The Efficient Practice: Transform and Optimize Your Financial Advisory Practice for Greater Profits

David Lawrence starts with the truth: many financial advisory business owners know how to create a financial plan but dont know how to run a business. He then goes on to create what just might be the next bible of business management, telling us how to manage people, technology and workflows. If youve hit a profitability ceiling with your practice, this is the book for you. David J. Drucker, MBA, CFP, Partner, Virtual Office News, LLC, creator of the Technology Tools for Today Newsletter and Conferences A holistic approach to efficiency, productivity, and profitability for financial firms Financial firms, author David L. Lawrence argues, dont recognize that the cause of stagnating revenue and an inability to reach growth targets is often caused by the owners themselves. In The Efficient Practice: Transform and Optimize Your Financial Advisory Practice for Greater Profits , Lawrence explores the tools and techniques needed to bring firms above their current revenue ceiling, achieving the highest possible levels of efficiency and profitability. The Profit–Driven Architecture model provides a visual roadmap for viewing the operational structure of a financial practice. It takes readers all the way from basic management efficiencies to technology best practices to proven branding strategies. Using this model, the book will: Provide a concrete way of understanding and improving the interrelationship of different parts of the operations of a financial advisory firm Find ways to enhance organizational processes that increase the profitability of the business Increase capacity and practice value to drive business growth and provide a framework for succession planning For many financial advisors, establishing a meaningful client base and earning enough money to make ends meet inevitably become the unstated long–term financial goals of the business. But many financial advisory professionals are unaware of the improvements to their organizational processes that can help them create a mature business infrastructure and a company that can grow far beyond their initial vision of success. David L. Lawrence guides financial professionals through the processes that can propel your practice forward and help you realize your full earning potential.

Introduction Section One: Management Efficiency Chapter One: The Efficient Management Philosophy Communication is Key The Irony of Micro–Managing Delegate Don’t Dominate Chapter Summary Chapter Two: Managing Resources Efficiency vs. Efficacy… Outsourcing Downsizing Managing Change – A Process of Inclusion Chapter Summary Chapter Three: Managing People and Communications Step One: Pre–hire Preparation Step Two: Background Information Step Three: The Interview Developing a Compensation Plan Handling Confidential Information Two Examples The Right Job Done by the Right People Chapter Summary Section Two: Technology Efficiency Chapter Four: Client Relationship Management Leveraging Technology Chapter Summary Chapter Five: Other Software issues Evernote Digital Note–Taking Tools Tablets and Storage Solutions Rebalancing Software Chapter Summary Chapter Six: Systems Integration Software Integration and Communication Protecting Client Data Chapter Summary Section Three: Process Efficiency Chapter Seven: Building Procedures Financial Plan Production Procedure Flowcharts Business Continuity Plans (BCP) Social Media Policies Using Technology to Standardize Client Service Procedures Chapter Summary Chapter Eight: Workflow Management Systems Project Management Workflows Workflow Systems: Efficient Methods for Tracking Tasks in the Office Chapter Summary Section Four: Design Efficiency Chapter Nine: Office Space Utilization Creating a Paperless Office Communications in the Office Auditory and Visual Distractions Outsourcing Improving First Impressions Feng Shui Tips for Your Business and Office Chapter Summary Chapter Ten: Efficient Branding Blue Ocean Strategy Marketing Services Efficient Websites Chapter Summary Afterword Impact on Productivity, Profitability, Time Management, and Firm Capacity Impact on Business Valuation First Case Study Second Case Study About the Companion Website About the Author Index

David L. Lawrence, AIF, has over thirty–six years of experience in leadership and management. He is a veteran of the U.S. Navy during the Vietnam War, having spent over 4years on active duty as a non–commissioned officer, and later as a commissioned officer in the Naval Reserves. His service in two war zones, first in South Vietnam near the end of the Vietnam War, and later in the Middle East, provide a courageous backdrop to his leadership experiences. His compelling story of military leadership during a time of domestic political unrest is truly inspirational. Following his military career, David used the GI Bill to send himself through 7 years of college. David then spent 18 years with a major financial planning firm as a Senior Financial Advisor, Training Manager and District Manager. He has also worked for two large independent financial planning and asset management companies in senior management positions. His responsibilities have included managing large numbers of employees as well as setting up employee hiring, training, evaluation and compensation systems. His background and experience in integrating technological systems with management needs has given him a unique perspective on the use of technology as a leadership tool. David has spent the past several years writing and speaking. He founded EfficientPractice.com, aconsulting company devoted to growth efficiency solutions for professional businesses and in the financial services industry. His speaking engagements have taken him all across the United States, Canada and the Far East.