The Evolution of the Financial Advisory Industry and the Importance of Performance Goals

There are few industries more data-driven than financial services, except when it comes to managing teams. Too often, advisors see business planning as a waste of time, preferring instead to meet with clients or to network for new business. Additionally, they don’t understand how setting goals can support and encourage high performance among team members. This oversight can lead to inefficiencies and make it difficult for new team members to master their craft and contribute to overall performance. Here, Scott and Ken explore the role of goals in managing high-performance teams and the importance of adding different types of goals to a team-management process.

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It is important to note that not all Financial Advisors are consultants or investment managers; consulting and investment management are advisory activities, not brokerage activities, and are governed by different securities laws and also by different firm procedures and guidelines. For some clients, only brokerage functions can be performed for a client, unless the client utilizes one or more advisory products. Further, Financial Advisors must follow their firm’s internal policies and procedures with respect to certain activities (e.g., advisory, financial planning) or when dealing with certain types of clients (e.g., trusts, foundations). In addition, it is important to remember that any outside business activity including referral networks be conducted in accordance with your firm’s policies and procedures. Contact your branch manager and/or compliance department with any questions regarding your business practices, creating a value proposition or any other activities (including referral networks). It is important to remember that (i) all planning services must be completed in accordance with your firm’s internal policies and procedures; (ii) you may only use approved tools, software and forms in the performance of planning services; and (iii) only Financial Advisors who are properly licensed may engage in financial planning. For financial representative use only. Not for inspection by, distribution or quotation to, the general public.