Practice Made (More) Perfect: Transforming a Financial Advisory Practice Into a Business

"Once again, Mark and Rebecca have captured the essence of running an advisory firm. They articulate the importance of setting a clear strategic direction, driving superior execution across all aspects of operations and technology, and the importance of hiring, training, motivating, and rewarding the people who make it happen each and every day. Practice Made (More) Perfect is an excellent reference for any firm owner who is interested in transforming his/her firm from a practice into a business."
—Charles GoLdman, industry executive
"Mark, as usual, asks probing, if not disturbing, questions that will serve to demonstrate why active management is a requisite for sustaining value in your advisory business. With so much relevant content in this book, if you′re not sure where to begin or how far to read—try starting with page 206: ′The Price of Indecision.′ If that doesn′t motivate action . . . it might be too late for you."
—Matt Lynch, President and CEO, Capital Analysts
"Mark is an industry leader, trusted advisor, and true friend. The ideals and concepts found in Practice Made (More) Perfect are the very same Mark shared with us as we were planning and building our business. Needless to say, we are thrilled to have his support, and we are constantly reminded of his sage advice, especially when our management team meets monthly to review our business goals and execution."
—Steve Braverman, Managing Director, Pathstone Family Office
"Thinking through all the options and ramifications of strategic business decisions can be daunting. However, reading Practice Made (More)Perfect is like having the ability to talk through these mission criticalissues with your own personal mentor. It is an essential companion for any owner or senior executive in a financial advisory practice."
—Michael E. Goodman, President, Wealthstream Advisors, Inc.
"Without a doubt, Mark and Rebecca understand the ongo ing needs of the advisory community.?Practice Made (More) Perfect is a must–read for firms who want to build a viable, enduring advisory business."
—Angela Herbers, President, Angela Herbers & Associates Inc.

Spis treści:
Preface xiii
Acknowledgments xvii
Introduction xix
CHAPTER 1. The Financial Advisory Business: What’s Next? 1
What Are Top–Performing Firms Doing? 3
The Business as Client 4
10 Things to Think About 4
CHAPTER 2. Strategic Business Planning: Defining the Direction 11
Muddled Messages 12
What Is Your Strategic Differentiator? 14
What Is Strategic Planning? 14
The Strategic Planning Process 16
CHAPTER 3. ManagingWorkflow: The Back OfficeMoves Forward 35
Sources of Inefficiency 36
Achieving Efficiencies 37
Does Efficiency Come at a Cost? 39
Managing Risk 45
CHAPTER 4. Building Leverage and Capacity 55
Getting to the Next Stage 56
Becoming a Market Dominator 57
The Challenge of Growth 58
The Entrepreneurial Crossroads 59
Cornerstones of the Professional Practice 66
Models That Work 68
Leveraging Your Affiliations 72
Big Is Beautiful 76
CHAPTER 5. The Human Capital Plan: People Who Need People 81
The Problem You Can’t Do Without 82
Aligning Human Capital with Strategy 83
The Nature of the Work 86
The Nature of the Worker 90
The Interviewing Process 93
CHAPTER 6. Creating a Positive Workplace: Professional Development 99
The Career Path 101
The Appraisal Process 104
Coaching and Development 107
The Workplace 109
Building a Foundation 114
The Four–Way Test 115
Lessons on Inclusion 125
CHAPTER 7. Rewarding Behavior and Performance: Compensation Planning 129
Developing a Plan 135
The Components of Compensation 139
Establishing Base Compensation 149
Establishing an Incentive Compensation Plan 150< br>Owner’s Compensation 153
CHAPTER 8. Reading the Financials: Financial Management 155
Fundamentals of Accounting 155
Constructing a Financial Statement 156
Tying the Financials Together 165
CHAPTER 9. Income, Profit, Cash Flow: What the Numbers Are Saying 167
Formatting the Financials 168
Analyzing the Income Statement 169
Analyzing the Balance Sheet 179
Analyzing the Statement of Cash Flow 184
Financial Impact Analysis 185
CHAPTER 10. Managing Growth: The Search for Solutions 189
Harnessing Resources 190
Using Financial Leverage 192
Managing Cash Flow 194
How About Equity? 195
Referral Agreements and Joint Ventures 196
Practice Acquisitions 199
Investments in New Initiatives 203
CHAPTER 11. Exit, Stage Left 205
The Price of Indecision 206
Sale Planning versus Succession Planning 207
Wisdom or Obsolescence? 209
What to Do? 210
Keeping It in the Family 211
How to Make a Partner 217
What About the Successor? 223
Merger as a Succession Plan 226
So What Do You Do? 228
Seeking Counsel 230
Developing the Assumptions 231
Take Control 232
CHAPTER 12. On Leadership andManagement 235
What Defines a Leader? 236
Who Will Emerge? 239
Is Anybody Leading? 240
Rites of Passage 242
Ready, Fire, Aim 244
Awakening the Manager in You 248
Practice What We Preach 251
Hiring Your Boss: Do You Need a CEO? 251
Afterword 257
Appendix 261
About the Authors 297
Index 299

Nota biograficzna:

Mark C. Tibergien is Chief Executive Officerfor Pershing Advisor Solutions LLC, a BNY Mellon company, and a Managing Director and memberof the Executive Committee for Pershing LLC. Foreight consecutive years, Accounting Today has recognized Mr. Tibergien as one of the "100 MostInfluential" people in the accounting professionand Financial Planning has identified him as a "Mover and Shaker " in their annual review of industry professionals. In 2011, for the ninthtime, Investment Advisor recognized him as one of the "25 Most Influential" people in the financialservices industry.
Rebecca Pomering is a partner with Moss Adams LLP and CEO of Moss Adams Wealth Advisors, the firm′s wealth management division, where she is responsible for the growth of the firm, including strategic planning, sales and marketing, team development, human capital, CPA firm integration, financial management, and mergers and acquisitions.

Okładka tylna:

"Once again, Mark and Rebecca have captured the essence of running an advisory firm. They articulate the importance of setting a clear strategic direction, driving superior execution across all aspects of operations and technology, and the importance of hiring, training, motivating, and rewarding the people who make it happen each and every day. Practice Made (More) Perfect is an excellent reference for any firm owner who is interested in transforming his/her firm from a practice into a business."
—Charles GoLdman, industry executive
"Mark, as usual, asks probing, if not disturbing, questions that will serve to demonstrate why active management is a requisite for sustaining value in your advisory business. With so much relevant content in this book, if you′re not sure where to begin or how far to read—try starting with page 206: ′The Price of Indecision.′ If that doesn′t motivate action . . . it might be too late for you."
—Matt Lynch, President and CEO, Capital Analysts
"Mark is an industry leader, trusted advisor, and true friend. The ideals and concepts found in Practice Made (More) Perfect are the very same Mark shared with us as we were planning and building our business. Needless to say, we are thrilled to have his support, and we are constantly reminded of his sage advice, especially when our management team meets monthly to review o ur business goals and execution."
—Steve Braverman, Managing Director, Pathstone Family Office
"Thinking through all the options and ramifications of strategic business decisions can be daunting. However, reading Practice Made (More)Perfect is like having the ability to talk through these mission criticalissues with your own personal mentor. It is an essential companion for any owner or senior executive in a financial advisory practice."
—Michael E. Goodman, President, Wealthstream Advisors, Inc.
"Without a doubt, Mark and Rebecca understand the ongoing needs of the advisory community.?Practice Made (More) Perfect is a must–read for firms who want to build a viable, enduring advisory business."
—Angela Herbers, President, Angela Herbers & Associates Inc.