Ensemble Practice A Team Based Approach to Building a Superior - Wealth Management Fir

Informationen zum Autor 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. Klappentext A detailed road map for wealth managers who want to build an ensemble firm or team and achieve sustained growth, profitability and high valuationsWhy do ten percent of wealth management firms grow faster than the rest of the industry, often despite the turbulence of the markets? The answer, according to industry consultant and researcher, P. Palaveev, is that the most successful firms are those which, create and promote a team-based service model that serves as the foundation of their enterprise.* Find out how and why a team-based service model can play a decisive role in the future growth and sustained success of your wealth management firm* Discover the key factors for building a successful ensemble firm and profit from the best practices top team-based firms employ* Profit from the author's years of experience working with the world's top wealth management firms and the data he has compiled as a pre-eminent industry researcher* Learn about the various organizational structures, partnership models and career path options and how to put them to work building an ensemble practice* Get the lowdown on how the savviest traditional broker-dealer firms have formed dynamic ensemble teams within their organizations and learn of the results they've achieved Zusammenfassung A detailed road map for wealth managers who want to build an ensemble firm or team and achieve sustained growth, profitability and high valuationsWhy do ten percent of wealth management firms grow faster than the rest of the industry, often despite the turbulence of the markets? The answer, according to industry consultant and researcher, P. Palaveev, is that the most successful firms are those which, create and promote a team-based service model that serves as the foundation of their enterprise.* Find out how and why a team-based service model can play a decisive role in the future growth and sustained success of your wealth management firm* Discover the key factors for building a successful ensemble firm and profit from the best practices top team-based firms employ* Profit from the author's years of experience working with the world's top wealth management firms and the data he has compiled as a pre-eminent industry researcher* Learn about the various organizational structures, partnership models and career path options and how to put them to work building an ensemble practice* Get the lowdown on how the savviest traditional broker-dealer firms have formed dynamic ensemble teams within their organizations and learn of the results they've achieved Inhaltsverzeichnis Introduction xiii Acknowledgments xv PART I: STRUCTURING AN ENSEMBLE CHAPTER 1 The Ensemble Defined 3 The Ensemble Concept 5 Ensemble Demographics 7 Ensembles Are More Profitable and Valuable 10 Clients Prefer Ensembles 12 Should Everyone Be an Ensemble? 14 What's Next and Who Should Read on 16 Notes 17 CHAPTER 2 The Ensemble Structure 19 The Service Advisor Model-Leverage 21 The Emerging Partnerships-Sharing 24 The "True" Ensembles-Leverage and Sharing Combined 28 The Super-Ensemble Firms 34 When Large Becomes Too Large 37 Notes 37 CHAPTER 3 Growing into an Ensemble 39 The Right Time to Hire 39 Whom Can You Hire? 41 Structuring Client Servic...

List of contents

Introduction xiii
 
Acknowledgments xv
 
PART I: STRUCTURING AN ENSEMBLE
 
CHAPTER 1 The Ensemble Defined 3
 
The Ensemble Concept 5
 
Ensemble Demographics 7
 
Ensembles Are More Profitable and Valuable 10
 
Clients Prefer Ensembles 12
 
Should Everyone Be an Ensemble? 14
 
What's Next and Who Should Read on 16
 
Notes 17
 
CHAPTER 2 The Ensemble Structure 19
 
The Service Advisor Model--Leverage 21
 
The Emerging Partnerships--Sharing 24
 
The "True" Ensembles--Leverage and Sharing Combined 28
 
The Super-Ensemble Firms 34
 
When Large Becomes Too Large 37
 
Notes 37
 
CHAPTER 3 Growing into an Ensemble 39
 
The Right Time to Hire 39
 
Whom Can You Hire? 41
 
Structuring Client Service 45
 
Service Advisors and Client Relationships 47
 
The Hiring Process 50
 
The Selling Question 53
 
The Equity Question 55
 
Making the Decision 57
 
Notes 58
 
CHAPTER 4 Merging Together 59
 
Your Shared Strategy 62
 
Your Shared Values 63
 
The Data 65
 
The Business Plan 67
 
Partner Roles and Compensation 68
 
The Deal 69
 
Mergers of Not So Equals 70
 
The Deals after the Deal 71
 
Owner Rights 72
 
Making Decisions as Partners 73
 
Buy-Sell Agreements, Retirements, and Breaking Up 75
 
Communicating the Deal to Clients and Employees 76
 
Notes 78
 
CHAPTER 5 From Silo to Ensemble 79
 
Creating a Shared Bottom Line 80
 
The "Mine, Yours, and Ours" Model 83
 
Assign Management Responsibilities 83
 
Share Client Meetings 84
 
The Prenup 85
 
Change Your Thinking 86
 
Note 88
 
CHAPTER 6 Partner Responsibilities and Partner Compensation 89
 
Labor versus Equity 89
 
Using Profit Centers or Silos 92
 
Setting Owner Base Compensation 94
 
The Role of Equity Ownership in Income 99
 
Discretionary Expenses and Perks 100
 
Partner Compensation Discussion Worksheet 100
 
PART II: MANAGING AN ENSEMBLE
 
CHAPTER 7 Creating Ensemble Culture 105
 
Establishing Priorities and Values 106
 
Customers--Service as Culture 108
 
How We Deal with Each Other 110
 
Who Owns the Client? 115
 
Mom and Dad 116
 
Tribes 117
 
Manage Yourself 118
 
Notes 119
 
CHAPTER 8 Making Partner 121
 
When Can You Add a Partner? 122
 
Whom Do You Want as a Partner? 124
 
How Do They Buy-In? 128
 
Alternatives to Full Partnership 131
 
Why Do You Promote Partners? 134
 
Notes 135
 
CHAPTER 9 The Big Idea 137
 
Four Stages of Growth 137
 
Steps to Institutionalizing 140
 
Notes 144
 
CHAPTER 10 Managing Professional Compensation 145
 
Compensation Philosophy 146
 
Setting Salaries 148
 
Payout-Based Compensation 150
 
Incentive Compensation 151
 
Benefits 155
 
Compensation Management Process 156
 
CHAPTER 11 The Bottom Line 159
 
The Owners' Personal Income and Income Bogey 160
 
The Income Statement 163
 
Managing Engagement Economics 166
 
Unit Economics 167
 
Managing Staffing Cost and Productivity 174
 
Overhead Management 176
 
Key Ratios on Your Dashboard 177
 
Budgeting and Financial Management Discipline 178
 
Notes 180
 
CHAPTER 12 The Devil

Product details

• Authors: P Palaveev, P. Palaveev, Philip Palaveev, PALAVEEV P
• Publisher: Wiley, John and Sons Ltd
• Languages: English
• Product format: Hardback
• Released: 28.09.2012
• EAN: 9781118209547
• ISBN: 978-1-118-20954-7
• No. of pages: 240
• Series: Bloomberg Professional; Bloomberg Financial; Bloomberg Professional; Bloomberg Financial
• Subjects: Social sciences, law, business > Business > Business administration; Wirtschaft, Business & management, Wirtschaft u. Management, Allg. Wirtschaft u. Management