The Power of Practice Management: Best Practices for Building a Better Advisory Business

Praise for The Power of Practice Management

"The Power of Practice Management is a solid addition to the libraries of advisors who are interested in being better managers and in building a business to last. This is an important skill set for independent practitioners to develop and this is a great guide to use along the way.
Mark Tibergien, CEO, Pershing Advisor Solutions LLC, a BNY Mellon Company

"I firmly believe that financial advisors can create great practices by focusing on the right clients and serving them well. I know this from my days as an independent advisor, and in my continuing dedication to helping advisors build great businesses. The Power of Practice Management provides insights and strategies for doing that, and a roadmap for developing an efficient wealth management business. It′s a must–read if you want to take your firm and yourself to the next level."
Ron Cordes, Founder, AssetMark Investment Services, Inc.; Co–Chairman, Genworth Financial Wealth Management, Inc. and Founder, Impact Assets

"The passion of the author jumps off the pages of The Power of Practice Management. And while that passion ensures the book is a compelling read, it is the practical ideas and tactics that make it a must–read for every financial advisor. This book will help you transform your business."
Julie Littlechild, President, Advisor Impact

Foreword ix

Introduction xi

PART I: BUSINESS STRATEGY AND PLANNING

CHAPTER 1 A Look at the Landscape 3

CHAPTER 2 A View into Top–Performing Firms 13

CHAPTER 3 New Thinking for New Results 23

CHAPTER 4 The Four Essential Disciplines 25

CHAPTER 5 Business Strategy and Planning 37

CHAPTER 6 Living the Vision 45

CHAPTER 7 Building a Business Blueprint 53

CHAPTER 8 Managing Business Performance 67

CHAPTER 9 Benchmarking: Are You Making Progress? 77

PART II: BUSINESS DEVELOPMENT

CHAPTER 10 The Business Development Landscape 87

CHAPTER 11 Target Clients and Niche Markets 97

CHAPTER 12 Landing Your Brand 105

CHAPTER 13 The Elevator Speech 111

CHAPTER 14 A Marketing Plan 115

CHAPTER 15 Referrals: An Untapped Opportunity 127

CHAPTER 16 The Referral Management Process 139

CHAPTER 17 Unlocking Client Feedback 149

PART III: HARNESSING HUMAN CAPITAL

CHAPTER 18 The Value of Human Capital 157

CHAPTER 19 Making the Successful Hire 161

CHAPTER 20 Tapping into Training 171

CHAPTER 21 Job Descriptions and Performance Reviews 177

CHAPTER 22 Climbing the Ladder 187

CHAPTER 23 The Role and Value of Compensation Planning 193

CHAPTER 24 Components of Compensation 201

CHAPTER 25 Creating a Compensation Plan, Step by Step 215

CHAPTER 26 Owner Compensation 223

PART IV: OPTIMIZING OPERATIONS

CHAPTER 27 Operations Optimization 233

CHAPTER 28 Client–Facing Processes 245

CHAPTER 29 The Client Model 263

PART V: BUILDING AND REALIZING VALUE

CHAPTER 30 Preparing for the Future 279

CHAPTER 31 The State of the Industry 281

CHAPTER 32 External Sales 283

CHAPTER 33 Internal Succession 289

Notes 295

About the Author 297

About Genworth Financial Wealth Management, Inc. 299

Index 301

Matt Matrisian brings nearly twenty years of financial services industry experience and knowledge to this book. Joining Genworth Financial Wealth Management, Inc., in 2010 as the Director of Practice Management, he has worked to enhance the practice management programs offered, including development of a successful business transition services program and a robust advisor coaching program. Matt holds a BA in finance from the University of South Florida and an MBA from the University of Florida.

This publication represents a compendium of experience and a history of practice management expertise by Genworth Financial Wealth Management, Inc., AssetMark, and Quantuvis. It symbolizes our long–standing commitment to independent advisors, helping hundreds of practitioners build great businesses for nearly twenty years.