Practice Made Perfect: The Discipline of Business Management for Financial Advisers
The authors first identify how to assess the business and evaluate oneself as a manager. They then present strategic-thinking issues—such as practice models, business plans, and differentiators—in a Socratic style. This is followed by a detailed overview of critical topics, from financial management and human capital to IT and marketing—encompassing the management skills, approaches, and mindsets needed for success.
With management tools, worksheets, and industry statistics, Practice Made Perfect is the authoritative book from the industry's expert.
1 The Financial Advisory Business.
The View from Here.
2 Strategic Business Planning.
Defining the Direction.
3 Knowing Your Clients.
The Value of Surveys.
4 Building Leverage and Capacity.
The Challenge of Growth.
5 The Fulcrum of Strategy.
6 The Care and Preening of Staff.
7 The Payoff for the Firm.
8 The Tools That Count.
9 Income, Profit, Cash Flow.
(and Other Dirty Words).
10 Referrals and Joint Ventures.
The Search for Solutions.
Rebecca Pomering is a principal with Moss Adams LLP, specializing in strategic-planning and compensation consulting to the financial-advisory industry. She is a certified senior professional of human resources and the head of Moss Adams's compensation consulting and benchmarking practice.
—Ross Levin, CFP
President, Accredited Investors, Inc.
Author, The Wealth Management Index
"This is the book a lot of practitioners have been waiting for. Mark and Rebecca are the foremost experts in this area, so expectations are high. They exceeded my expectations by a wide margin. Practice Made Perfect is loaded with practical items as well as meaningful insights that will surely help advisers become better businesspeople."
—Dan Moisand, CFP
Principal, Spraker, Fitzgerald, Tamayo & Moisand, LLC
"Mark Tibergien and Rebecca Pomering have served up a real treat in Practice Made Perfect. I've known them both for quite a while, as consultants to our firm and as two of the most respected commentators on our profession's business management. I thought I had heard it all. Not so. Mark and Rebecca offer many new and important insights. Everybody in this business needs to read this book."
—Tim Kochis, JD, MBA, CFP
CEO, Kochis Fitz Wealth Management
Author, Managing Concentrated Stock Wealth
"Most financial planners, including myself, start a practice because we love the work. It doesn't take long to recognize that if we want to be successful long-term, we have to build a business. Building a business is what Practice Made Perfect is all about. This book is not a "how to start" a practice. Rather, it is a guide to taking your practice from where it is today to where you want it to be tomorrow. A must-read for practitioners who are serious about our profession."
—Elaine E. Bedel, CFP
President, Bedel Financial Consulting, Inc.
"Mark and Rebecca are a dynamic duo--they are bright, insightful, and able to get right to the heart of what is important in managing and growing a financial-advisory business. Practice Made Perfect is full of practical advice and ideas that every serious financial adviser should know to manage their business. Their continued advice and this book are priceless."
—Greg Sullivan, CPA, CFP
President, Sullivan, Bruyette, Speros & Blayney, Inc.
"Practice Made Perfect is outstanding. Mark Tibergien and Rebecca Pomering have captured the key strategic-planning issues for financial advisers who are serious about making money with their practices. The ideas offered in this book are worth many times the cover price."
—John J. Bowen Jr.
Founder and CEO, CEG Worldwide, LLC