An essential guide to tools and techniques for achieving efficiency, productivity, and profitability in financial advisory firms As a profession, financial advisors have been very well educated on how to be a financial advisor, but the industry does a poor job of preparing financial advisors to be great business owners. This book presents the Profit-Driven Architecture, a visual way of viewing the operational structure of a financial practice.
- Provides a concrete way of understanding and improving the interrelationship of different parts of the operations of a financial practice firm
- Explains how to increase the efficiency, productivity, and profitability of the firm, recognizing the interrelationships with one another
- Reveals how to increase the capacity and value of the practice
Given an aging population of financial advisors and increased focus on succession planning, increasing the value of a financial practice is a key deliverable of efficiency and this book showcases the best ways to do so.
Table of Contents:
Introduction xi
Part One Management Efficiency
Chapter 1 The Efficient Management Philosophy 3
Communication Is Key 4
The Irony of Micromanaging 7
Delegate, Don’t Dominate 10
Summary 18
Chapter 2 Managing Resources 21
Efficiency versus Efficacy 21
Outsourcing 26
Downsizing 29
Managing Change: A Process of Inclusion 31
Summary 34
Chapter 3 Managing People and Communications 37
Step One: Pre-hire Preparation 37
Step Two: Background Information 38
Step Three: The Interview 39
Developing a Compensation Plan 40
Handling Confidential Information 45
Two Examples 46
The Holistic Approach 47
The Right Job Done by the Right People 53
Summary 56
Part Two Technology Efficiency
Chapter 4 Client Relationship Management 61
Leveraging Technology 61
Summary 71
Chapter 5 Other Software Issues 73
Evernote 73
Digital Note-Taking Tools 74
Tablets and Storage Solutions 75
Rebalancing Software 79
Summary 82
Chapter 6 Systems Integration 85
Software Integration and Communication 85
Protecting Client Data 88
Summary 91
Part Three Process Efficiency
Chapter 7 Building Procedures 95
Financial Plan Production Procedure 97
Flowcharts 100
Business Continuity Plans 102
Social Media Policies 105
Using Technology to Standardize Client Service Procedures 108
Summary 112
Chapter 8 Workflow Management Systems 115
Project Management Workflows 122
Workflow Systems: Efficient Methods for Tracking
Tasks in the Office 125
Summary 127
Part Four Design Efficiency
Chapter 9 Office Space Utilization 131
Creating a Paperless Office 132
Communications in the Office 135
Auditory and Visual Distractions 135
Outsourcing 138
Improving First Impressions 138
Feng Shui Tips for Your Business and Office 140
Summary 142
Chapter 10 Efficient Branding 145
Blue Ocean Strategy 145
Marketing Services 152
Efficient Websites 152
Summary 156
Afterword 159
Impact on Productivity, Profitability, Time Management, and Firm Capacity 161
Impact on Business Valuation 161
First Case Study 162
Second Case Study 165
About the Companion Website 171
About the Author 173
Index 175
About the Author :
David L. Lawrence, AIF®, has over thirty-six years of experience in leadership and management. He is a veteran of the U.S. Navy during the Vietnam War, having spent over 4 years on active duty as a non-commissioned officer, and later as a commissioned officer in the Naval Reserves. His service in two war zones, first in South Vietnam near the end of the Vietnam War, and later in the Middle East, provide a courageous backdrop to his leadership experiences. His compelling story of military leadership during a time of domestic political unrest is truly inspirational.
Following his military career, David used the GI Bill to send himself through 7 years of college. David then spent 18 years with a major financial planning firm as a Senior Financial Advisor, Training Manager and District Manager. He has also worked for two large independent financial planning and asset management companies in senior management positions. His responsibilities have included managing large numbers of employees as well as setting up employee hiring, training, evaluation and compensation systems. His background and experience in integrating technological systems with management needs has given him a unique perspective on the use of technology as a leadership tool.
David has spent the past several years writing and speaking. He founded EfficientPractice.com, a consulting company devoted to growth efficiency solutions for professional businesses and in the financial services industry. His speaking engagements have taken him all across the United States, Canada and the Far East.
