FINANCIAL ADVISING SERVICES

FAS PERFORMANCE MANAGEMENT BY ROLE

As you can imagine, Performance Management should be clearly defined by role. This section discusses how Performance Management differs depending on the role being evaluated; and we highlight FAS role-specific Performance Management best practice guides. Transformational roles for financial advising firms are specifically defined including specific position descriptions and performance expectations as well as performance assessments. (The performance assessments include sample future performance goals.) They are as follows:

Operations Manager

As the position description and performance expectations as well as the performance assessment detail, the Operations Manager ensures that the firm’s daily activities run smoothly keeping everyone on track to reach objectives while planning, directing and coordinating activities. These include the implementation of the Performance Management System as well as managing access to the necessary electronic systems, and development, training and ongoing adherence to established processes, policies and procedures.

The Operations Manager initiates and manages frequent communications, oversees adherence to standard weeks and adapts and implements changes as business needs evolve. This team member continually looks for ways to reduce costs, improve efficiencies and increase productivity while ensuring quality. Team members are respected, valued and supported to maximize their talents and enhance their skills and competencies.

The Operations Manager works closely with the Principal and the Finance and Accounting Section in addition to Support Staff to ensure organizational success. Leadership skills include team building, coaching, delegation, collaboration and joint problem-solving, conflict resolution and project management, among many others. Sample accountabilities and performance metrics include but are not limited to the following:

• Daily tracks staff activities to ensure high-quality deliverables and accountability.
• Effective project management including adjusting and adapting as needed when there are challenges.
• Coaches non- or under-performing team members supporting them to succeed. Documents each coaching session and follows up to ensure improvement.
• Consistently addresses ongoing non- or under-performance when it occurs and documents incidents. Ensures high-performers don’t get “dumped on.” Implements progressive discipline as needed.
• Prepares and conducts Performance Assessments on time focusing on future goals and improvements as well as providing objective feedback and jointly agreeing on actions and timeframes for improving performance.

Examples of Operations Manager position-specific Goals include, but are not limited to, the following:

• Ensures consistent communication across the entire organization including satellite locations, if applicable, when new information is shared and new processes, procedures or system upgrades and technologies are implemented.
• Trains and consistently coaches and supports all staff including those in satellite locations to succeed. Oversees and manages training and coaching performed by experienced team members (internal subject matter experts).
• Productively and consistently addresses non-performance issues face-to-face respecting team members while holding them accountable for the work they are being paid to do.

Examples of Leadership Expectations and Competencies measured include, but are not limited to, the following:

• Accepts responsibility for training and supporting team members to succeed including managing and implementing activities associated with acquisitions, new advisors and support staff.
• Willingly communicates and problem-solves as needed to address issues, challenges and conflicts.
• Attentive/responsive to internal team members to facilitate exceptional client care.
• Relationship-building internally. Helps to back up other team members as needed and appropriate.
• Develops and implements plans for improving and streamlining operations and enhancing client care.

Examples of potential future Operations Manager performance goals are as follows:

• Timely conflict resolution among staff to prevent situations from festering and escalating, preventing long-term negative impacts associated with morale, turnover and client satisfaction.
• Improved documentation of performance-related coaching sessions and follow-ups.
• Establish an implementation plan and manage the implementation of a new process, procedure or technology (ie, team member productivity tracking, electronic signatures).

Here are some useful supporting tools.

Associate Financial Advisor

Lead Financial Planner

Licensed Case Analyst, Paraplanner, and Trader

Client Care Specialist

Senior Financial Advisor Assistant

Business Processor

Calendar Manager and Meeting Planner

Client Concierge and Office Coordinator

Marketing and Branding Coordinator

Finance and Accounting Section

All positions include customized position descriptions. All but two of the positions include customized performance assessments. The Associate Financial Advisor has a Client Interaction Observation and Feedback Form. Coaching is utilized for non-performance of the expectations detailed in the document for the Finance and Accounting Section.

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).