FINANCIAL ADVISING SERVICES
"Responsibility equals accountability equals ownership. And a sense of ownership is the most powerful weapon a team or organization can have."
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.
FAS PERFORMANCE MANAGEMENT PROCESS
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.
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This Financial Advising Services Performance Management Process is comprehensive. Principals, Operations Managers and Human Resources can implement the entire system to [read more] |
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:
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Specific feedback from team members includes the following:
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“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.
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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:
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$615.00
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Below, we have listed the most popular documents from the Financial Advising Services Performance Management (Bundle).
