A Newsletter for the Friends and Clients of Turning Point, Inc. October 2007, v.1


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PRACTICE MANAGEMENT News You Can Use
This issue's article is by Kevin Poland, CEO of The Renaissance Group, a management consulting and coaching firm that specializes in helping financial advisory firms design and grow their practices.

"Design - Build" (part two)
by Kevin Poland

System Design is Business Design
Think of this business you are designing and building as one big system, comprised of many smaller systems – similar to the human body being comprised of the nervous system, respiratory system, circulatory system, etc.
 
Just like how each one of your body’s systems is working determines your overall health, how each of your business systems is working determines your overall business health.  If your business is not performing as you want, it is likely you have one or all of these issues:
 
- Missing systems; poorly designed systems; or people are not following the systems.  
 
Organizations must learn how to identify key systems, and then document well designed and measurable processes.  Having well designed systems is the foundation of a solid business, resulting in sustainable performance or what we call in my own company, lasting excellence.   
 
What is a System?
A system is the way you and your people do what they do in your business.  It is the steps or tasks required to getting something done.
 
Systems exist all over every business and most if not all are not designed.  They just happen.  A great way to get your business to work even better, faster, and cheaper than it is currently working is to do a better job designing, documenting, and managing one of your greatest assets, your business systems.
 
Business Systems Management
As you begin to move in this direction of designing and documenting your systems you will begin to realize that—in order to manage all of your systems more effectively— you will need a more systematic way of capturing your knowledge, getting it documented, training your team, tracking and monitoring the use of systems, and improving your systems. We call this type of work business systems management.
 
In the same way that information technology has already helped most firms manage their data more effectively, we believe every company also requires a technology solution to manage their business systems more effectively.  We now offer a web-based software program called TouchStone to enable our clients to manage all of their business systems. 
 
The very process of implementing business systems management requires you to think more explicitly and intentionally about your business and the key processes required to make your business run.  Designing and building your business and its systems is your pathway to substantially higher business performance.  Firms that put systems and processes front and center consistently outperform those that don't.  They're quicker to adapt to changing business conditions.  They're more responsive to their clients.  And they're seizing opportunities that are lifting revenue and profitability to a whole new place. 
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Kevin Poland is the CEO of The Renaissance Group, a management consulting and coaching firm that specializes in helping financial advisory firms design and grow their practices.

 

Our 4th quarter educational TeleSeminars are scheduled as follows:

 

All on Thursdays at 3:00 PM Eastern time:

 

Date

Topic

October 4, 2007

How to Design and Document Business Systems

November 8, 2007

Designing Your Business Using our 1-Page Business Plan

December 6, 2007

Strategies to Grow in 2008

 

If you would like more information about TouchStone, our educational TeleSeminars, or our new Designed to GrowTM coaching program, Kevin can be reached at 813-636-9181 or by email at Kevin@RenaissanceConsultants.com.

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                        This Month's Registered Rep Opportunity

Open Architecture
...means more choices, fewer requirements. Use your own RIA or theirs, choose one of their clearing firms or an outside platform, open discretionary or non-discretionary accounts, take advantage of their "a la carte pricing." Many Rep/Advisors contact them because they have unique needs that cause them to operate "outside the box" which many Broker/Dealers do not allow. This B/D doesnt force them to fit their business models into a mold. Often, this means allowing for a choice of trading platforms, customizing a fee schedule, or creating a new program specific to that Rep/Advisor's needs. At this B/D, the doors are open and the possibilities are broad.

Independence
Typically, when large financial institutions have acquired our competitors, parent company priorities have taken precedence over the traditional values that independent firms once represented. When a parent company views a Rep/Advisor as a "distribution channel" and makes policies based on the parent company's bottom line, then the whole idea of independence and objectivity is lost. This B/D is what most independent Broker/Dealers used to be friendly, flexible, and dedicated to service.

Service
Service is what you want from your Broker/Dealer. When you call This B/D, you don't get a machine. The President and other key personnel are readily available to work directly with you. They are willing to work with you to set goals, both personal and professional, and to develop a business plan to help you meet those goals. When you need an answer to a question or a solution to a problem, their response time is measured in minutes and hours, not days and weeks.

Transition
This broker-dealer recognizes the importance of a timely and smooth transition of your business from your current firm, and they are committed to prompt, efficient ongoing service. They are dedicated to making your transition as smooth as they possibly can. They have a Transition Team responsible for assisting you through this crucial time. They will direct you to the key individuals you need to contact within the company from start to finish, follow up on any outstanding items, guide you in completing the various forms required to transfer your accounts - and simply be there for you. Their staff is empowered to get things done for you without red tape. This can-do attitude is reflected in their 9.4 (out of possible 10) overall rating by their Rep/Advisors, one of the most favorable ratings in the industry.

If you know anyone who would be interested in this or other rep opportunities, please have them contact Jason at 727-725-8876!

Turning Point, Inc.
405 2nd Street South
Suite A
Safety Harbor, FL 34695
(727) 725-8876
(727) 669-8263 (fx)
www.TPISearch.com
tpi@TPISearch.com

Here are some additional opportunities from Turning Point, Inc.:

For a FREE "Guide to Moving Your Book", please visit: www.goingindependent.net.

WEALTH ADVISOR INSTITUTE
Consider membership in the Wealth Advisor Institute, www.wealthai.com.  Educational opportunities, professionalism, research, networking and group benefit programs are all part of your membership in this organization catering to the advisor with a focus on the high net worth marketplace.
 
TURNING POINT in the MEDIA!
Turning Point's President, Mitch Vigeveno, was recently quoted in Sydney LeBlanc's new article for Broker Dealer Magazine, "One Recruiters Rules for Hiring and Retaining." Click here to see the article.

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!

Quote of the Day:
"Truth is what stands the test of experience."
Albert Einstein (1879 - 1955)
 
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