Editor's Note: Take a look at our featured best practice, FAS Performance-Based Comp & Bonuses Guidelines & Sample Plan (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]
Financial Advising Series (FAS) Series: Performance Management by Role
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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.
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As you can imagine, Performance Management should be clearly defined by role. This section discusses how Performance Management differs depending on the role being evaluated; and we highlight FAS role-specific Performance Management best practice guides. Transformational roles for financial advising firms are specifically defined including specific position descriptions and performance expectations as well as performance assessments. (The performance assessments include sample future performance goals.)
In the last article in the series, we focused on the FAS Operations Manager. This article will discuss a breadth of FAS roles and highlight specific tools developed for each role.
Operations Manager
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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 [read more] |
This Performance Assessment is completed prior to the end of a probationary period, periodically as needed when there is consistent non-performance and annually to communicate [read more] |
The performance assessment includes both Operations and Lead Financial Planner responsibilities. (If the team member is only performing operations management tasks, only those items are rated during reviews.)
While the Managing Principal oversees and manages the performance of the Associate Financial Advisors and the Operations Manager, the Principal may delegate the Performance Management Process for the remaining staff to the Operations Manager.
Associate Financial Advisor
| Assoc Financial Advisor Position Desc & Performance Expectations 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 [read more] |
FAS Client Meeting Observation and Coaching Form This tool may be used to communicate expectations to advisors meeting with clients as well as to monitor and promote ongoing development. The observer attends scheduled client [read more] |
Lead Financial Planner
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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 [read more] |
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 [read more] |
The performance assessment includes both Lead Financial Planner and Operations Manager responsibilities. (If a team member is only performing lead financial planning tasks, only those items are rated during reviews.)
Licensed Case Analyst, Paraplanner, and Trader
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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 [read more] |
This Performance Assessment is completed prior to the end of a probationary period, periodically as needed when there is consistent non-performance and annually to communicate [read more] |
Client Care Specialist
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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 [read more] |
This Performance Assessment is completed prior to the end of a probationary period, periodically as needed when there is consistent non-performance and annually to communicate [read more] |
Senior Financial Advisor Assistant
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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 [read more] |
This Performance Assessment is completed prior to the end of a probationary period, periodically as needed when there is consistent non-performance and annually to communicate [read more] |
Business Processor
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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 [read more] |
This Performance Assessment is completed prior to the end of a probationary period, periodically as needed when there is consistent non-performance and annually to communicate [read more] |
Calendar Manager and Meeting Planner
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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 [read more] |
This Performance Assessment is completed prior to the end of a probationary period, periodically as needed when there is consistent non-performance and annually to communicate [read more] |
Client Concierge and Office Coordinator
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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 [read more] |
This Performance Assessment is completed prior to the end of a probationary period, periodically as needed when there is consistent non-performance and annually to communicate [read more] |
Marketing and Branding Coordinator
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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 [read more] |
This Performance Assessment is completed prior to the end of a probationary period, periodically as needed when there is consistent non-performance and annually to communicate [read more] |
Finance and Accounting Section
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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 [read more] |
All positions include customized position descriptions. All but two of the positions include customized performance assessments. The Associate Financial Advisor has a Client Interaction Observation and Feedback Form. Coaching is utilized for non-performance of the expectations detailed in the document for the Finance and Accounting Section.
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]
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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]
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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.
