Practice Management
Tactical complement: Aligning roles and responsibilities
By identifying their areas of specialty, financial professionals can potentially find their counterpoint for an effective team.
Practice Management
Building a foundation for successful teams
We believe that outstanding teams have much in common with great marriages, as both are often philosophically aligned on the core tenets that inform their most important decisions.
Families may ask themselves: “How are we going to align spending and savings, balance our kids' responsibilities with the joy of childhood, and determine our career and family roles and responsibilities?”
Team members may ask themselves: “How are we going to align compensation and performance, foster an open, collaborative environment with a high degree of accountability, and balance our need to both grow and serve our clientele?”
EACH FINANCIAL PROFESSIONAL ANSWERS THESE QUESTIONS INDIVIDUALLY AND THEN DISCUSSES AS A GROUP. |
FP 1 _______ |
FP 2 _______ |
FP 3 _______ |
|---|---|---|---|
Comprehensive wealth management: I commit to incorporating a comprehensive, in-depth, written, and ultimately implemented financial planning process with all platinum (top 10% ranked quantitatively and qualitatively), gold (top 11%-25%), and silver (top 26%-50%) clients. |
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Client engagement: I will introduce my partners into all my client relationships based on their unique roles and expertise in fulfilling our wealth management approach. |
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Client service: I am committed to building a truly exceptional and highly personalized client service platform for our platinum and gold clients. |
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Investment philosophy: I commit to a written uniform investment philosophy around which our team will operate, and to reduce all superfluous and extraneous investments that no longer fit our model and detract from our ability to maintain due diligence and oversight on our holdings. |
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FP compensation: Once we complete the "dating phase" and become a fully operational team, we will combine all assets under one joint production number. |
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Production parity: As the team's assets and production grow, I understand that our pooled splits will move toward parity over time. |
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Staff compensation: I am willing to bonus support staff members based on their unique critical objectives and growth components. |
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Communication and collaboration: I will foster an open and collaborative environment through the use of daily huddles, weekly strategic meetings, and semiannual developmental meetings. |
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Roles and responsibilities: I will help establish roles, responsibilities, goals, and accountabilities so each individual team member can potentially play to their strengths and contribute to the overall performance of the team. |
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Delegation: I am willing to delegate tasks and authority (some that I currently perform effectively) to the appropriate team members so I can remain focused on my critical roles, responsibilities, strengths, and objectives. |
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Professional model: I am committed to managing a professional practice where client meetings are structured, highly systematized, and scheduled a week or more in advance, thus mirroring the systemic approach of an annual physical. |
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Technology: I will consistently utilize a networked client relationship management system, comprehensive planning, and an automated investment management process. |
Resources and toolkits
Related insights
Invesco Global Consulting
Macro four-room business analysis
Implementing the proper structure, systems, roles, and responsibilities may help financial professionals build successful teams.
Practice Management
Maximize your team
Managing a practice is all about teamwork. Learn how to create an efficient and effective team in our program, Constructing and Managing a Synergistic Team.
Start the conversation.
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