News You Can Use
This issue's article is by David Lawrence, a practice efficiency consultant and is President of David Lawrence and Associates, a practice consulting firm based in Lutz, Fl.

"Finding and Keeping Great Employees" By David L. Lawrence As most independent financial advisors who have employees know, it is hard enough just to find good people to bring into their financial practice. Harder still, is the job of keeping those employees. Often, smaller practices have a difficult time competing with larger companies when it comes to such things as salary, benefits and the working environment. Due to financial pressures, some practices have even resorted to not offering no benefits at all. One reason might be that rises in benefit costs accounted for more than 60 percent of the increase in total compensation costs for civilian workers from September to December 2004 (Bureau of Labor Statistics - December 2004). In a competitive environment, this could spell trouble for the financial practice. Not having benefits such as health insurance puts that practice at a competitive disadvantage. Yes, the cost of employment would be less, but the pool of willing, potential employees would probably be less as well.  There is also the strong possibility that a firm without benefits for employees would experience higher turnover rates and greater job dissatisfaction than a firm that does offer at least some benefits.   The financial advisor should consider the potential costs associated with a higher turnover rate.   The cost is not always apparent. But, having to devote considerable time, effort and expense to constantly training new employees can quickly erode the profits of a financial practice. Another potential cost is the cost of a bad hiring decision (hiring the wrong person for the job). Statistics show that potential costs associated with hiring the wrong person could top $20,000 or more. Can your practice afford to make a $20,000 - 25,000 hiring mistake?   Ask yourself what you are doing to encourage your existing staff to learn and grow as resources to your practice. And, while you're at it, ask yourself how discouraging it is to describe a potential job offering as having no chance for advancement, or opportunity to learn more and grow as a person? Developing a positive office culture, while cultivating the motivation and attitude of your employees, is a key element in retaining staff and maintaining efficient office operations.   David Lawrence is a practice efficiency consultant and is President of David Lawrence and Associates, a practice consulting firm based in Lutz, Florida. (www.efficientpractice.com) He writes a monthly column on practice efficiency for Financial Advisor Magazine (www.fa-mag.com).   **** Since our inception we have helped over 400 financial consultants make the move to independence. "I cannot express to you the joy and the increase in quality of life that I have found since leaving the wirehouse world." Shane Merritt, Branch Manager Merritt Capital Management Here Are A Few of the Benefits of "Going Independent": ·         Payouts on all your business, including fee based accounts of 90% plus. ·         The opportunity for you, not someone at the home office, to control your bottom line and the profitability of your practice. ·         The opportunity to build related businesses such as insurance, qualified plans, or trust companies, and keep those revenues. ·         The opportunity to eliminate your clients' perceptions of conflicts of interest with research departments and corporate finance groups - TRUE OBJECTIVITY. ·         The opportunity to charge and keep substantial fee income for planning, analysis and other services to your clients. ·         The availability of technology that is as good or better than anything you have now. The list goes on... 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From the registration process to appointments with variable insurance carriers to ACATs, they'll guide you through the transfer process so you're up and running in no time. If you provide them with a client database in electronic format, they can create new account forms, mailing labels, and ACAT forms if required If you do not have a client database, the transition specialists at this BD will provide you with instructions on how to obtain one They can also develop pre-approved letters to notify your clients of your decision to join this BD In addition, they'll prepare transfer letters where applicable, and follow up on those transfers diligently The transition team at this BD is available to help you in any way possible. Their number one goal is to eliminate your downtime during transition.  Once you make a commitment to this BD as your new home, they commit to helping you throughout your transition and every day thereafter.   At this BD, technology is an important supplement, but not a replacement for the high level of personal service their staff delivers.  The technology they offer is designed to enhance their representatives' business, helping them to work more efficiently, service clients more directly, and conduct research more conveniently. This BD offers one of the highest payouts in the industry!   If you know someone who might be interested in the above opportunity or who might be ready to go Independent, please have them visit www.goingindependent.com (or click here) or contact Jason Burke directly at 727-725-8876.

Here's some additional information from Turning Point, Inc...

www.BrokerBestPractices.com
www.BankBrokerBestPractices.com
www.IndependentRepBestPractices.com (*Sept 2005 REPORT AVAILABLE!)
www.FABestPractices.com (Financial Advisors)
www.InsuranceAgentBestPractices.com

By clicking on any of these links, you will be taken to a webpage where you can Preview these reports, take a short survey, and then print the entire report when you're done. It's that easy.

TURNING POINT PARTNERS:
Are you getting the most out of your business?  Are you operating at peak efficiency?  How about your marketing, your compliance,  or your HR?  We have some friends who can help you out.  Just visit our Partners section in our website for links to a variety of services that are helpful to building your business!

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