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flevyblog
The Flevy Blog covers Business Strategies, Business Theories, & Business Stories.
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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]
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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.
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.
