Practice made perfect: the discipline of business management for financial advisers

251 Pages·2005·1.67 MB·English

by  Mark C. Tibergien

PRAISE FOR
Practice Made Perfect
The Discipline of Business Management
for Financial Advisers
by Mark C. Tibergien and Rebecca Pomering
“W e hired Mark in 2000 to take us through a planning process
for Accredited Investors, Inc. Since that time, our assets under
management have quintupled, our infrastructure and management
systems have been refined, our priorities have been modified, and
we are working with bigger and happier clients. We paid thousands
of dollars for his work and received a benefit far beyond that. Now
Mark and Rebecca have put many of their ideas into this book.
It’s a gift to the planning profession.”
ROSS LEVIN, CFP
President, Accredited Investors, Inc.
Author, The Wealth Management Index
“ Practice Made Perfect is the ideal opportunity to spend quality time
with the best financial-advisory business consultants in the country.
You get tips, tools, and worksheets to ensure that you can manage
your practice to become the business success you want it to be. This
book will be your new best friend—guaranteed.”
DEENA B. KATZ, CFP
President, Evensky, Brown & Katz
Author, Deena Katz on Practice Management and
Deena Katz’s Tools and Templates for Your Practice
“ 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
“M ark 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 commenta-
tors on our profession’s business management. I thought I had heard
it all. Not so. Mark and Rebecca bring 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
“M ost 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 for starting a practice. Rather, it is a guide for 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.
“M ark and Rebecca are a dynamic duo—they are bright, insight-
ful, and are able to get right at the heart of what is important
in managing and growing a financial-advisory business. Practice
Made Perfect is full of practical advice and ideas, which every serious
financial adviser should know when managing their business. Their
continued advice and this book are priceless.”
GREG SULLIVAN, CPA, CFP
President, Sullivan, Bruyette, Speros & Blayney, Inc.
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Practice Made Perfect
1 ALSO AVAILABLE FROM BLOOMBERG PRESS
2
Virtual-Office Tools for a High-Margin Practice:
3
How Client-Centered Financial Advisers
4
Can Cut Paperwork, Overhead, and Wasted Hours
5
by David J. Drucker and Joel P. Bruckenstein
6
7
Deena Katz on Practice Management:
8
For Financial Advisers, Planners, and Wealth Managers
9
by Deena B. Katz
10
11
Deena Katz’s Tools and Templates for Your Practice:
12
For Financial Advisers, Planners, and Wealth Managers
13
by Deena B. Katz
14
15
Building a High-End Financial Services Practice:
16
Proven Techniques for Planners,
17
Wealth Managers, and Other Advisers
18
by Cliff Oberlin and Jill Powers
19
20
In Search of the Perfect Model:
21
The Distinctive Business Strategies
22
of Leading Financial Planners
23
by Mary Rowland
24
25
26 A complete list of our titles is available at
27 www.bloomberg.com/books
28
29
30 ATTENTION CORPORATIONS
31
THIS BOOK IS AVAILABLE for bulk purchase at special discounts.
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Special editions or chapter reprints can also be customized to
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specifications. For information, please e-mail Bloomberg Press,
34
[email protected], Attention: Director of Special Markets or
35
phone [phone].
36
37
Practice Made Perfect
The Discipline of
Business Management for
Financial Advisers
BY
MARK C. TIBERGIEN AND REBECCA POMERING
BLOOMBERG PRESS
PRINCETON
© 2005 by Moss Adams LLP. All rights reserved. Protected under the Berne Convention.
Printed in the United States of America. No part of this book may be reproduced, stored in a
retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopy-
ing, recording, or otherwise, without the prior written permission of the publisher except in the
case of brief quotations embodied in critical articles and reviews. For information, please write:
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This publication contains the authors’ opinions and is designed to provide accurate and authori-
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result of specific investments or planning decisions made by the reader.
First edition published 2005
1 3 5 7 9 10 8 6 4 2
Library of Congress Cataloging-in-Publication Data
Tibergien, Mark C.
Practice made perfect : the discipline of business management for financial advisers /
by Mark C. Tibergien and Rebecca Pomering. -- 1st ed.
p. cm.
Includes index.
ISBN 1-57660-172-2 (alk. paper)
1. Financial planners. 2. Management. 3. Executive ability. I. Pomering, Rebecca.
II. Title.
HG179.5.T53 2005
332.024´0068—dc22
2004027809
Acquired by Jared Kieling
Edited by Mary Ann McGuigan
To Arlene Tibergien
and Grant Pomering,
for their indulgence