Tibergien / Pomering Practice Made (More) Perfect

Transforming a Financial Advisory Practice Into a Business
1. Auflage 2011
ISBN: 978-1-118-09549-2
Verlag: John Wiley & Sons
Format: EPUB
Kopierschutz: Adobe DRM (»Systemvoraussetzungen)

E-Book, Englisch, 336 Seiten, E-Book

Reihe: Bloomberg Professional

A revised and expanded look at how to thrive and prosper in thefinancial advisory business
A new and revised edition of the eye-opening, no-nonsensehandbook on managing and growing a financial-advisory business,Practice Made (More) Perfect is packed with industry insightand practical ideas that every leader and manager within afinancial advisory practice needs to know in order to get the mostout of their business. Regardless of how little time is availableor how seriously challenged a firm may be, this book contains theinformation that can help. The principles of sound management applyto firms of all types, and the tools provided in this book areguaranteed to be applicable under practically anycircumstances.
* Written by industry expert Mark Tibergien, one of the "25 MostInfluential" people in the financial services industry
* A new edition of a bestselling Bloomberg title
* Includes fresh insight on recent topics, including how advisorsresponded during the latest meltdown, the implications of the agingadvisory profession, the challenges of attracting and keeping bothclients and staff, the role of organizational design in a growingbusiness, recent changes in compensation planning andimplementation, and key information on leadership and management intoday's financial world
Many financial advisers run their businesses as if acquiringmore clients will solve any and all problems, but without astrategic framework, more clients just lead to more demands andless time to meet them. The truly successful firm will buildstrategy, structure, and processes that will ultimately translateinto increased profits, cash flow, and transferable value.

Autoren/Hrsg.

Tibergien, Mark C.

Pomering, Rebecca

Inhaltsverzeichnis

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

Über Autor(innen)

Mark C. Tibergien is Chief Executive Officerfor Pershing Advisor Solutions LLC, a BNY Mellon company, and a Managing Director and memberof the Executive Committee for Pershing LLC. Foreight consecutive years, Accounting Today has recognized Mr. Tibergien as one of the "100 MostInfluential" people in the accounting professionand Financial Planning has identified him as a "Mover and Shaker" 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 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.