{"id":6541,"date":"2020-03-31T06:24:33","date_gmt":"2020-03-31T11:24:33","guid":{"rendered":"http:\/\/flevy.com\/blog\/?p=6541"},"modified":"2020-03-26T16:06:38","modified_gmt":"2020-03-26T21:06:38","slug":"financial-advising-series-fas-series-what-is-the-optimal-fas-performance-management-process","status":"publish","type":"post","link":"https:\/\/flevy.com\/blog\/financial-advising-series-fas-series-what-is-the-optimal-fas-performance-management-process\/","title":{"rendered":"Financial Advising Series (FAS) Series: What Is the Optimal FAS Performance Management Process?"},"content":{"rendered":"

Editor’s Note:\u00a0 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.\u00a0 These tools, including training guides, templates, and forms, are used to develop and deploy the FAS Performance Management Process<\/a>.\u00a0 The full suite of tools are available in the FAS Performance Management bundle (here)<\/a>.<\/em><\/p>\n

Communique Productions<\/a>, 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\u00a0FAS Performance Management System<\/a>.\u00a0 \u00a0This series of articles written by Karen discuss the FAS Performance Management System and its underlying roles and applications.<\/em><\/p>\n

* * * *<\/p>\n

“Responsibility equals accountability equals ownership. And a sense of ownership is the most powerful weapon a team or organization can have.” – Pat Summitt<\/p><\/blockquote>\n

\"\"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.<\/p>\n

In this article, we discuss the\u00a0Financial Advising Services (FAS) Performance Management Process<\/a>.\u00a0 The FAS Performance Management Process is comprehensive. Principals, Operations Managers, and Human Resources can implement the entire system to effectively manage team member performance.<\/p>\n

Here are implementation guidelines that should be followed:<\/p>\n