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The firm’s strategy has evolved and it has become a more comprehensive wealth-management firm, but this initial strategy was a unique way to differentiate the firm in a very competitive market and helped to launch it successfully.. We find most advisory firms to be generalists. symptoms become more complex and beyond the doctor’s expertise, it’s time to bring in a...
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Whatever your process is, isolate it, document what makes it successful, and train your staff in the protocol.. If your logic is sound, your approach consistent, and your fees are reasonable for what you’re delivering, then make it clear to your prospect or client how you do business. Why do I want to get bogged down in all these steps?”...
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The validity and real value of the client surveys was always suspect to us.. Advisor Impact. The study noted that these results, which peaked after three months, extended for up to twelve months after the survey.. It can be difficult to directly compare the cost of outsourcing the survey process to the cost of doing it in-house, but you’ll typi-....
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Since they’re no longer employees of a parent organization, the notion is that they are, in fact, business owners. What’s the difference?. Whether they’re operating within a large brokerage house or bank or out of a guest bedroom or garage, many people in this business prefer to work alone rather than be part of a team. They’re too big, yet...
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ing, I have time to spend with my kids while they’re young, and I’m able to tend to my clients’ needs.” Surprisingly, when his turn came later in the meeting to present a new initiative, he rolled out a very aggressive marketing program in alliance with a local certified pub- lic accountant and law firm, which was producing great numbers...
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Platform I is indeed completely controlled, and advisers who choose this model become employees of the firm. Petersburg, Florida, is another example of a once-traditional broker-dealer that now crosses all four of the possible platforms with its Adviser Select initiative. In the early 1990s, discount broker Charles Schwab &. Waterhouse Institutional in New York, and DataLynx in Denver have also...
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That makes it essential to define the nature of the job, how success will be measured, and the qualities required to fulfill the job well. A “job” may ultimately be composed of multiple “functions.” Your firm may have. President, CEO, managing partner: Provides strategic concepts, plan- ning, and broad executive management to achieve the firm’s strategic objectives. General manager, COO,...
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By knowing their orientation, you can place them in the right position within your firm—whether it’s a client-service, analytical, compliance, management, or sales position or some other role that you deem critical.. That’s done by defining what’s important to the organiza- tion. To create a culture that embraces this concept, each element must be incorporated into the performance- review process...
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When you consider that the primary reasons to hire staff in the first place is to create better leverage and delegate the work you’re not particularly skilled at or interested in, then employee perceptions about lack of challenge are especially jarring. They have the right people in the right jobs.. It’s also one of the primary drivers of staff satisfaction...
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It’s important to evaluate what moti- vates them—people, data, or things. It’s important to evaluate personality to ensure the candidate fits your benchmark for the position and is compatible with the culture you’re trying to create. But before hiring, you should establish a benchmark of the optimal characteristics for that specific job, a blend that will suit the job, suit...
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mission-based pay is essentially variable base pay. Like fixed base pay, commission-based pay is the amount an individual gets paid for doing his or her job. A bonus or incentive is an amount over and above base pay that should be awarded when the business or individual achieves certain milestones or exceeds expectations. An incentive, on the other hand, links...
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What are the qualities—financial and nonfinancial—the firm is looking for in a partner?. When can the firm afford to add a partner without diluting the income of current partners?. What kind of partners will create value in the organization, as opposed to diluting it?. What is the value of ownership?. Owners of advisory firms should be compensated like any other...
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You’re making an investment of time, money, management, and energy. Do you recommend investments for your clients without understanding how that money will be deployed or how the return should be real- ized? Without a clear understanding of the unique financial dynam- ics of your practice, there is no way to know if you’re doing things right.. We defer to...
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As you’ll see from the discussion on financial analysis in the next chapter, the three financial statements are linked. It’s possible to have cash and no profits, and it’s possible to have profits and no cash. The relationship between the two depends on whether your business is growing or shrinking and whether you’re paying attention to the fundamentals of financial...
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And when you do, you’re more likely to become disabled than to die. Monitor these relationships, and you’ll discover the root cause of most of your practice problems.. Operating Profit Margin. The operating profit margin is calculated by dividing operating profit by total revenue. For example, if your operating profit is $150,000 and your revenues are your operating profit margin...
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go back to the shareholders to ask for a loan or infusion of cash for the business.. Use debt to fund the balance sheet, not to cover losses on the income statement. In addition, match funding to the useful life of an asset. Recognize that equity can come from only two sources and that, for both emotional and financial reasons,...
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It’s not uncommon for advis- ers selling practices to cite recent publications and articles in the trade press that encourage transactions by pumping up the price multiples. But a rule of thumb, by definition, relies on the past, not the future. In other words, the rule implies that the business will continue at least at the same level it has...
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T HROUGHOU T THE BOOK , we have referred to helpful worksheets in the appendix. TAKE THIS QUIZ and find out how your firm stacks up.. b) have a clear vision but I’m not really sure how to make it happen or how to include staff in the process. When a significant competitor begins aggressively penetrating your market, how confident...
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THE FOLLOWING performance evaluation illustrates how one company’s value system (PILLAR) is linked to its performance-evaluation criteria. Be sure that your evaluation questions are linked to your own company’s busi- ness strategy and unique value system.. The purpose of self-evaluation is to:. Assess your strengths and the areas you feel need development. Generate ideas for discussion with your performance coach....
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THE FOLLOWING performance evaluation illustrates how one company’s value system (PILLAR) is linked to its performance-evaluation criteria. Be sure that your evaluation questions are linked to your own company’s busi- ness strategy and unique value system.. Instructions: The purpose of performance evaluation is to acknowledge areas of strong performance, provide reinforcement, and discuss areas for development.. Reinforce areas of strength...