Practice Made More Perfect Transforming a Financial Advisory - Practice Into a Busines

Informationen zum Autor MARK C. TIBERGIEN is Chief Executive Officer for Pershing Advisor Solutions LLC, a BNY Mellon company, and a Managing Director and member of the Executive Committee for Pershing LLC. For eight consecutive years, Accounting Today has recognized Mr. Tibergien as one of the "100 Most Influential" people in the accounting profession and Financial Planning has identified him as a "Mover and Shaker" in their annual review of industry professionals. In 2011, for the ninth time, Investment Advisor recognized him as one of the "25 Most Influential" people in the financial services industry. REBECCA POMERING is a partner with Moss Adams LLP and CEO of Moss Adams Wealth Advisors, the firm's wealth management division, where she is responsible for the growth of the firm, including strategic planning, sales and marketing, team development, human capital, CPA firm integration, financial management, and mergers and acquisitions. Klappentext A revised and expanded look at how to thrive and prosper in the financial advisory businessA new and revised edition of the eye-opening, no-nonsense handbook on managing and growing a financial-advisory business, Practice Made (More) Perfect is packed with industry insight and practical ideas that every leader and manager within a financial advisory practice needs to know in order to get the most out of their business. Regardless of how little time is available or how seriously challenged a firm may be, this book contains the information that can help. The principles of sound management apply to firms of all types, and the tools provided in this book are guaranteed to be applicable under practically any circumstances.* Written by industry expert Mark Tibergien, one of the "25 Most Influential" people in the financial services industry* A new edition of a bestselling Bloomberg title* Includes fresh insight on recent topics, including how advisors responded during the latest meltdown, the implications of the aging advisory profession, the challenges of attracting and keeping both clients and staff, the role of organizational design in a growing business, recent changes in compensation planning and implementation, and key information on leadership and management in today's financial worldMany financial advisers run their businesses as if acquiring more clients will solve any and all problems, but without a strategic framework, more clients just lead to more demands and less time to meet them. The truly successful firm will build strategy, structure, and processes that will ultimately translate into increased profits, cash flow, and transferable value. Zusammenfassung A revised and expanded look at how to thrive and prosper in the financial advisory businessA new and revised edition of the eye-opening, no-nonsense handbook on managing and growing a financial-advisory business, Practice Made (More) Perfect is packed with industry insight and practical ideas that every leader and manager within a financial advisory practice needs to know in order to get the most out of their business. Regardless of how little time is available or how seriously challenged a firm may be, this book contains the information that can help. The principles of sound management apply to firms of all types, and the tools provided in this book are guaranteed to be applicable under practically any circumstances.* Written by industry expert Mark Tibergien, one of the "25 Most Influential" people in the financial services industry* A new edition of a bestselling Bloomberg title* Includes fresh insight on recent topics, including how advisors responded during the latest meltdown, the implications of the aging advisory profession, the challenges of attracting and keeping both clients and staff, the role of organizational design in a growing business, recent changes in compensation planning and implementation, and key information on leadership and management ...

List of contents

Preface xiii
 
Acknowledgments xvii
 
Introduction xix
 
CHAPTER 1. The Financial Advisory Business: What's Next? 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 the Direction 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 Forward 35
 
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 People 81
 
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: Professional Development 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: Compensation Planning 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 Management 155
 
Fundamentals of Accounting 155
 
Constructing a Financial Statement 156
 
Tying the Financials Together 165
 
CHAPTER 9. Income, Profit, Cash Flow: What the Numbers Are Saying 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 Solutions 189
 
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
 
Abou

Product details

• Authors: Pomering, Rebecca Pomering, Tibergien, Mark C Tibergien, Mark C. Tibergien, Mark C. Pomering Tibergien, Mark/ Pomering Tibergien, MC Tibergien, TIBERGIEN MARK C POMERING REBEC
• Publisher: Wiley, John and Sons Ltd
• Languages: English
• Product format: Hardback
• Released: 27.07.2011
• EAN: 9781118019313
• ISBN: 978-1-118-01931-3
• No. of pages: 336
• Series: Bloomberg Professional; Bloomberg Financial; Bloomberg Professional; Bloomberg Financial
• Subjects: Guides > Law, job, finance; Social sciences, law, business > Business > Business administration; Private Finanzplanung, Finance & Investments, Finanz- u. Anlagewesen, Personal Finance / Financial Advising, Private Finanzen / Beratung