P. Palaveev

The Ensemble Practice

A Team-Based Approach to Building a Superior Wealth Management Firm

• Gebundenes Buch

Produktbeschreibung

A detailed road map for wealth managers who want to build an ensemble firm or team and achieve sustained growth, profitability and high valuations

Why do ten percent of wealth management firms grow faster than the rest of the industry, often despite the turbulence of the markets? The answer, according to industry consultant and researcher, P. Palaveev, is that the most successful firms are those which, create and promote a team-based service model that serves as the foundation of their enterprise.
Find out how and why a team-based service model can play a decisive role in the future growth and sustained success of your wealth management firm
Discover the key factors for building a successful ensemble firm and profit from the best practices top team-based firms employ
Profit from the author's years of experience working with the world's top wealth management firms and the data he has compiled as a pre-eminent industry researcher
Learn about the various organizational structures, partnership models and career path options and how to put them to work building an ensemble practice
Get the lowdown on how the savviest traditional broker-dealer firms have formed dynamic ensemble teams within their organizations and learn of the results they've achieved

Produktdetails

• Bloomberg Financial
• Verlag: Wiley & Sons
• 1. Auflage
• Seitenzahl: 240
• Erscheinungstermin: 2. Oktober 2012
• Englisch
• Abmessung: 229mm x 160mm x 23mm
• Gewicht: 454g
• ISBN-13: 9781118209547
• ISBN-10: 1118209540
• Artikelnr.: 36054504

Autorenporträt

PHILIP PALAVEEV is a financial industry expert and consultant focused on improving the profitability and value of financial services firms. The owner and CEO of The Ensemble Practice LLC, a management consulting firm helping financial advisors build better businesses, Palaveev also works with broker-dealers and custodians to create impactful practice management services for their advisors. He has written numerous research papers and articles and is a frequent speaker at industry conferences.

Inhaltsangabe

Introduction xiii Acknowledgments xv PART I: STRUCTURING AN ENSEMBLE
CHAPTER 1 The Ensemble Defined 3 The Ensemble Concept 5 Ensemble
Demographics 7 Ensembles Are More Profitable and Valuable 10 Clients Prefer
Ensembles 12 Should Everyone Be an Ensemble? 14 What's Next and Who Should
Read on 16 Notes 17 CHAPTER 2 The Ensemble Structure 19 The Service Advisor
Model--Leverage 21 The Emerging Partnerships--Sharing 24 The "True"
Ensembles--Leverage and Sharing Combined 28 The Super-Ensemble Firms 34
When Large Becomes Too Large 37 Notes 37 CHAPTER 3 Growing into an Ensemble
39 The Right Time to Hire 39 Whom Can You Hire? 41 Structuring Client
Service 45 Service Advisors and Client Relationships 47 The Hiring Process
50 The Selling Question 53 The Equity Question 55 Making the Decision 57
Notes 58 CHAPTER 4 Merging Together 59 Your Shared Strategy 62 Your Shared
Values 63 The Data 65 The Business Plan 67 Partner Roles and Compensation
68 The Deal 69 Mergers of Not So Equals 70 The Deals after the Deal 71
Owner Rights 72 Making Decisions as Partners 73 Buy-Sell Agreements,
Retirements, and Breaking Up 75 Communicating the Deal to Clients and
Employees 76 Notes 78 CHAPTER 5 From Silo to Ensemble 79 Creating a Shared
Bottom Line 80 The "Mine, Yours, and Ours" Model 83 Assign Management
Responsibilities 83 Share Client Meetings 84 The Prenup 85 Change Your
Thinking 86 Note 88 CHAPTER 6 Partner Responsibilities and Partner
Compensation 89 Labor versus Equity 89 Using Profit Centers or Silos 92
Setting Owner Base Compensation 94 The Role of Equity Ownership in Income
99 Discretionary Expenses and Perks 100 Partner Compensation Discussion
Worksheet 100 PART II: MANAGING AN ENSEMBLE CHAPTER 7 Creating Ensemble
Culture 105 Establishing Priorities and Values 106 Customers--Service as
Culture 108 How We Deal with Each Other 110 Who Owns the Client? 115 Mom
and Dad 116 Tribes 117 Manage Yourself 118 Notes 119 CHAPTER 8 Making
Partner 121 When Can You Add a Partner? 122 Whom Do You Want as a Partner?
124 How Do They Buy-In? 128 Alternatives to Full Partnership 131 Why Do You
Promote Partners? 134 Notes 135 CHAPTER 9 The Big Idea 137 Four Stages of
Growth 137 Steps to Institutionalizing 140 Notes 144 CHAPTER 10 Managing
Professional Compensation 145 Compensation Philosophy 146 Setting Salaries
148 Payout-Based Compensation 150 Incentive Compensation 151 Benefits 155
Compensation Management Process 156 CHAPTER 11 The Bottom Line 159 The
Owners' Personal Income and Income Bogey 160 The Income Statement 163
Managing Engagement Economics 166 Unit Economics 167 Managing Staffing Cost
and Productivity 174 Overhead Management 176 Key Ratios on Your Dashboard
177 Budgeting and Financial Management Discipline 178 Notes 180 CHAPTER 12
The Devil in the Details 181 Agreement on Service Process 181 Investment
Committee 183 Leadership in Operations 184 Customization and Efficiency 185
Technology Selection 186 Quality Control and Risk Management 187 Vendor and
Strategic Partner Choices 188 PART III: WHAT HAPPENS NEXT CHAPTER 13
Recipes for Failure 193 How to Fight with Your Partner 194 Losing Control
of Your Own Firm 196 Agree to Disagree--aka Avoiding Difficult Decisions
198 The Porch of Indecision 199 People Who Don't Develop 199 Protecting
Your Ensemble 200 Note 201 CHAPTER 14 Doing Deals 203 Equity Planning for
Ensembles 204 Consolidation Deals 207 Other Acquirers 209 Finding Your Deal
211 Note 211 CHAPTER 15 The Future Belongs to Ensembles 213 About the
Author 217 Index 219