Practice Made (More) Perfect: Transforming a Financial Advisory Practice Into a Business / Edition 1

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Overview

Newly revised and expanded for today'sfinancial advisors,Practice Made (More) Perfect: Transforming a Financial AdvisoryPractice into a Business is the definitive guide to launching andgrowing an advisory business. Accessible and to the point, the bookdraws on industry expert Mark Tibergien and Rebecca Pomering'sextensive experience in consulting with hundreds of financialservices firms worldwide and now leading successful financialenterprises themselves.

Whether you operate as a solo practitioner or own an ensemblefirm, whether your business is commission-based or fee only,whether you're a wealth manager, family office, or a money manager,Practice Made (More) Perfect will help you improve your practiceand achieve your goals.

Your business cannot thrive without active management. Full ofadvice from top industry management specialists about defining abusiness strategy, mastering the essentials of financialmanagement, making the most of human capital, and sustainingeffective operations, this book is filled with tools you canutilize under virtually any circumstance.

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Product Details

  • ISBN-13: 9781118019313
  • Publisher: Wiley
  • Publication date: 8/9/2011
  • Series: Bloomberg Financial Series, #141
  • Edition number: 1
  • Pages: 336
  • Sales rank: 817,877
  • Product dimensions: 6.36 (w) x 8.98 (h) x 1.13 (d)

Meet the Author

Mark C. Tibergien is Chief Executive Officerfor Pershing AdvisorSolutions LLC, a BNY Mellon company, and a Managing Director andmemberof the Executive Committee for Pershing LLC. Foreightconsecutive years, Accounting Today has recognized Mr. Tibergien asone of the "100 MostInfluential" people in the accountingprofessionand Financial Planning has identified him as a "Mover andShaker" in their annual review of industry professionals. In 2011,for the ninthtime, Investment Advisor recognized him as one of the"25 Most Influential" people in the financialservices industry.

Rebecca Pomering is a partner with Moss Adams LLP and CEO ofMoss Adams Wealth Advisors, the firm's wealth management division,where she is responsible for the growth of the firm, includingstrategic planning, sales and marketing, team development, humancapital, CPA firm integration, financial management, and mergersand acquisitions.

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Table of Contents

Preface xiii

Acknowledgments xvii

Introduction xix

CHAPTER 1. The Financial Advisory Business: What’sNext? 1

What Are Top-Performing Firms Doing? 3

The Business as Client 4

10 Things to Think About 4

CHAPTER 2. Strategic Business Planning: Defining theDirection 11

Muddled Messages 12

What Is Your Strategic Differentiator? 14

What Is Strategic Planning? 14

The Strategic Planning Process 16

CHAPTER 3. ManagingWorkflow: The Back OfficeMoves Forward35

Sources of Inefficiency 36

Achieving Efficiencies 37

Does Efficiency Come at a Cost? 39

Managing Risk 45

CHAPTER 4. Building Leverage and Capacity 55

Getting to the Next Stage 56

Becoming a Market Dominator 57

The Challenge of Growth 58

The Entrepreneurial Crossroads 59

Cornerstones of the Professional Practice 66

Models That Work 68

Leveraging Your Affiliations 72

Big Is Beautiful 76

CHAPTER 5. The Human Capital Plan: People Who Need People81

The Problem You Can’t Do Without 82

Aligning Human Capital with Strategy 83

The Nature of the Work 86

The Nature of the Worker 90

The Interviewing Process 93

CHAPTER 6. Creating a Positive Workplace: ProfessionalDevelopment 99

The Career Path 101

The Appraisal Process 104

Coaching and Development 107

The Workplace 109

Building a Foundation 114

The Four-Way Test 115

Lessons on Inclusion 125

CHAPTER 7. Rewarding Behavior and Performance: CompensationPlanning 129

Developing a Plan 135

The Components of Compensation 139

Establishing Base Compensation 149

Establishing an Incentive Compensation Plan 150

Owner’s Compensation 153

CHAPTER 8. Reading the Financials: Financial Management155

Fundamentals of Accounting 155

Constructing a Financial Statement 156

Tying the Financials Together 165

CHAPTER 9. Income, Profit, Cash Flow: What the Numbers AreSaying 167

Formatting the Financials 168

Analyzing the Income Statement 169

Analyzing the Balance Sheet 179

Analyzing the Statement of Cash Flow 184

Financial Impact Analysis 185

CHAPTER 10. Managing Growth: The Search for Solutions189

Harnessing Resources 190

Using Financial Leverage 192

Managing Cash Flow 194

How About Equity? 195

Referral Agreements and Joint Ventures 196

Practice Acquisitions 199

Investments in New Initiatives 203

CHAPTER 11. Exit, Stage Left 205

The Price of Indecision 206

Sale Planning versus Succession Planning 207

Wisdom or Obsolescence? 209

What to Do? 210

Keeping It in the Family 211

How to Make a Partner 217

What About the Successor? 223

Merger as a Succession Plan 226

So What Do You Do? 228

Seeking Counsel 230

Developing the Assumptions 231

Take Control 232

CHAPTER 12. On Leadership andManagement 235

What Defines a Leader? 236

Who Will Emerge? 239

Is Anybody Leading? 240

Rites of Passage 242

Ready, Fire, Aim 244

Awakening the Manager in You 248

Practice What We Preach 251

Hiring Your Boss: Do You Need a CEO? 251

Afterword 257

Appendix 261

About the Authors 297

Index 299

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