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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 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:

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

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

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

Here are some useful supporting tools.


Transform your culture and way of doing business while ensuring the development and accountability of team members and the adoption of quality standards and metrics to support [read more]

This Performance Assessment is completed prior to the end of a probationary period, periodically as needed when there is consistent non-performance and annually to communicate [read more]

The performance assessment includes both Operations and Lead Financial Planner responsibilities. (If the team member is only performing operations management tasks, only those items are rated during reviews.)

While the Managing Principal oversees and manages the performance of the Associate Financial Advisors and the Operations Manager, the Principal may delegate the Performance Management Process for the remaining staff to the Operations Manager.


Associate Financial Advisor


Transform your culture and way of doing business while ensuring the development and accountability of team members and the adoption of quality standards and metrics to support [read more]

This tool may be used to communicate expectations to advisors meeting with clients as well as to monitor and promote ongoing development. The observer attends scheduled client [read more]


Lead Financial Planner


Transform your culture and way of doing business while ensuring the development and accountability of team members and the adoption of quality standards and metrics to support [read more]

Transform your culture and way of doing business while ensuring the development and accountability of team members and the adoption of quality standards and metrics to support [read more]

The performance assessment includes both Lead Financial Planner and Operations Manager responsibilities. (If a team member is only performing lead financial planning tasks, only those items are rated during reviews.)


Licensed Case Analyst, Paraplanner, and Trader


Transform your culture and way of doing business while ensuring the development and accountability of team members and the adoption of quality standards and metrics to support [read more]

This Performance Assessment is completed prior to the end of a probationary period, periodically as needed when there is consistent non-performance and annually to communicate [read more]


Client Care Specialist


Transform your culture and way of doing business while ensuring the development and accountability of team members and the adoption of quality standards and metrics to support [read more]

This Performance Assessment is completed prior to the end of a probationary period, periodically as needed when there is consistent non-performance and annually to communicate [read more]


Senior Financial Advisor Assistant


Transform your culture and way of doing business while ensuring the development and accountability of team members and the adoption of quality standards and metrics to support [read more]

This Performance Assessment is completed prior to the end of a probationary period, periodically as needed when there is consistent non-performance and annually to communicate [read more]


Business Processor


Transform your culture and way of doing business while ensuring the development and accountability of team members and the adoption of quality standards and metrics to support [read more]

This Performance Assessment is completed prior to the end of a probationary period, periodically as needed when there is consistent non-performance and annually to communicate [read more]


Calendar Manager and Meeting Planner


Transform your culture and way of doing business while ensuring the development and accountability of team members and the adoption of quality standards and metrics to support [read more]

This Performance Assessment is completed prior to the end of a probationary period, periodically as needed when there is consistent non-performance and annually to communicate [read more]


Client Concierge and Office Coordinator


Transform your culture and way of doing business while ensuring the development and accountability of team members and the adoption of quality standards and metrics to support [read more]

This Performance Assessment is completed prior to the end of a probationary period, periodically as needed when there is consistent non-performance and annually to communicate [read more]


Marketing and Branding Coordinator


Transform your culture and way of doing business while ensuring the development and accountability of team members and the adoption of quality standards and metrics to support [read more]

This Performance Assessment is completed prior to the end of a probationary period, periodically as needed when there is consistent non-performance and annually to communicate [read more]


Finance and Accounting Section


Transform your culture and way of doing business while ensuring the development and accountability of team members and the adoption of quality standards and metrics to support [read more]

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.

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).




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