Managing
Operations Teams and Secure, Efficient Processing
- Details Category: Practice Management
Security discussions in technology can become a deeper dive than many prefer due to there being so many moving parts - computers, servers, phones, external devices, etc. However, one particular area where I field many questions is how to get more efficient security (not an oxymoron!) for operations teams in practices.
Create A Pay-For-Performance Culture
- Details Category: Practice Management
Create a Pay for Performance Culture
By George Tamer and Scott Leak
A formal performance-management process enables a firm to proactively measure individual performance, reduce subjectivity, and clearly tie incentive pay to performance. According to the 2009 FAInsight People and Pay Study, even among Standout firms there is significant opportunity to more actively manage individual performance. Only 65% of Standouts conduct performance evaluations, and of that group, only 26% rate their performance-management process as highly effective, with a notable 67% of these firms reporting onl
Word of Mouth for Advisors - now a due diligence channel
- Details Category: Practice Management
Social media is a broad umbrella - and is not exclusive to marketing and business chatter conversations. Advisors4Advisors and new emerging sites like fabeetle are examples of deeper dives into the social conversation. As we all now know - 140 characters is enough room to point to a conversation - but not enough to finish it (aka Twitter).
Can Too Much Delegating Be Advisors' Biggest Mistake?
- Details Category: Practice Management
InvestmentNews reporter Lisa Shidler posted a story on Friday how one advisor's delegation of work to employees jeopardized the survival of the firm during a period of high staff turnover.
Take three minutes to read the story of Rick Kahler, founder of Kahler Financial Group, and how his office once was "spiraling out of control" due to too much delegation.
This being the Commentary section of advisors4advisors.com, I'm going to hop on a soapbox and add my two cents to this story.
Creating a Culture of “Referability”
- Details Category: Practice Management
In our last post, we talked about how to best manage your sales pipeline to ensure you are getting the most out of your sales and marketing activities. Equally, if not more important, is to allocate the same effort to maximizing client referrals.
It has been widely documented in our industry that referrals make up the largest source of new business for advisors and therefore should typically warrant the most business development focus. However, from our experience as a custodian working with thousands of advisors, many do not have a formal process in place to generate, cultivate, track an
