The Efficient Practice

"David Lawrence starts with the truth: many financial advisory business owners know how to create a financial plan but don't know how to run a business. He then goes on to create what just might be the next bible of business management, telling us how to manage people, technology and workflows. If you've hit a profitability ceiling with your practice, this is the book for you."
--David J. Drucker, MBA, CFP(R), Partner, Virtual Office News, LLC, creator of the Technology Tools for Today Newsletter and Conferences
A holistic approach to efficiency, productivity, and profitability for financial firms
Financial firms, author David L. Lawrence argues, don't recognize that the cause of stagnating revenue and an inability to reach growth targets is often caused by the owners themselves. In The Efficient Practice: Transform and Optimize Your Financial Advisory Practice for Greater Profits, Lawrence explores the tools and techniques needed to bring firms above their current revenue ceiling, achieving the highest possible levels of efficiency and profitability.
The Profit-Driven Architecture model provides a visual roadmap for viewing the operational structure of a financial practice. It takes readers all the way from basic management efficiencies to technology best practices to proven branding strategies. Using this model, the book will:

• Provide a concrete way of understanding and improving the interrelationship of different parts of the operations of a financial advisory firm
• Find ways to enhance organizational processes that increase the profitability of the business
• Increase capacity and practice value to drive business growth and provide a framework for succession planning

For many financial advisors, establishing a meaningful client base and earning enough money to make ends meet inevitably become the unstated long-term financial goals of the business. But many financial advisory professionals are unaware of the improvements to their organizational processes that can help them create a mature business infrastructure and a company that can grow far beyond their initial vision of success. David L. Lawrence guides financial professionals through the processes that can propel your practice forward and help you realize your full earning potential.

Introduction xi
Part One Management Efficiency
Chapter 1 The Efficient Management Philosophy 3
Communication Is Key 4
The Irony of Micromanaging 7
Delegate, Don't Dominate 10
Summary 18
Chapter 2 Managing Resources 21
Efficiency versus Efficacy 21
Outsourcing 26
Downsizing 29
Managing Change: A Process of Inclusion 31
Summary 34
Chapter 3 Managing People and Communications 37
Step One: Pre-hire Preparation 37
Step Two: Background Information 38
Step Three: The Interview 39
Developing a Compensation Plan 40
Handling Confidential Information 45
Two Examples 46
The Holistic Approach 47
The Right Job Done by the Right People 53
Summary 56
Part Two Technology Efficiency
Chapter 4 Client Relationship Management 61
Leveraging Technology 61
Summary 71
Chapter 5 Other Software Issues 73
Evernote 73
Digital Note-Taking Tools 74
Tablets and Storage Solutions 75
Rebalancing Software 79
Summary 82
Chapter 6 Systems Integration 85
Software Integration and Communication 85
Protecting Client Data 88
Summary 91
Part Three Process Efficiency
Chapter 7 Building Procedures 95
Financial Plan Production Procedure 97
Flowcharts 100
Business Continuity Plans 102
Social Media Policies 105
Using Technology to Standardize Client Service Procedures 108
Summary 112
Chapter 8 Workflow Management Systems 115
Project Management Workflows 122
Workflow Systems: Efficient Methods for Tracking
Tasks in the Office 125
Summary 127
Part Four Design Efficiency
Chapter 9 Office Space Utilization 131
Creating a Paperless Office 132
Communications in the Office 135
Auditory and Visual Distractions 135
Outsourcing 138
Improving First Impressions 138
Feng Shui Tips for Your Business and Office 140
Summary 142
Chapter 10 Efficient Branding 145
Blue Ocean Strategy 145
Marketing Services 152
Efficient Websites 152
Summary 156
Afterword 159
Impact on Productivity, Profitability, Time Management, and Firm Capacity 161
Impact on Business Valuation 161
First Case Study 162
Second Case Study 165
About the Companion Website 171
About the Author 173
Index 175