... grow. The dilemma is the more clients they add,
the more staff they must add; the more staff they add, the more
technology they must add; the more the business grows, the more
their span of control ... model. However, the
market correction at the turn of the century and the modest returns
1
THE
FINANCIAL
ADVISORY
BUSINESS
The View from Here
1.
10 PR...
... of your human capital plan:
1. The nature of the work
2. The nature of the worker
3. The nature of the workplace (see chapter 6, The Care and
Preening of Staff”)
The Nature of the Work
The ... functions they require within the firm and the type of individuals they
need to hire. They set out to determine the
nature of the work, the nature of...
... form the
basis of the advancement guidelines and performance-based incen-
tive plan.
84 PRACTICE MADE PERFECT
ment. Through the interview process, you get a sense of their pres-
ent—their professionalism, ... well, like passion for
96 PRACTICE MADE PERFECT
The Workplace
Once the nature and scope of the work has been clearly defined and
the right workers a...
... emotionally for advisers to surrender the responsibilities
of leading the firm.
However, professional management is important whether it’s
the responsibility of the owners themselves or of outside ... CEO
Although some of these observations are likely true, the core of
the problem is a hiring issue. Too often, the person hired for this
role was chosen based on...
... individual (team) performance but the value of
1 36 PRACTICE MADE PERFECT
the shares relies on the value of the entire company—a good combination
of individual and company goals.
Disadvantages to firm
It ... purchase
130 PRACTICE MADE PERFECT
Advantages to firm
! The employee has a strong incentive to contribute to the appreciation of the
firm’s value.
!...
... each of the statements is about something different,
together they provide the complete story on the underlying econom-
ics of a practice. Unfortunately, most owners of advisory firms regard
the ... consumed in a business. Its value
is that it links together the balance sheet and income statement to
produce a revealing story about the business. The statement of cas...
... leap” to management, believing that
business leaders have to take their heads out of the muck, out of
the details, to look beyond their current travails. For advisers to be
successful business ... light in the business of financial advice is
different now. Success does not come as easily. Jack Welch, the
accomplished former chairman of General Electric Co., appli...
... Moss Adams LLP
Based on the simple analysis described above, establish a range of base
compensation for the employee and then determine the final compensation
inside the range based on the characteristics ... responsibilities
201
WORKSHEET 4
Performance Evaluation
for Professional Staff
THE PILLAR
Passion for Excellence
Integrity
Lifetime Learning
Leading by Example
A Ba...