Bloomberg Press 2005 Practice Made Perfect The Discipline of Business Management for Financial Ad 2 pot

... grow. The dilemma is the more clients they add, the more staff they must add; the more staff they add, the more technology they must add; the more the business grows, the more their span of control ... model. However, the market correction at the turn of the century and the modest returns 1 THE FINANCIAL ADVISORY BUSINESS The View from Here 1. 10 PR...

Ngày tải lên: 20/06/2014, 18:20

... Revenue CLIENT PROFITABILITY Source: © Advisor Impact 54 PRACTICE MADE PERFECT is the only one who can give advice, generate new clients, and man- age the business. Of course, the administrative staff can support the single ... percent- age of revenue as practices grow larger. The data from a study we did of financial- advisory practices for the Financial Plann...

Ngày tải lên: 20/06/2014, 18:20

... of your human capital plan: 1. The nature of the work 2. The nature of the worker 3. The nature of the workplace (see chapter 6, The Care and Preening of Staff”) The Nature of the Work The ... functions they require within the firm and the type of individuals they need to hire. They set out to determine the nature of the work, the nature of...

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... form the basis of the advancement guidelines and performance-based incen- tive plan. 84 PRACTICE MADE PERFECT ment. Through the interview process, you get a sense of their pres- ent—their professionalism, ... you might explore whether they ! are committed to expanding their knowledge and education ! apply technology tools well 82 PRACTICE MADE PERFECT The Nature o...

Ngày tải lên: 20/06/2014, 18:20

... emotionally for advisers to surrender the responsibilities of leading the firm. However, professional management is important whether it’s the responsibility of the owners themselves or of outside ... CEO Although some of these observations are likely true, the core of the problem is a hiring issue. Too often, the person hired for this role was chosen based on...

Ngày tải lên: 20/06/2014, 18:20

... individual (team) performance but the value of 136 PRACTICE MADE PERFECT the shares relies on the value of the entire company—a good combination of individual and company goals. Disadvantages to firm It ... purchase 130 PRACTICE MADE PERFECT Advantages to firm ! The employee has a strong incentive to contribute to the appreciation of the firm’s value. ! Gi...

Ngày tải lên: 20/06/2014, 18:20

... percent of an adviser’s business comes from 20 percent of the clients. Strategically, acceptance of this rule does not make sense. Why would advisers tolerate having 20 percent of their business ... each of the statements is about something different, together they provide the complete story on the underlying econom- ics of a practice. Unfortunately, most owners...

Ngày tải lên: 20/06/2014, 18:20

... leap” to management, believing that business leaders have to take their heads out of the muck, out of the details, to look beyond their current travails. For advisers to be successful business ... light in the business of financial advice is different now. Success does not come as easily. Jack Welch, the accomplished former chairman of General Electric Co., appli...

Ngày tải lên: 20/06/2014, 18:20

... (clubs) 20 Dues (professional) 21 Employee benefits 22 Equipment leases and purchases 23 Insurance 24 Office expense 25 Other salaries 26 Payroll taxes 27 Professional services 28 ... liabilities (sum 21 and 22 ) 24 Total liabilities ( sum 20 and 23 ) 25 Equity (net worth) 26 Total liabilities and equity (sum 24 and 25 ) BALANCE SHEET 21 5...

Ngày tải lên: 20/06/2014, 18:20

... 52, 55 Compensation and Staffing Study, 66, 72, 77, 104, 121 , 122 – 123 , 151, 1 52, 169, 178, 21 2 21 3 financial statements balance sheets, 139–143, 21 4 21 5 cash flow statements, 146–148 22 2 ... sheets analysis of, 1 62 168 description of, 139–143, 21 4 21 5 Balasa, Mark, 15–16 BAM Advisor Services LLC, 68 base pay, 117–118, 120 – 124 benchmarking compensation, 121 – 12...

Ngày tải lên: 20/06/2014, 18:20