Flevy Blog is an online business magazine covering Business Strategies, Business Theories, & Business Stories.

Financial Advising Series (FAS) Series: An Introduction to the FAS Performance Management System

Editor's Note: Take a look at our featured best practice, FAS Individual Development Templates and Coaching Worksheets (5-page PDF document). These templates and worksheets involve three items: The Financial Advising Services Individual Development Plan Template is tied to the Performance Assessment and ensures continued development. Development items can include those that increase competencies for the current position as well as [read more]

* * * *

Editor’s Note:  Karen Reitor, President of Communique Productions, is an author on Flevy and has published a series of 25+ best practice tools on Performance Management for the Financial Advising Services (FAS) vertical market.  These tools, including training guides, templates, and forms, are used to develop and deploy the FAS Performance Management Process.  The full suite of tools are available in the FAS Performance Management bundle (here).

Communique Productions, a boutique consultancy specializing in learner-centered and activity-based training, is one of Flevy’s premiere authors. Communique has worked with over 175 clients and completed over 3,000 talent development and management consulting projects, including a multitude in the Financial Advising Services (FAS) space. Over the years through their FAS client engagements, Communique has developed an FAS Performance Management System.   This series of articles written by Karen discuss the FAS Performance Management System and its underlying roles and applications.

* * * *

Most Financial Advisors operate as “dependent entrepreneurs.” Because of their service and product affiliations, they are dependent on larger organizations where services and products are offered and managed for clients. Yet, they operate independently in managing their practices and growing their client networks and financial assets. Thus, Managing Principals and Financial Advisors are not necessarily skilled in managing support staff, particularly as it relates to performance management. There is often a notable lack of consistency, cohesiveness and accountability. Team members may not be held accountable because intangible performance measures have not been translated into tangible expectations that can be observed and measured.

Within this page, we outline the comprehensive approach Financial Advising Services (FAS) Performance Management that includes position-specific performance expectations, service standards and metrics and performance assessments among other tools. This FAS Performance Management System and set of recommend best practice tools have been developed by the Flevy author and consulting firm, Communique Productions. Both candidates-for-hire and existing staff learn what is expected and understand their roles in contributing to exceptional client care. Higher purposes and tangible measures are detailed for specific roles. Principals and Operation Managers have access to the necessary tools to objectively manage performance, and all staff are supported to succeed. Non- or under-performers are coached and required to demonstrate improvements, and high-performers enjoy greater satisfaction because they are no longer “dumped on.”

This FAS Performance Management System ensures better hires, a culture of teamwork, increased quality, effective coaching, evaluation and feedback, and increased satisfaction and retention. More engaged and productive team members help the Managing Principal and Financial Advisors be more competitive, successful and relevant. Clients on the receiving end experience improved communication, higher quality service and a cohesive focus on client satisfaction.

First, let’s begin with a discussion of challenges and opportunities within FAS Performance Management.

Challenges and Opportunities

So many principals in Communique’s FAS client firms have asked important questions related to FAS Performance Management. Here are the top 10 questions:

  1. How can we calculate the costs associated with non- or under-performing associates, including impacts on the morale and productivity of high performing coworkers?
  2. Is there a way we can connect instances of turnover and associated costs to an inability or unwillingness to hold associates accountable for non- or under-performance?
  3. Instead of blaming supervision and management, how do we prevent non-performing associates from blaming others for their own shortcomings?
  4. What would increasing individual performance mean to coworkers, clients and the firm?
  5. With an industry so dependent upon intangible “soft skills” to establish and maintain trusting relationships, how can we establish tangible performance measurements that are observable and objectively measurable?
  6. How can we recognize high performers and reward them?
  7. What can we do to coach and support our associates to succeed rather than immediately assume that non-performance is intentional?
  8. How do we inform staff and candidates seeking employment what they can expect regarding roles and responsibilities so there is no question about performance expectations?
  9. How do we ensure consistency in implementing a system for Performance Management to ensure fairness and avoid favoritism?
  10. How are we able to substantiate and justify feedback related to non-performance?

FAS Performance Management System

A Performance Management System developed under the Communique framework is used to achieve the following:

  • Communicate performance expectations during the interviewing and selection process so candidates can assess their desire and ability to commit to the established position descriptions, assessment criteria, standards and metrics.
  • Transform the firm by giving associates a higher purpose, assigning and holding associates accountable for specific roles and responsibilities that are tangible, observable and measurable.
  • Consistently monitor, track and document performance.
  • Identify knowledge-related performance gaps and document opportunities for continued development.
  • Coach team members to succeed as knowledge gaps and/or performance issues are identified.
  • Documented incidents are easily referenced to objectively complete probationary and periodic, as well as annual performance reviews/assessments and confidently substantiate and justify ratings.
  • Provide documentation for initiating corrective action, if needed.

High-performing staff embrace the FAS Performance Management System, because of the following:

  • Non- or under-performers are consistently held accountable.
  • There is no favoritism because the focus is on work- and performance-related outcomes keeping everything objective and holding all team members accountable to established standards and metrics.
  • High-performers do not get others’ work dumped on them.
  • Increased employee satisfaction and respect for supervision and management for not allowing non-performance go unaddressed.

Furthermore, Human Resources staff appreciate that this Performance Management System includes the following:

  • Job-specific tangible, observable and measurable expectations resulting in greater objectivity when evaluating performance.
  • Consistent and complete documentation created and reviewed with associates as instances occur rather than supervision and management having to work from memory and undocumented, unsubstantiated claims.
  • Informal and formal coaching to enhance communication and promote success, promoting retention and decreasing turnover.
  • Consistency regarding accountability and increased satisfaction for high performers because there is a reduced chance of getting “dumped on” when non-performance are being held to the same standards and metrics.
  • Support and justification for recognition, coaching sessions, Performance Review ratings, Individual Development Plans and disciplinary actions.
  • Reductions in grievances and increases in attendance and retention.

The next article will dive into the FAS Performance Management Process.

7-page PDF document
This reference provides specific guidelines for establishing measures to determine performance-based compensation and bonuses. Included are: - Considerations for bonuses - Non-performance of routine activities which impact pay increases and bonus amounts. A sample compensation plan provides [read more]

Do You Want to Implement Business Best Practices?

You can download in-depth presentations on FAS Performance Management and 100s of management topics from the FlevyPro Library. FlevyPro is trusted and utilized by 1000s of management consultants and corporate executives.

For even more best practices available on Flevy, have a look at our top 100 lists:

These best practices are of the same as those leveraged by top-tier management consulting firms, like McKinsey, BCG, Bain, and Accenture. Improve the growth and efficiency of your organization by utilizing these best practice frameworks, templates, and tools. Most were developed by seasoned executives and consultants with over 20+ years of experience.

Readers of This Article Are Interested in These Resources

3-page PDF document
Transform your culture and way of doing business while ensuring the development and accountability of team members and the adoption of quality standards and metrics to support effective implementation. Tangible and measurable performance expectations are detailed to specific positions so team [read more]

4-page PDF document
3-page PDF document

About Karen Reitor

Karen Reitor is the President of Communiqué Productions, a Certified Management Consultant (CMC), and a certified professional in Learning and Performance. Since establishing Communiqué Productions in 1985, Karen has managed and/or designed, developed, and facilitated over 3,000 training & development and consulting projects in more than 175 organizations. She is a recognized as a leader in learner-centered and activities-based training. Karen has spent over 30+ years' experience improving organizations with unparalleled results in the industry. Communiqué Productions is also an author on Flevy. You can browse their best practice tools here.

, , ,

Complimentary Business Training Guides

Many companies develop robust strategies, but struggle with operationalizing their strategies into implementable steps. This presentation from flevy introduces 12 powerful business frameworks spanning both Strategy Development and Strategy Execution. [Learn more]

  This 48-page whitepaper, authored by consultancy Envisioning, provides the frameworks, tools, and insights needed to manage serious Change—under the backdrop of the business lifecycle. These lifecycle stages are each marked by distinct attributes, challenges, and behaviors. [Learn more]

We've developed a very comprehensive collection of Strategy & Transformation PowerPoint templates for you to use in your own business presentations, spanning topics from Growth Strategy to Brand Development to Innovation to Customer Experience to Strategic Management. [Learn more]

  We have compiled a collection of 10 Lean Six Sigma templates (Excel) and Operational Excellence guides (PowerPoint) by a multitude of LSS experts. These tools cover topics including 8 Disciplines (8D), 5 Why's, 7 Wastes, Value Stream Mapping (VSM), and DMAIC. [Learn more]
Recent Articles by Corporate Function






The Flevy Business Blog (https://flevy.com/blog) is a leading source of information on business strategies, business theories, and business stories. Most of our articles are authored by management consultants and industry executives with over 20 years of experience.

Flevy (https://flevy.com) is the marketplace for business best practices, such as management frameworks, presentation templates, and financial models. Our best practice documents are of the same caliber as those produced by top-tier consulting firms (like McKinsey, Bain, Accenture, BCG, and Deloitte) and used by Fortune 100 organizations. Learn more about Flevy here.

Flevy Marketplace: Top 100
· Strategy & Transformation
· Digital Transformation
· Operational Excellence
· Organization & Change
· Financial Models
· Consulting Frameworks
· PowerPoint Templates
FlevyPro (Subscription Service)
KPI Library
Streams (Functional Bundles)
Flevy Executive Learning (FEL)
PowerPoint Services

FREE Resources

About Flevy
Management Topics
Marcus (AI-Powered Consultant)
Partner Program
LinkedIn Influencer Marketing
FAQ / Terms / Privacy / Blog
Contact Us: support@flevy.com

Acquisition Strategy
Artificial Intelligence
Balanced Scorecard
Best Practices
Big Data
Breakout Strategy
Business Continuity Planning
Business Plan Financial Model
Business Transformation
Change Management
Communications Strategy
Company Financial Model
Competitive Advantage
Competitive Analysis
Consulting Frameworks
Continuous Improvement
Core Competencies
Corporate Culture
Cost Reduction Assessment
Customer Experience

Strategy, Transformation, & Innovation
Digital Transformation
Operational Excellence and LSS
Organization, Change, & HR
Management Consulting

Customer Journey
Customer Service
Cyber Security
Data Privacy
Decision Making
Digital Marketing Strategy
Digital Transformation
Digital Transformation Strategy
Due Diligence
Employee Engagement
Employee Training
Enterprise Architecture
Growth Strategy
HR Strategy
Hoshin Kanri
ISO 27001
Information Technology
Innovation Management
Integrated Financial Model
Key Performance Indicators

Business Strategy Frameworks
Case Studies
Consulting Training Guides
COVID-19 Trend Data
Digital Transformation
Financial Advising Services (FAS)

Knowledge Management
Lean Manufacturing
M&A (Mergers & Acquisitions)
Market Research
Marketing Plan Development
Maturity Model
McKinsey PowerPoint
McKinsey Templates
Operational Excellence
Organizational Change
Organizational Design
Performance Management
Post-merger Integration
Pricing Strategy
Process Improvement
Process Maps
Procurement Strategy
Product Launch Strategy
Product Strategy
Project Management
Quality Management

Free Resources
KPI Library
Lean Management
Lean Six Sigma Training Guides
Marcus Insights
Operational Excellence

Real Estate
Remote Work
Risk Management
Robotic Process Automation
Service Design
Six Sigma Project
Social Media Strategy
Strategic Planning
Strategic Thinking
Strategy Development
Supply Chain Analysis
Target Operating Model
Team Management
Total Productive Maintenance
Value Chain Analysis
Value Creation
Value Stream Mapping
Visual Workplace
Workplace Safety

Product Strategy
Small Business Owner
Startup Resources
Strategic Planning
Strategic Planning Process
Value Innovation Strategy

© 2012-2024 Copyright. Flevy LLC. All Rights Reserved.