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 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:

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



This Financial Advising Services Performance Management Process is comprehensive. Principals, Operations Managers and Human Resources can implement the entire system to [read more]

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 (in desktop view) 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

MORE FAS PERFORMANCE MANAGEMENT BEST PRACTICES


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

Read Customer Testimonials

 
"My FlevyPro subscription provides me with the most popular frameworks and decks in demand in today’s market. They not only augment my existing consulting and coaching offerings and delivery, but also keep me abreast of the latest trends, inspire new products and service offerings for my practice, and educate me "

– Bill Branson, Founder at Strategic Business Architects
 
"Flevy is our 'go to' resource for management material, at an affordable cost. The Flevy library is comprehensive and the content deep, and typically provides a great foundation for us to further develop and tailor our own service offer."

– Chris McCann, Founder at Resilient.World
 
"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
 
"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, Senior Executive Director at Technology Transformation Advisory
 
"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 "

– Omar Hernán Montes Parra, CEO at Quantum SFE
 
"I have used Flevy services for a number of years and have never, ever been disappointed. As a matter of fact, David and his team continue, time after time, to impress me with their willingness to assist and in the real sense of the word. I have concluded in fact "

– Roberto Pelliccia, Senior Executive in International Hospitality
 
"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)
 
"As a consulting firm, we had been creating subject matter training materials for our people and found the excellent materials on Flevy, which saved us 100's of hours of re-creating what already exists on the Flevy materials we purchased."

– Michael Evans, Managing Director at Newport LLC
Download our FREE Strategy & Transformation Framework Templates

Download our free compilation of 50+ Strategy & Transformation slides and templates. Frameworks include McKinsey 7-S Strategy Model, Balanced Scorecard, Disruptive Innovation, BCG Experience Curve, and many more.