Documenting Workflow Matters More Than You May Realize

At its core, a workflow is simply a series of steps designed to achieve a specific goal — like onboarding a client, increasing AUM, or delivering an exceptional client experience. It can sound intimidating in a business context, but workflows are everywhere in our everyday lives. Take cooking a meal for your family: you shop, prep, cook, and plate. Each step has a purpose and leads to a result. When we frame workflows this way, they feel less daunting and much more approachable. Running your business with a workflow mindset brings that same clarity, consistency, and sanity to your team — and ultimately, sets you up for long-term success.

Process vs. Workflow

Success on the job requires seamless operations — and that starts with knowing the difference between processes and workflows. These terms are often used interchangeably — but they serve different purposes and should be understood as such.

A process is a high-level roadmap — a systematic series of actions designed to achieve a specific outcome, like onboarding a new client or completing a financial plan. It outlines the big picture from start to finish.

A workflow, on the other hand, is the detailed, step-by-step execution of a part of that process. It’s the hands-on, task-by-task structure that ensures each piece gets done correctly and efficiently. Workflows can be manual, automated, or a mix of both.

Every advisor uses processes and workflows, whether it’s top of mind or not — but have you ever thought about where those processes and workflows live?

If they exist only in someone’s head, you could be facing a major risk. When a key team member calls in sick, takes parental leave, or leaves the company, undocumented workflows can create bottlenecks and confusion. That’s why documenting workflows isn't just helpful — it’s essential for business continuity, especially in fast-moving advisory firms.

"The Most Dangerous Place a Process Can Be Is in Your Head"

Imagine this scenario: An indispensable member of your operations team unexpectedly takes a leave of absence. They’re tasked with tracking and managing the onboarding process that involves multiple steps, timelines, and compliance regulations. Unfortunately, they never captured the nuances of their workflow for posterity. As a result, your entire team is suddenly scrambling to figure out how to move forward.

This all-too-common situation illustrates one truth about processes in business operations. When they're stuck in someone’s head, they’re nearly useless.

Documenting workflows means knowledge is transferred from memory to paper (or digital tools). Clear, defined, and transparent processes empower your team to deliver consistent results, independent of the people in the mix.

For financial advisors, this practice is mission-critical. Compliance rules, client interaction standards, and investment strategies shouldn’t exist in a vacuum. Write them down so you won’t sweat them later.

The Freedom of Delegation

Staff absences or changes can happen at any time. Whether it’s an emergency, planned medical leave, or someone leaving the firm, the last thing you want is for your business operations to grind to a halt because of a factor that can be avoided.

Documented processes can prevent confusion and lost productivity associated with these disruptions or transitions. A step-by-step workflow acts as a map for someone who must fulfill these obligations. They’ll feel more confident and comfortable proceeding when they have a written framework to reference.

It’s true that documenting processes takes upfront effort. You need to invest in breaking down workflows, capturing relevant details, and planning for bumps in the road. But teams managing operational logistics stand to gain a lot on these fronts:

1. Team Buy-In: Clear workflows create environments where ownership and accountability are the standards. When everyone understands their role and how their tasks tie into larger goals, they’re more invested.
2. Reduced Confusion: A well-documented process saves precious time. Operations staff know what deadlines are on the horizon so they don’t have to work under pressure.
3. Team Alignment: Having documented workflows helps everyone stay on track and aligned when change is the prevailing theme. There’s no need to go back to square one just because one person is out.

Think of documenting processes as building your business’s infrastructure. Once the foundation is laid, you’ll run smoothly and avoid costly disruptions.

Document Your Way to Success

If your team is ready to invest in efforts that support business continuity, start with these basic concepts:

1. Identify Key Processes: Hone in on the workflows that matter most to your daily and long-term operations.
2. Collaborate with Key Experts: Get feedback from the team members who execute these tasks daily to inform your workflow.
3. Choose the Right Tools: Get everyone on the same page with process flowchart software, knowledge hubs, or even shared folders for easy access.
4. Keep It Dynamic: Processes change for a host of reasons. Make it a habit to review and update documentation regularly as necessary.
5. Test on Real Clients: Don’t build workflows in a vacuum. Once you’ve mapped one out, test it on a real client and adjust based on how it performs. Iterating in the real world is where workflows succeed — or fail.
6. Train Your Team: Ensure everyone knows where to find these documents and how to get the most value from them.

Documenting processes isn’t glamourous work, but it ensures your firm’s longevity and resilience no matter what internal dynamics are at play.

Don’t leave your workflows to chance. Make them tangible, shareable, and actionable for the future, and you’ll thank us later. Start your free trial today.