given him the polishing cloth to allow him to shine even more.
Just as Nathan is hardwired to help his clients, we’re built for helping ours. No matter what your industry, we’re always ready to learn about your business and get you the how. All you need to do is reach out and explain the what. And just like Samantha, Adam and Nathan, we’ll make the rest history by analyzing your current processes, implementing helpful systems or automation where possible, and increasing efficiency, as we work to help you achieve your wildest business goals!