Transcript Document

Impressionist
TEAM WORKBOOK
Decisions and Notes
for Modules 1 – 5
BSMART
Business Simulation Management
and Relationship Training
MODULE ONE
Vision, Mission & Strategy
The Foundation of a Business
Your Vision
A vision statement describes the future state you are looking to
create – your desired end-game for the firm in 2020.
*$4B firm, 50% on WM $2B AUM & $2B AUM in IM businesses
*Broad based ownership, clear understanding of partnership
requirements, well developed career paths for all employees.
*Geographic expansion on WM side into second tier cities
(Denver, Tucson, Albuquerque, Kansas City, Omaha..)
*Employer of choice in 2nd tier markets in which we operate.
A vision statement describes what you want your firm to look like in the future,
typically three to five years out, or longer, and is both an internal and an external
message. If you keep it front and center, it can help you stay focused on your goals.
It can also help inspire and motivate your staff, and instill confidence in clients that
you know where you want to be in the future.
As you craft a vision statement for your firm, ask:
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What do we aspire to become in three to five years?
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What does success look like for our firm over this period?
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What does our end-state look like?
Your Mission
A mission statement describes why the organization exists – its core
purpose.
Empower individuals (clients, employees & advisors) to achieve
financial freedom in pursuit of their goals and dreams.
We will support local communities through community outreach
(charitable activities, community involvement).
A mission statement describes why you are in business, and is primarily used
internally. It plays an important role in helping you assess your activities and
determining if they are in line with your core purpose. It can be used to “sanity
check” what you may be considering doing – if activities stray from your core
purpose, you may decide not to do them or to reevaluate your mission.
As you craft a mission statement for your firm, ask:
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What is our purpose for being here? Why do we do what we do?
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What needs do clients have when they come to us?
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What are the most significant strengths of our business?
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Why do clients choose our firm over other firms? What are our
differentiators?
Your Strategy
Our competitive advantage is…
*We house wealth management and investment management capabilities under one roof.
*WM in Sante Fe –Dominant competitor with size and scale advantages.
*IM-We have 3 year track record
Questions that may help:
• What makes us better than the competition?
• Why do customers choose us?
• What makes us unique?
• What do we have that others do not?
• What do we do that cannot be replicated?
• Why are we successful?
• What created our success to date?
SWOT Analysis
PLEASE COMPLETE
Strengths
Weaknesses
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SWOT Analysis
PLEASE COMPLETE
Opportunities
Threats
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Initiatives and Notes
Initiatives for Improvement
Write down and agree on Strategy initiatives in your firm and elect a “champion” for
each initiative.
Improvement Opportunity
Who Will Complete
1.Develop career tracks
Edgar Degas
2.Define partnerships
tracks/requirements
Claude Monet
3.Geographic expansion on WM side
Eddie Monet
4.Redeploy WM resources to IM
Mary Cassatt/Fred & Paul
5.Product/geographic distribution
expansion
Mary Cassatt/Edgar Degas
Notes
6.Explore succession solutions/IM clients
–can impressionist provide succession
plan solutions to choose firms? Can we
incorporate this into # 3 above?
MODULE TWO
Growth
Building the Firm
Ideal Profile
PLEASE COMPLETE
CHARACTERISTICS OF
THE IDEAL CLIENT
CHARACTERISTICS OF
THE NOT-SO-GREAT REFERRAL
CHARACTERISTICS OF
THE IDEAL COI
CHARACTERISTICS OF
THE NOT-SO-GREAT COI
Business You
Would Like
To Win
COI Relationships
You Would Like To
Have
Initiatives and Notes
Initiatives for Improvement
Write down and agree on Growth initiatives in your firm and elect a “champion” for
each initiative.
Improvement Opportunity
Who Will Complete
1.Geographic expansion WM side
Eddie Monet
2.Product line IM side (40 act funds, new
strategies)
Mary, Edgar
3.Expand COI network
Fred
4.Establish BD role on IM side (review
internal candidates)
Mary
5.Review comp plans-make sure it
incentivizes business development
Notes
capabilities.
Claude Monet
MODULE THREE
Staffing and Compensation
Attracting, Retaining and Organizing Talent
Organizational Chart
Draw your firm’s organizational chart. Label the positions.
Compensation Philosophy
What is your compensation philosophy?
PLEASE COMPLETE
Initiatives and Notes
Initiatives for Improvement
Write down and agree on Human Capital initiatives in your firm and elect a
“champion” for each initiative.
Improvement Opportunity
Who Will Complete
1.Develop career path, track roles and
responsibilities
Edgar Degas
2.Deine partnerships track/requirements
and voting rights of shareholders.
Claude Monet
3.Review compensation plan (ensure it
incents business development)
Claude Monet
4.Redeploy resources WM-IM side
Mary Cassatt/Fred & Paul
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Notes
Handouts in the Appendix
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Advisor HR Solutions
Sample Compensation Profiles
MODULE FOUR
Operations and Technology
Role of Operations
Service and Deliverables PLEASE COMPLETE
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Component-level Role
Financial Planning
Investment Management
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List and Documents
Services PLEASE COMPLETE
Process
Purpose
Budget
Resources Evaluate how well resource components are satisfied.
Available
Scalable
Attainable
Sustainable
Initiatives and Notes
Initiatives for Improvement
Write down and agree on Operations initiatives in your firm and elect a “champion”
for each initiative.
Improvement Opportunity
Who Will Complete
1.Automate workflow process
(Salesforce)
Edgar Degas
2.Improve trade order efficiencies & risk
controls
Edgar Degas
3.Crosstrain WM associates on IM
business (excess capacity currently in
WM business)
Edgar Degas
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Notes
5.
Handouts in the Appendix
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Six Tell-Tale Signs That Your Business Processes May Need Attention
MODULE FIVE
Financial Management
Making the Numbers Work
Initiatives and Notes
Initiatives for Improvement
Write down and agree on Financial initiatives in your firm and elect a “champion” for
each initiative.
Improvement Opportunity
Who Will Complete
1.Review WM pricing
Eddie Monet
2.Attempt to re-negotiate referral fees
Mary Casset
3.Increase revenue per professional of
WM side
Claude Monet/Fred & Paul
4.Evaluate ownership alignment (Ex:
Edgar Degas owns 20% of IM but 0% of
WM)
Claude Monet
Notes
5.Too many professionals on WM side
6.Install $7500 minimum fee on WM side
Handouts in the Appendix
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Key Drivers of Firm Valuation