It's 2008 -- Lose the rotary phone

By now most of us have shaken off the long list of resolutions we made for 2008. One perennial favorite is the desire to spend more time with family and friends, and to reduce our stress at work. Unlike other professions, financial advisors can make this a reality through the implementation and better utilization of technology. With this in mind (and regardless of what happens in the gym or with that trip you promised to take), I present a few simple business resolutions to hold on to at all costs.

Get out of the technology business

Every minute you spend on installing servers and setting up Web sites results in a minute less to spend with customers and prospects, or another minute spent in the office getting everything done. Whether your focus is on preserving a clients' wealth or helping them realize their goals and dreams, make it your core business. For most of you, technology will never be your core business. There are people who are qualified to handle your technology needs. Resolve yourself to leverage their talent and stay true to what you do best.

Offer sophisticated online tools to your clients

Your clients may want technology to stay abreast of their investments, but more importantly, their assets are likely to be inherited by people (Generations X and Y) who will demand it. There's a reason the large firms invested substantially in Web access for account holders. And it isn't limited to account access on Web sites. It also includes Web and software-based financial planning tools. Obviously, the ability for clients to stay in tune with their financial plan over time is important. Resolve to understand what your clients (and their beneficiaries) desire in technology and put a plan in place to meet their future needs.

Go paperless

In most advisor offices we visit, a great deal of space is lost to storage receptacles for client files. A paperless office -- one that saves time and space -- is an increasingly cost-effective reality. But remember, there are service providers that can get you there. Don't violate the first resolution by re-entering the technology business. Again, leverage the know-how of providers that will to help you stay focused on client-face time and business development. An upfront investment of time and energy is required, but it's one that will pay significant dividends. Resolve yourself to go paperless in 2008.

Leverage free resources

Believe it or not, there is such thing as a free lunch. There a good chance that the custodian, the broker/dealer or financial services outsourcing firm you've partnered with has significantly invested in technology solutions and associated support to help make you a success. The sad reality is that too few advisors actually take the time to explore what's been made available to them. There are many avenues over which these services are provided; on the Web, in your office, over the phone, at conferences. This year, promise to spend at least one business day to better learn technology offerings your service partners provide.

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