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 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.
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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] |
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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 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
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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] |
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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] |
Lead Financial Planner
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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] |
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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
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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] |
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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] |
Client Care Specialist
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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] |
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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] |
Senior Financial Advisor Assistant
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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] |
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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] |
Business Processor
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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] |
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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] |
Calendar Manager and Meeting Planner
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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] |
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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] |
Client Concierge and Office Coordinator
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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] |
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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] |
Marketing and Branding Coordinator
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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] |
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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] |
Finance and Accounting Section
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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.
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).
