This Financial Advising Services Performance Management Process is comprehensive. Principals, Operations Managers and Human Resources can implement the entire system to effectively manage team member performance.

Here are implementation guidelines that should be followed:

• Utilize the “Soft Skills” Interviewing Instrument to communicate and adequately and objectively determine the potential for contributing to a desired culture.
• Communicate position-specific descriptions and performance expectations and gain agreement from both candidates-for-hire and existing staff.
• Communicate position-specific performance assessment categories and criteria and gain agreement from both candidates-for-hire and existing staff.
• Review Client Care Process delivery standards and metrics with existing staff.
• Review individual productivity and accountability tracking tools with existing staff and establish reporting timeframes.
• Facilitate daily or weekly staff meetings where team members report progress utilizing the individual weekly activity tracking log. These individual logs are compiled into a comprehensive tracking log where performance gaps are identified and addressed and so that resources may be more effectively managed.
• Identify knowledge gaps to ensure training and development and ensure required competencies.
• Identify performance-related issues and utilize coaching tools to provide timely feedback and obtain agreement regarding actions for improvement.
• Position-specific performance assessments are employed:
  • Prior to the end of a probationary period when an employee needs to be put on notice that improvements are required to pass probation.
  • At the end of a probationary period to ensure non-performers are not retained and so they don’t negatively impact others’ workloads and performance.
  • Periodically when multiple informal and formal coaching sessions fail to result in improved performance.
  • Annually to provide formal feedback including recognition and to establish ongoing performance goals and individual development plans.
    NOTE: The initial assessment establishes “benchmarks” for comparison with successive assessments.
• Utilize the Compensation and Bonus Guidelines and the Sample Support Team Compensation Plan to ensure and support performance-based results.
• Utilize the Staff Satisfaction Survey to regularly measure staff morale. Results may indicate issues to be addressed including those between supervision/management and staff, conflicts among staff and the potential for increased turnover and loss of high-performing personnel.

Refer to the document below for further details on FAS Performance Management implementation.

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:

Specific feedback from team members includes the following:

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.

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