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

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.

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 4 years 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, a consulting 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.

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

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