You are previewing The Efficient Practice: Transform and Optimize Your Financial Advisory Practice for Greater Profits.
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The Efficient Practice: Transform and Optimize Your Financial Advisory Practice for Greater Profits

Book Description

An essential guide to tools and techniques for achieving efficiency, productivity, and profitability in financial advisory firms

As a profession, financial advisors have been very well educated on how to be a financial advisor, but the industry does a poor job of preparing financial advisors to be great business owners. This book presents the Profit-Driven Architecture, a visual way of viewing the operational structure of a financial practice.

  • Provides a concrete way of understanding and improving the interrelationship of different parts of the operations of a financial practice firm

  • Explains how to increase the efficiency, productivity, and profitability of the firm, recognizing the interrelationships with one another

  • Reveals how to increase the capacity and value of the practice

  • Given an aging population of financial advisors and increased focus on succession planning, increasing the value of a financial practice is a key deliverable of efficiency and this book showcases the best ways to do so.

    Table of Contents

    1. Cover Page
    2. Title Page
    3. Copyright
    4. Dedication
    5. Contents
    6. Introduction
    7. Part One: Management Efficiency
      1. CHAPTER 1: The Efficient Management Philosophy
        1. COMMUNICATION IS KEY
        2. THE IRONY OF MICROMANAGING
        3. DELEGATE, DON'T DOMINATE
        4. SUMMARY
      2. CHAPTER 2: Managing Resources
        1. EFFICIENCY VERSUS EFFICACY
        2. OUTSOURCING
        3. DOWNSIZING
        4. MANAGING CHANGE: A PROCESS OF INCLUSION
        5. SUMMARY
      3. CHAPTER 3: Managing People and Communications
        1. STEP ONE: PRE-HIRE PREPARATION
        2. STEP TWO: BACKGROUND INFORMATION
        3. STEP THREE: THE INTERVIEW
        4. DEVELOPING A COMPENSATION PLAN
        5. HANDLING CONFIDENTIAL INFORMATION
        6. TWO EXAMPLES
        7. THE HOLISTIC APPROACH
        8. THE RIGHT JOB DONE BY THE RIGHT PEOPLE
        9. SUMMARY
    8. Part Two: Technology Efficiency
      1. CHAPTER 4: Client Relationship Management
        1. LEVERAGING TECHNOLOGY
        2. SUMMARY
      2. CHAPTER 5: Other Software Issues
        1. EVERNOTE
        2. DIGITAL NOTE-TAKING TOOLS
        3. TABLETS AND STORAGE SOLUTIONS
        4. REBALANCING SOFTWARE
        5. SUMMARY
      3. CHAPTER 6: Systems Integration
        1. SOFTWARE INTEGRATION AND COMMUNICATION
        2. PROTECTING CLIENT DATA
        3. SUMMARY
    9. Part Three: Process Efficiency
      1. CHAPTER 7: Building Procedures
        1. FINANCIAL PLAN PRODUCTION PROCEDURE
        2. FLOWCHARTS
        3. BUSINESS CONTINUITY PLANS
        4. SOCIAL MEDIA POLICIES
        5. USING TECHNOLOGY TO STANDARDIZE CLIENT SERVICE PROCEDURES
        6. SUMMARY
      2. CHAPTER 8: Workflow Management Systems
        1. PROJECT MANAGEMENT WORKFLOWS
        2. WORKFLOW SYSTEMS: EFFICIENT METHODS FOR TRACKING TASKS IN THE OFFICE
        3. SUMMARY
    10. Part Four: Design Efficiency
      1. CHAPTER 9: Office Space Utilization
        1. CREATING A PAPERLESS OFFICE
        2. COMMUNICATIONS IN THE OFFICE
        3. AUDITORY AND VISUAL DISTRACTIONS
        4. OUTSOURCING
        5. IMPROVING FIRST IMPRESSIONS
        6. FENG SHUI TIPS FOR YOUR BUSINESS AND OFFICE
        7. SUMMARY
      2. CHAPTER 10: Efficient Branding
        1. BLUE OCEAN STRATEGY
        2. MARKETING SERVICES
        3. EFFICIENT WEBSITES
        4. SUMMARY
    11. Afterword
      1. IMPACT ON PRODUCTIVITY, PROFITABILITY, TIME MANAGEMENT, AND FIRM CAPACITY
      2. IMPACT ON BUSINESS VALUATION
      3. FIRST CASE STUDY
      4. SECOND CASE STUDY
    12. About the Companion Website
    13. About the Author
    14. Index