Financial Advising Services (FAS) - Performance Management

FINANCIAL ADVISING SERVICES

"Responsibility equals accountability equals ownership. And a sense of ownership is the most powerful weapon a team or organization can have."

― Pat Summitt

This page discusses Performance Management for the Financial Advising Services (FAS) vertical market. We also highlight best practice documents related to FAS Performance Management for both specific roles and organization-wide 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.

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.

FAS PERFORMANCE MANAGEMENT OVERVIEW

On 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.

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:

How can we calculate the costs associated with non- or under-performing associates, including impacts on the morale and productivity of high performing coworkers?
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?
Instead of blaming supervision and management, how do we prevent non-performing associates from blaming others for their own shortcomings?
What would increasing individual performance mean to coworkers, clients and the firm?
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?
How can we recognize high performers and reward them?
What can we do to coach and support our associates to succeed rather than immediately assume that non-performance is intentional?
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?
How do we ensure consistency in implementing a Performance Management System to ensure fairness and avoid favoritism?
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.

ABOUT COMMUNIQUE PRODUCTIONS

Karen Reitor and Communiqué Productions have worked with Financial Advising firms in Ohio, Kentucky, Texas, Florida, and Maine. We, according to one Principal, "move the entire organization to a new level, from superior to exceptional." To achieve the complete transformation, we facilitate change and provide the necessary framework and support to achieve the vision. New position descriptions, a revised compensation plan including a bonus program recognizing high-performance and contributions for tangible results, and performance assessments measure the technical and soft skill aspects of each role and position. Karen Reitor earns the respect of all of the team members, invites and utilizes their input, and works productively with team members to implement the significant changes necessary to support growth.

Each firm identified communication and quality control issues representing opportunities for improvement whereby Karen Reitor and Communiqué Productions facilitated solutions. Examples include the following:

Checks are received and are not acknowledged resulting in no action.
Inconsistent scheduling negatively impacting productivity and growth.
Unacceptable number of errors in scanning, recordkeeping and data entry.

Lack of referrals and not following up on referrals in a timely manner.
consistently conducting research and adequately preparing for client interactions.
Constant calendar changes with very short notice.

Specific feedback from team members includes the following:

“I will take responsibility of my actions, my workload, and my attitude and ensure I do all I can to ensure the success of the team.”

“This will facilitate individual awareness and commitment to service as a team effort.”

“We can be more respectful to team members and their needs and have a greater impact on growing the practice by working together.”

“We are owning or job responsibilities, working together to accomplish tasks and have great attitudes and are committed to producing quality work.”

“Our staff better understands the ‘big picture’ and their roles in it.”

“The re-grouping and restructuring have resulted in a better work environment, better client care and significant growth.”

“We are thinking about the clients first.”

Communique has developed a suite of 27 best practice documents on FAS Performance Management. These are available individually or as a discounted bundle. See below for further details.

Financial Advising Services (FAS) Performance Management (Bundle)

The FAS Performance Management (Bundle) includes 27 best practice documents, including guides, templates, and forms.

This entire Financial Advising Services Performance Management Process is designed to transform cultures and enhance Client Care while holding staff accountable. Most importantly, typically performance expectations and measurements are intangible and difficult to substantiate. Numerous tangible, observable and measurable criteria are provided for each position.

This Performance Management Process is used to achieve the following:

Communicate performance expectations during the hiring and interviewing process so candidates can assess their desire and ability to commit to the established standards and metrics.
Continually monitor, document, and track performance.
Identify knowledge gaps and document opportunities for continued development.
more

On the left is a preview of the FAS Client Care Process Standards and Quality Metrics guide. This document addresses issues where client care breaks down and take immediate action to resolve situations. It is just 1 of the 27 best practice documents included in the bundle.

$615.00

Add to Cart View Details

This is a partial preview of the full document.

MORE FAS PERFORMANCE MANAGEMENT BEST PRACTICES

Below, we have listed the most popular documents from the Financial Advising Services Performance Management (Bundle).

FAS Performance-Based Comp & Bonuses Guidelines & Sample Plan	FAS Finance & Accounting Position Desc & Performance Expectations	FAS Calendar Manager/Meeting Planner Performance Assessment	Case Analyst, Paraplanner & Trader Position Desc	FAS Client Concierge/Office Coordinator Position Desc/Performance Expectations	Assoc Financial Advisor Position Desc & Performance Expectations
FAS Operations Manager & Lead Planner Performance Assessment	FAS Business Processor Performance Assessment	FAS Client Care Process Standards and Quality Metrics	Licensed Case Analyst, Paraplanner & Trader Performance Assessment	FAS Client Care Specialist Performance Assessment	FAS Marketing & Branding Coordinator Position Desc & Performance Expectations

CUSTOMER TESTIMONIALS

"As a consultant requiring up to date and professional material that will be of value and use to my clients, I find Flevy a very reliable resource.

The variety and quality of material available through Flevy offers a very useful and commanding source for information. Using Flevy saves me time, enhances my expertise and ends up being a good decision."

– Dennis Gershowitz, Principal at DG Associates

"As a small business owner, the resource material available from FlevyPro has proven to be invaluable. The ability to search for material on demand based our project events and client requirements was great for me and proved very beneficial to my clients. Importantly, being able to easily edit and tailor the material for specific purposes helped us to make presentations, knowledge sharing, and toolkit development, which formed part of the overall program collateral. While FlevyPro contains resource material that any consultancy, project or delivery firm must have, it is an essential part of a small firm or independent consultant's toolbox."

– Michael Duff, Managing Director at Change Strategy (UK)

"I like your product. I'm frequently designing PowerPoint presentations for my company and your product has given me so many great ideas on the use of charts, layouts, tools, and frameworks. I really think the templates are a valuable asset to the job."

– Roberto Fuentes Martinez, Manager at Technology Transformation Advisory

"As an Independent Management Consultant, I find Flevy to add great value as a source of best practices, templates and information on new trends. Flevy has matured and the quality and quantity of the library is excellent. Lastly the price charged is reasonable, creating a win-win value for the customer, Flevy and the various authors. This is truly a service that benefits the consulting industry and associated clients. Thanks for providing this service. "

– Jim Schoen, Principal at FRC Group

"As a niche strategic consulting firm, Flevy and FlevyPro frameworks and documents are an on-going reference to help us structure our findings and recommendations to our clients as well as improve their clarity, strength, and visual power. For us, it is an invaluable resource to increase our impact and value."

– David Coloma, Consulting Area Manager at Cynertia Consulting

"FlevyPro has been a brilliant resource for me, as an independent growth consultant, to access a vast knowledge bank of presentations to support my work with clients. In terms of RoI, the value I received from the very first presentation I downloaded paid for my subscription many times over! The quality of the decks available allows me to punch way above my weight – it's like having the resources of a Big 4 consultancy at your fingertips at a microscopic fraction of the overhead."

– Roderick Cameron, Founding Partner at SGFE Ltd

"Flevy is now a part of my business routine. I visit Flevy at least 3 times each month.

Flevy has become my preferred learning source, because what it provides is practical, current, and useful in this era where the business world is being rewritten.

In today's environment where there are so many challenges and there is the need to make the right decisions in a short time, with so much scattered information, we are fortunate to have Flevy. Flevy investigates, selects, and puts at our disposal the best of the best to help us be successful in our work."

– Omar Hernán Montes Parra, CEO at Quantum SFE

"The wide selection of frameworks is very useful to me as an independent consultant. In fact, it rivals what I had at my disposal at Big 4 Consulting firms in terms of efficacy and organization."

– Julia T., Consulting Firm Owner (Former Manager at Deloitte and Capgemini)

"I have found Flevy to be an amazing resource and library of useful presentations for lean sigma, change management and so many other topics. This has reduced the time I need to spend on preparing for my performance consultation. The library is easily accessible and updates are regularly provided. A wealth of great information."

– Cynthia Howard RN, PhD, Executive Coach at Ei Leadership

"I have used FlevyPro for several business applications. It is a great complement to working with expensive consultants. The quality and effectiveness of the tools are of the highest standards."

– Moritz Bernhoerster, Global Sourcing Director at Fortune 500

SELECT CUSTOMERS

Since 2012, we have provided best practices to over 5,000 businesses and organizations of all sizes across the world—in over 130 countries. Below is just a very small sample of our customer base.