9781118019313

Practice Made (More) Perfect : Transforming a Financial Advisory Practice into a Business

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  • ISBN13:

    9781118019313

  • ISBN10:

    1118019318

  • Edition: 1st
  • Format: Hardcover
  • Copyright: 2011-08-09
  • Publisher: Bloomberg Press
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Summary

Practice Made Perfect, Second Edition is a guide to managing and growing a financial-advisory business. With the knowledge and understanding gained from years of experience in helping businesses achieve success, industry expert Mark Tibergien offers an eye-opening, no-nonsense handbook on the management skills critical to running an advisory business. The new edition includes information on: The 2008 downturn and the exodus of advisors from the industry Maintaining clients in a turbulent market Growth through acquisition and merger as well as new sales Emphasize organizational design in a growing business more Recent changes in compensation planning and implementation Information on leadership and management in today's financial landscape No matter how little time you have or how serious the challenges your firm faces, this book can help. Whether you operate as a solo practitioner or own an ensemble firm, whether your business is commission based or fee only, whether you're a total wealth manager or a money manager, this book is relevant to your practice. The principles of sound management apply to firms of all stripes, and the tools provided here can work under any circumstances.

Author Biography

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.

Table of Contents

Prefacep. xiii
Acknowledgmentsp. xvii
Introductionp. xix
The Financial Advisory Business: What's Next?p. 1
What Are Top-Performing Firms Doing?p. 3
The Business as Clientp. 4
10 Things to Think Aboutp. 4
Strategic Business Planning: Defining the Directionp. 11
Muddled Messagesp. 12
What Is Your Strategic Differentiator?p. 14
What Is Strategic Planning?p. 14
The Strategic Planning Processp. 16
Managing Workflow: The Back Office Moves Forwardp. 35
Sources of Inefficiencyp. 36
Achieving Efficienciesp. 37
Does Efficiency Come at a Cost?p. 39
Managing Riskp. 45
Building Leverage and Capacityp. 55
Getting to the Next Stagep. 56
Becoming a Market Dominatorp. 57
The Challenge of Growthp. 58
The Entrepreneurial Crossroadsp. 59
Cornerstones of the Professional Practicep. 66
Models That Workp. 68
Leveraging Your Affiliationsp. 72
Big Is Beautifulp. 76
The Human Capital Plan: People Who Need Peoplep. 81
The Problem You Can't Do Withoutp. 82
Aligning Human Capital with Strategyp. 83
The Nature of the Workp. 86
The Nature of the Workerp. 90
The Interviewing Processp. 93
Creating a Positive Workplace: Professional Developmentp. 99
The Career Pathp. 101
The Appraisal Processp. 104
Coaching and Developmentp. 107
The Workplacep. 109
Building a Foundationp. 114
The Four-Way Testp. 115
Lessons on Inclusionp. 125
Rewarding Behavior and Performance: Compensation Planningp. 129
Developing a Planp. 135
The Components of Compensationp. 139
Establishing Base Compensationp. 149
Establishing an Incentive Compensation Planp. 150
Owner's Compensationp. 153
Reading the Financials: Financial Managementp. 155
Fundamentals of Accountingp. 155
Constructing a Financial Statementp. 156
Tring the Financials Togetherp. 165
Income, Profit, Cash Flow: What the Numbers Are Sayingp. 167
Formatting the Financialsp. 168
Analyzing the Income Statementp. 169
Analyzing the Balance Sheetp. 179
Analyzing the Statement of Cash Flowp. 184
Financial Impact Analysisp. 185
Managing Growth: The Search for Solutionsp. 189
Harnessing Resourcesp. 190
Using Financial Leveragep. 192
Managing Cash Flowp. 194
How About Equity?p. 195
Referral Agreements and Joint Venturesp. 196
Practice Acquisitionsp. 199
Investments in New Initiativesp. 203
Exit, Stage Leftp. 205
The Price of Indecisionp. 206
Sale Planning versus Succession Planningp. 207
Wisdom or Obsolescence?p. 209
What to Do?p. 210
Keeping It in the Familyp. 211
How to Make a Partnerp. 217
What About the Successor?p. 223
Merger as a Succession Planp. 226
So What Do You Do?p. 228
Seeking Counselp. 230
Developing the Assumptionsp. 231
Take Controlp. 232
On Leadership and Managementp. 235
What Defines a Leader?p. 236
Who Will Emerge?p. 239
Is Anybody Leading?p. 240
Rites of Passagep. 242
Ready, Fire, Aimp. 244
Awakening the Manager in Youp. 248
Practice What We Preachp. 251
Hiring Your Boss: Do You Need a CEO?p. 251
Afterwordp. 257
Appendixp. 261
About the Authorsp. 297
Indexp. 299
Table of Contents provided by Ingram. All Rights Reserved.

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