The Ensemble Practice: A Team-Based Approach to Building a Superior Wealth Management Firm

Overview

The book explores the success factors for building ensemble firms and reviews some of the best practices for continued growth. Leveraging years of experience in working as a consultant with some of the largest wealth management firms, author Philip Palaveev draws from data he has compiled from a decade of being one of the pre-eminent researchers in the industry to provide a roadmap for wealth managers who want to build their own ensemble firm or team. The text goes through an in-depth yet practical discussion of ...
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Overview

The book explores the success factors for building ensemble firms and reviews some of the best practices for continued growth. Leveraging years of experience in working as a consultant with some of the largest wealth management firms, author Philip Palaveev draws from data he has compiled from a decade of being one of the pre-eminent researchers in the industry to provide a roadmap for wealth managers who want to build their own ensemble firm or team. The text goes through an in-depth yet practical discussion of organizational structures, partnership models and career paths that practitioners can utilize. The research is well supplemented with practical experience with equal validity for independent advisors as well as teams that are forming within a traditional broker-dealer.
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Product Details

  • ISBN-13: 9781118209547
  • Publisher: Wiley
  • Publication date: 10/2/2012
  • Series: Bloomberg Financial Series , #568
  • Edition number: 1
  • Pages: 240
  • Sales rank: 487,374
  • Product dimensions: 5.90 (w) x 9.10 (h) x 1.10 (d)

Meet the Author

Philip Palaveev is a financial industry expert and consultant focused on improving the profitability and value of financial services firms. The owner and CEO of The Ensemble Practice LLC, a management consulting firm helping financial advisors build better businesses, Palaveev also works with broker-dealers and custodians to create impactful practice management services for their advisors. He has written numerous research papers and articles and is a frequent speaker at industry conferences.

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Table of Contents

Introduction

Acknowledgments

Part I: Structuring an Ensemble

Chapter 1: The Ensemble Defined

The Ensemble Concept

Ensemble Demographics

Ensembles are More Profitable and Valuable

Clients Prefer Ensembles

Should everyone be an Ensemble?

What’s Next and Who Should Read on

Notes

Chapter 2: The Ensemble Structure

The Service Advisor Model—Leverage

The Emerging Partnerships—Sharing

The “True” Ensembles—Leverage and Sharing Combined

The Super-Ensemble Firms

When Large Becomes Too Large?

Notes

Chapter 3: Growing Into and Ensemble

The Right Time to Hire

Who Can you Hire?

Structuring Client Service

Service Advisors and Client Relationships

The Hiring Process

The Selling Question

The Equity Question

Making the Decision

Notes

Chapter 4: Merging Together

Your Shared Strategy

Your Shared Values

The Data

The Business Plan

Partner Roles and Compensation

The Deal

Mergers of Not So Equals

The Deals after the Deal

Owner Rights

Making Decisions as Partners

Buy-sell Agreements, Retirements, and Breaking Up

Communicating the Deal to Clients and Employees

Notes

Chapter 5: From Silo to Ensemble

Creating a Shared Bottom-Line

The “Mine, Yours, and Ours” Model

Assign Management Responsibilities

Share Client Meetings

The Prenup

Change Your Thinking

Notes

Chapter 6: Partner Responsibilities and Partner Compensation

Labor versus Equity

Using Profit Centers or Silos

Setting Owner Base Compensation

The Role of Equity Ownership in Income

Discretionary Expenses and Perks

Partner Compensation Discussion Worksheet

Part II: Managing an Ensemble

Chapter 7: Creating Ensemble Culture

Establishing Priorities and Values

Customers—Service as Culture

How We Deal with Each Other

Who Owns the Client?

Mom and Dad

Tribes

Manage Yourself

Notes

Chapter 8: Making Partner

When Can You Add a Partner?

Who do you want as a Partner?

How Do They Buy In?

Alternatives to Full Partnership

Why Do You Promote Partners?

Notes

Chapter 9 The Big Idea

Four Stages of Growth

Steps to Institutionalizing

Notes

Chapter 10: Managing Professional Compensation

Compensation Philosophy

Setting Salaries

Payout Based Compensation

Incentive Compensation

Benefits

Compensation Management Process

Chapter 11: The Bottom Line

The Owners Personal Income and Income Bogey

The Income Statement

Managing Engagement Economics

Unit Economics

Managing Staffing Cost and Productivity

Overhead Management

Key Ratios on Your Dashboard

Budgeting and Financial Management Discipline

Notes

Chapter 12: The Devil in the Details

Agreement on Service Process

Investment Committee

Leadership in Operations

Customization and Efficiency

Technology Selection

Quality Control and Risk Management

Vendor and Strategic Partner Choices

Part III: What Happens Next

Chapter 13: How to Fight with Your Partner

Losing Control of Your Own Firm

Agree to Disagree—aka Avoiding Difficult Decisions

The Porch of Indecision1

People Who Don’t Develop

Protecting Your Ensemble

Notes

Chapter 14: Doing Deals

Equity Planning for Ensembles

Consolidation Deals

Other Acquirers

Finding Your Deal

Notes

Chapter 15: The Future Belongs to Ensembles

About the Author

Index

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