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

ISBN-10: 1118209540

ISBN-13: 9781118209547

Edition: 2012

Authors: P. Palaveev

List price: $90.00
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The book explores the success factors for building ensemble firms and reviews some of the best practices for continued growth. Leveraging years of experience in working as a consultant with some of the largest wealth management firms, author Philip Palaveev draws from data he has compiled from a decade of being one of the pre-eminent researchers in the industry to provide a roadmap for wealth managers who want to build their own ensemble firm or team. The text goes through an in-depth yet practical discussion of organizational structures, partnership models and career paths that practitioners can utilize. The research is well supplemented with practical experience with equal validity for independent advisors as well as teams that are forming within a traditional broker-dealer.
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Book details

List price: $90.00
Copyright year: 2012
Publisher: John Wiley & Sons, Incorporated
Publication date: 10/2/2012
Binding: Hardcover
Pages: 240
Size: 6.25" wide x 9.25" long x 1.00" tall
Weight: 1.012
Language: English

Structuring an Ensemble
The Ensemble Defined
The Ensemble Concept
Ensemble Demographics
Ensembles Are More Profitable and Valuable
Clients Prefer Ensembles
Should Everyone Be an Ensemble?
What's Next and Who Should Read on
The Ensemble Structure
The Service Advisor Model-Leverage
The Emerging Partnerships-Sharing
The "True" Ensembles-Leverage and Sharing Combined
The Super-Ensemble Firms
When Large Becomes Too Large
Growing into an Ensemble
The Right Time to Hire
Whom Can You Hire?
Structuring Client Service
Service Advisors and Client Relationships
The Hiring Process
The Selling Question
The Equity Question
Making the Decision
Merging Together
Your Shared Strategy
Your Shared Values
The Data
The Business Plan
Partner Roles and Compensation
The Deal
Mergers of Not So Equals
The Deals after the Deal
Owner Rights
Making Decisions as Partners
Buy-Sell Agreements, Retirements, and Breaking Up
Communicating the Deal to Clients and Employees
From Silo to Ensemble
Creating a Shared Bottom Line
The "Mine, Yours, and Ours" Model
Assign Management Responsibilities
Share Client Meetings
The Prenup
Change Your Thinking
Partner Responsibilities and Partner Compensation
Labor versus Equity
Using Profit Centers or Silos
Setting Owner Base Compensation
The Role of Equity Ownership in Income
Discretionary Expenses and Perks
Partner Compensation Discussion Worksheet
Managing an Ensemble
Creating Ensemble Culture
Establishing Priorities and Values
Customers-Service as Culture
How We Deal with Each Other
Who Owns the Client?
Mom and Dad
Manage Yourself
Making Partner
When Can You Add a Partner?
Whom Do You Want as a Partner?
How Do They Buy-In?
Alternatives to Full Partnership
Why Do You Promote Partners?
The Big Idea
Four Stages of Growth
Steps to Institutionalizing
Managing Professional Compensation
Compensation Philosophy
Setting Salaries
Payout-Based Compensation
Incentive Compensation
Compensation Management Process
The Bottom Line
The Owners' Personal Income and Income Bogey
The Income Statement
Managing Engagement Economics
Unit Economics
Managing Staffing Cost and Productivity
Overhead Management
Key Ratios on Your Dashboard
Budgeting and Financial Management Discipline
The Devil in the Details
Agreement on Service Process
Investment Committee
Leadership in Operations
Customization and Efficiency
Technology Selection
Quality Control and Risk Management
Vendor and Strategic Partner Choices
What Happens Next
Recipes for Failure
How to Fight with Your Partner
Losing Control of Your Own Firm
Agree to Disagree-aka Avoiding Difficult Decisions
The Porch of Indecision
People Who Don't Develop
Protecting Your Ensemble
Doing Deals
Equity Planning for Ensembles
Consolidation Deals
Other Acquirers
Finding Your Deal
The Future Belongs to Ensembles
About the Author
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